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May 18, 2013
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N.Y. Fed Gave Big Banks Secret Emergency Loans in ’08Posted on May 26, 2011
In a revelation that should surprise no one, lending records of the Federal Reserve Bank of New York released by a March court order show that the Fed made cut-rate emergency loans of at least $30 billion each to major banks in 2008 without informing Congress, shareholders or the American public. Why did financial officials keep the loans—which were as low as .01 percent at a time when the Fed regularly charged 0.5 percent—a secret? Because the purchasing public might “inaccurately” lose faith in a bank openly seeking assistance, vice president of the New York Fed’s markets group says, in what looks to be a brazen act of Orwellian doublethink. —ARK
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By MarthaA, June 4, 2011 at 8:11 pm Link to this comment
Lafayette, June 4 at 12:17 am,
The argument should not be whether or not FAILED
CAPITAL was rescued, but rather WHO got the benefit of the
“revenue stream” from the FAILED CAPITAL that was rescued,
private enterprise, the banksters who had to have
their FAILED CAPITAL rescued, or the taxpayers
who provided the money without benefit to rescue the FAILED
CAPITAL. Why should the taxpayers rescue capital for
private capitalists without benefit of ownership and the
revenue stream from the capital?
If taxpayers rescue FAILED PRIVATE CAPITAL, the “revenue
stream” of the RESCUED CAPITAL should go to the taxpayers and
the CAPITAL become Social CAPITAL.
Anything else doesn’t make sense, other than that the Banksters
Report thisare using the U.S. Treasury as their own private piggy bank.
By Lafayette, June 4, 2011 at 12:17 am Link to this comment
A PITTANCE
What do you expect Congress to do? Raise a howl? That’s naive thinking.
You obviously have no idea whatsoever of the amplitude of the crisis. In such circumstances, policy management of a crisis does what it must do.
Had the Administration or Congress done nothing, had they let the banks sink into bankruptcy (which they so richly deserved), we would have had double-digit unemployment - exactly as in the Great Depression.
People walking the streets to sell apples in order to earn a pittance upon which to live.
Pray tell, how was that menace a better alternative? Do explain ...
MY POINT
In 1936, America (that is, FDR) decided to heed the bankers. He was told to Balance the Budget and stop spending on the New Deal - that was working, because millions of Americans were employed on “make-work” jobs.
The country plunged into a recession.
Once again, the Rep-Trolodytes are asking us to make EXACTLY THE SAME MISTAKE. And where is the hue and cry from the populace? (Who actually voted these jerks into office at the midterm elections?)
Nowhere to be seen. Here we are all Bitching-in-a-blog About Banksters. Enough already. Let the New York DA handle the Banksters. He’s well underway, let’s wish him Godspeed.
What we need (now, today and not tomorrow) to stop the economic misery is some Stimulus Spending out of the economic pits in which we find ourselves.
Report thisBy Lafayette, June 3, 2011 at 11:09 pm Link to this comment
After the SubPrime Mess that generated Toxic Waste, you would have liked even some more of it?
What planet do you live on?
Report thisBy MESIMPSON, May 29, 2011 at 6:15 am Link to this comment
(Unregistered commenter)
We watched then as the equity in our homes evaporated, as our retirement funds were wiped out, as friends and neighbors lost their jobs and businesses, as our entire economy fell into an abyss, and as our government sat stunned and clueless of what to do about it. This we dealt with day in and day out. Yet somehow, in their infinite wisdom, the Fed and its Wall Street masters decided that this one lending action, this insignificant event (as they like to call it now) would have been just too much for all of us to bear. We wouldn’t have been able to handle this truth. I’ll tell you what I could have handled then, what would have made my life a whole lot easier at the time; a free zero interest loan to invest in anything I wanted with a guaranteed yield backed by the U.S. Government. That’s something I could have handled just fine. And if it had happened that way instead, I would have been running down the streets telling everyone about it.
Report thisBy MarthaA, May 28, 2011 at 6:13 pm Link to this comment
“Fed made cut-rate emergency loans of up to $30 billion each to
major banks in 2008 without informing Congress” —Lending
records of the Federal Reserve Bank of New York released by a March
Court Order
Why isn’t Congress concerned about being left out of the
Report thisloop? —— Apparently Congress isn’t concerned, but since they are
not, why are they not concerned?
