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US Federal Reserve Data On Loans During Crisis Released
oDDmON oUT writes "Pursuant to a FOIA request, Bloomberg has acquired numbers from the Fed on loans made to banks and businesses during the financial crisis between 2007 and 2009. They also posted a direct link to the spreadsheets in zipped format and updated their data visualization of the lending."
In other words, they take these low interest loans and buy treasury notes with them. All the interest they earn from the Treasury Department ends up being their profit.
This is nothing more than common theft really.
After this and other "bombshell" revelations by Bloomberg this year, they are apparently the only financial news organization worth its salt in the US. Kudos to them, and shame on everyone else (WSJ, FT, Economist, etc etc).
In Soviet Russia, articles before post read *you*!
We don't need our deposits protected.
The FDIC already had that covered and actually makes banks LESS in need of protection, since their most important creditors, the american people who have deposits with them, can't get shafted if the bank goes bankrupt.
Just let the banks fail already. Having the FDIC cover deposits is all the bailout we need.
I like how this got promoted to level 5 even though anyone who has taken a brief course in remedial business knows that the FDIC does NOT guarantee insurance on all funds, and for those funds, it is only insured up to 100,000$.
Have fun getting only 100k or less of your retirement account back :)
GG, better start reading other blogs
The FDIC limit was bumped to $250,000 in 2008. SIPC insures $500,000 of security investments.
Do you even lift?
These aren't the 'roids you're looking for.
The thing is, the Constitution delegated to Congress the rights to "coin money" for a reason. They have interpreted that instead as a right to delegate the right to print currency, and delegated said right to the Federal Reserve so they dont have to waste time actually doing their jobs. And every time the Fed turns on the printing press, by diluting the pool of currency, it's the same effect as milling coins or flat-out counterfeiting really - it's a hidden, involuntary tax. We all pay the bill through inflation and reduction in value of our savings and retirement. That makes it the people's money just the same if it were revenue taxed openly.
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