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

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 here.

Comments

[PT6]

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]

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

[Protonius]

(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]

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]

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]

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

[ZellaBee]

The federal reserve is not a government agency.

[ZellaBee]

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

[Dayahka]

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

[rollingdivision]

The Dem congress is fine with this.

[DMcMillan]

I think they are scared. I would be.

[darthdarcy]

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]

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.

[DMcMillan]

Wait a minute. There friggin friends own the jails! OMG.

[rollingdivision]

"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]

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

[themodernleader]

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]

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]

"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]

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

[anthead]

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

[norkas]

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.