By Peter Knopfler, May 28, 2011 at 5:56 pm Link to this comment
I KNOW IT IS HARD FOR PEOPLE TO WRAP THEIR MINDS ON
Report thisTHE FACTS, Someone said your entitled to your own
opinions but not your own facts. AMERICA WAS BUILT
ON; BY AND FOR MASONS!EVERYTHING FROM STATUE LIBERTY
WASGINGTONS MONUMENT THE ENTIRE WASHINGTON CITY BASED
ON MASON MATHEMATICS:READ 2The Sacred Geometry of
Washington DC by Nicholas R. MANN
AMERICA IS ONE BIG SECRET; NOT DEMOCRACY BUT
REPUBLIC LIKE MEXICO!SECRETS RUN THIS NATION OF
FOUNDING MASON FATHERS: SO SECRET POLICE FALSE FLAG
OPERATIONS ASSINATIONS B:MANNING, all is CLASSIFIED:
AMERICA´s HISTORY CAN NOT BE TOLD OR TAUGHT:
AMERICA WILL BE JUDGED BY YOUR ACTIONS,
AND NON_ACTIONS LIKE BAHRAIN SAUDI GENOCIDE MASSACRE
OF BAHRAIN PEOPLE SHAME! OBAMA DRONES: DEATH FOR
PROFITS PROFIT BEFORE PEOPLE: KILL FOR MONEY!
By Awi, May 26, 2011 at 9:17 pm Link to this comment
Thus an explanation for the phenomenon of exploding pigs.
Report thisBy MarthaA, May 26, 2011 at 9:09 pm Link to this comment
“In a revelation that should surprise no one, lending records of the
Federal Reserve Bank of New York released by a March court order
show that the Fed made cut-rate emergency loans of up to $30
billion each to major banks in 2008 without informing Congress,
shareholders or the American public.”
I don’t find that at at all surprising.
We after all, must preserve the revenue stream of capital for the
Report thisAristocracy, so that we can continue to make payments on the
toxic capital that we hold that they sold to us; how else are we
going to preserve, protect, and defend democracy?
By Steve E, May 26, 2011 at 6:25 pm Link to this comment
” We kept it secret so you would not see us in a bad light.” Yeah, lend me 30
Report thisBillion at low rates on the sly, so I can buy gold today and make a killing tomorrow
or I can speculate on commodities knowing that if I lose I am too big to fail and I’ll
get bailed out. Badges, we don’t need no stink’in badges.
By lasmog, May 26, 2011 at 4:25 pm Link to this comment
Corruption fatigue. Our democracy is a farce.
Report thisBy frecklefever, May 26, 2011 at 4:11 pm Link to this comment
WALL STREET….“ALL YOU FAST STREET HUSTLERS WITH YOUR INNER
Report thisGRIN…YOU ARE BEING HUSTLED BY THE GREAT MYSTERY…REMEMBER
THERE IS A DEAL TO BE MADE FOR YOUR SMALL CHANGE…” 1970
..TWOSUNS…
By Jim Michie, May 26, 2011 at 3:12 pm Link to this comment
(Unregistered commenter)
“Orwellian doublethink”? Far too charitable a description of the rogue federal reserve which is accountable to no one other than the global corporatist oligarchy that controls and rules over all!
Report thisBy SoTexGuy, May 26, 2011 at 12:11 pm Link to this comment
Secret loans?
Secret to who?
Most or us voters.. maybe.
What a joke.
Report thisBy mackTN, May 26, 2011 at 12:05 pm Link to this comment
What a deal! The banks get to borrow billions at practically no-interest, then
they can loan it to us for 30%!!!
These banks that looked to the GOVT—a govt that is, in theory, you and me—
for help in desperate times and got money for the asking.
How did the banks treat you? They threw you out of work, devalued your
pensions, forced you to eat your savings to pay bills with 30% interest rates,
then when you fell behind on your mortgage, they foreclosed or put you in a
program that would ensure they foreclosed.
NO WONDER THIS WAS TOP SECRET!!! Not even the Congress knew? Not even
the finance committee?
Why is there so much secrecy in a govt that is supposed to be transparent? Ya
know, SUNSHINE? Why are citizens treated like suspects? like enemies?
Yeah, I know—we are being kept safe. BS
Report this