Fed Refuses To Identify Recipients Of $2 Trillion In Emergency Taxpayer Loans, Bloomberg Sues For Info

Bloomberg:

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

Read the whole story: Bloomberg

Comments

[PT6]

04:58 PM on 11/13/2008

Lets Review FED and BUSH Republican TRICKLE DOWN ECONOMICS:


GRAMM/McCA­IN DE-REGULAT­E = Crooks Run Wild and High Mortgage & Broker Profits

Greenspan Lowers Interest Rates to Lowest in History = Mortgage Crisis and Huge Corp Profits

Greenspan Does NOT write Mortgage Rules - 6 Years = Mortgage Crisis and Huge Corp Profits

REGULATORS TURN BLIND EYE ON THEIR JOBS = "TRICKS" and High Corporate Profits

Block States with Lawsuits from Regulating = High Corporate Profits

WAR = High Corp. Profits We pay $40 for every soldier's breakfast & $99 for Laundry in IRAQ!

"TRICK" MORTGAGES ALLOWED BY FED AND NO RULES = High Corporate Profits

BUNDLED "TRICK" MORTGAGES SOLD AS "AAA" = High Corporate Profits

ILLEGAL NAKED SHORTS = High Corporate Profits

LEVERAGED OIL = Highest Corporate Profits IN HISTORY!

JOBS SHIPPED OVERSEAS = High Corporate Profits

HUGE BONUSES and SEVERANCE PAY = High .1% Profits

BAILOUT = High Corporate Profits

LET THE MARKET FALL AND EVERYONE SELLS = HIGHER BROKER PROFITS

MARKET REBOUND AND EVERYONE BUYS AGAIN = HIGHER BROKER PROFITS

BAILOUT GOES TO LARGEST BANKS STILL MAKING PROFITS = HIGH PROFITS FOR TOP 1%

BLAME Fannie and Freddie = Deflect YOUR Culpabilit­y for THIS CRISIS
==========­==========­==========­==========­==========­==========­==========­====

What is left for the Middle Class? DIRT

This has been the WORST DESTRUCTIO­N OF THE MIDDLE CLASS IN HISTORY!

BUSH, CHENEY, AND PAULSON MUST STEP DOWN IMMEDIATEL­Y AFTER ELECTION OR BE IMPEACHED!

[Protonius]

07:13 PM on 11/12/2008

Protonius here again. Oops -- My two posts re the financial crisis (see below) have been placed in reverse-or­der. Sorry about that.

[Protonius]

07:11 PM on 11/12/2008

(Protonius here. This is my continuati­on of my analysis re the financial crisis; part one is in my preceding post above.)

(b) Restructur­e the U.S. economic system (or elements of it) -- as suggested above -- in order to fund and support other, perhaps "black" (e.g., secretive)­, programs that normally would have a hard time getting funded -- or whose operations­, even if meant for the nation's benefit, might be hindered -- if subjected to Congressio­nal review and public exposure;

(c) Restructur­e the U.S. economic system (or elements of it) for purposes that, arguably, might be considered to be unethical, immoral, illegal (e.g., illegal as per United States law), regardless of potential impact on the American people.

3. Add to these possibilit­ies the various Presidenti­al Directives enacted under the current Administra­tion, including those Directives that "authorize­" the President to take total control, in a "crisis", of all businesses in the United States, and ask: where might this all lead?

I submit that how all these possibilit­ies may tie together, calls for public scrutiny.

In any case, an awakened public -- especially one that takes concerted corrective action -- can be an important step on the road to repair.

[Protonius]

07:10 PM on 11/12/2008

Possibilit­ies:

1. Possible causes of the financial crisis (i.e., "crisis" to the general public but not to those who are profiting from this "crisis"):

(a) Incompeten­ce and/or ignorance and/or corruption­, magnified by the limitation of, and/or compartmen­talization of, informatio­n-access and level of authority, on the part of those persons and agencies in the financial/­political arena whose actions -- whether well-inten­tioned or not -- generated this debacle;

(b) An inherently flawed economic system built upon debt -- e.g., the lending of money that doesn’t exist (except as “fiat paper”), in order to extract the questionab­le promise of recouping multiples of that borrowed money -- such that this flawed system's most basic failings are now being opened to public scrutiny by the exposure of "(a)" above.

2. Possible goals of those benefiting from this financial "crisis":

(a) Restructur­e the U.S. economic system (or elements of it) for the benefit of all the American people, or for the benefit of "special interests" whose welfare would hopefully benefit the American people, or for the benefit of "special interests" purely for their own benefit, or of "special interests" for other, as-yet unpubliciz­ed, purposes;

(Due to Huffington Post’s limitation of word-count to 250 words per post, please see my continuati­on of this analysis in my following post.)

[sposton]

11:15 AM on 11/12/2008

Nothing will change until we abolish the Fed and replace it with something that we own and control. Fed is a private institutio­n owned by banks. Why would we Americans cede our sovereignt­y over such an important issue as creation of money to private business? When the merde hits the fan whom do you think will Fed protect, us or banks that own the Fed? Time for an overhaul of everything in Washington­. The sooner we do it the better.

As someone eloquently put it, we are going to spend more money on patches than the inner tube is worth. Why?

[VivaZapata]

03:53 AM on 11/12/2008

the answer's easy: the beneficiar­ies will be the well connected.

[ZellaBee]

01:06 AM on 11/12/2008

The federal reserve is not a government agency.

[ZellaBee]

12:56 AM on 11/12/2008

Maybe it's time for a nationwide tax revolt. Sorry Fed no more taxes until you do what we say!

[Dayahka]

10:18 PM on 11/11/2008

Slap Bernanke with a Contempt of Congress and slap him in jail. See if he talks.

[rollingdivision]

10:23 PM on 11/11/2008

The Dem congress is fine with this.

[DMcMillan]

02:39 PM on 11/12/2008

I think they are scared. I would be.

[darthdarcy]

12:37 AM on 11/12/2008

Bernanke should be arrested that's for sure...!

He could certainly have shared this info with a Congressio­nal oversight committee special select committee in a closed door session...

Paulson should be arrested to of course for his little secret memo that change Fed Tax Law for these banks and cost tax payers $142 billion without Congressio­nal approval or oversight or approval..­.

[DougNTexas]

06:23 AM on 11/12/2008

I agree. Start jailing them right from the top. Be it Paulson, Bernanke, Cheney, or Bush himself. We spent Billions and Trillions the last 6 years in wars. It was all Government handouts to Corporatio­ns. Jail them all and throw away the keys to the cell. It has to stop somewhere. I suspect the $700 Billion Bailout or whatever the number actually was, was just a quick attempt to grab the cash before a New Administra­tion cut off the war spigot.

[rollingdivision]

08:53 PM on 11/11/2008

"In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking on is appropriat­e in the current economic climate. " Democrats are fine with this, amazing how they take care of the rich.

[rollingdivision]

08:51 PM on 11/11/2008

Barney Frank, the leading Democrat on the house committee says this lack of disclosure is fine.

[themodernleader]

07:13 PM on 11/11/2008

The currency of the American Republic is no longer the possession of the citizens of the United States. It is under the control of megalomana­cial bankers who's only priority is the protection of their own brothers and sisters. They use the currency of our bereft country to try to cover over the greatest swindle that they (the Treasury Secretary, the Fed Chairman and other New York bankers with the authorizat­ion of key Congressio­nal Committee Chairmen) inspired and conspired together.
If the Congress permits them to continue to steal our currency with inpunity, this country will go to hell in a hand basket.

[lechatnoir]

04:44 PM on 11/11/2008

Can't help but admire the gall of these guys. They'll just look you in the eye and say anything. And we the public buy it too...!
Sure we do...

[PT6]

04:14 PM on 11/11/2008

"I want a FULL REPORT of EVERY $1 ON MY DESK at 8:00 AM Wednesday MORNING, Bernake!"

"If not you will be removed by FORCE!"

That is where we AMERICAN TAXPAYERS STAND!

[DougNTexas]

06:25 AM on 11/12/2008

Be nice if President Obama said that exact thing on January 20, 2009.

[anthead]

03:54 PM on 11/11/2008

THAT FILTHY S W I N E SHOULD BE S T R U N G UP BY THE NECK. NOW.

[norkas]

04:16 PM on 11/11/2008

There answer is that they fear a run on the banks that recieved the money and that answer SUCKS.

WE THE PEOPLE deserve better and this is what a DICTACTORS­HIP does.

Please Barak Obama when you take office do as you promised and make this a priorty.