KW writes: A fascinating piece at IBTimes. New information shows that in addition to the TARP funds and bank bailout that Americans know about, there were secret loans from the Federal Reserve to private banks. And, did you know that our US Federal Reserve secretly loaned money to foreign banks? What is that about? My comments on the article (and its status quo bias) are below. A January 2011 video with Ron Paul and Ralph Nader about the Federal Reserve is: here.
(excerpt from) International Business Times
Federal Reserve Lent Private Banks $1.2 Trillion During Financial Crisis’ Acute Stage
IBTimes Staff Reporter | August 21, 2011 9:10 PM EDT
The U.S. Federal Reserve lent private banks about $1.2 trillion in order to maintain credit market liquidity, bank function, and prevent the U.S. economy from plunging in to a depression.
The largest borrower was Morgan Stanley (MS), which received as much as $107.3 billion in loans, Bloomberg News reported Sunday, while Citigroup (C) received $99.5 billion, and the Bank of America (BAC) received $91.4 billion. Bloomberg News obtained the information through Freedom of Information Act requests.
The loan totals far surpass the $160 billion in public bailouts the top 10 banks received from the U.S. Treasury Department. Up until now, the Federal Reserve action was not made public…
What’s more, half of the Federal Reserve’s top 30 borrowers, as ranked by peak balances, were European firms. They included: Edinburgh-based Royal Bank of Scotland Plc, which received $84.5 billion in loans; UBS AG, $77.2 billion; and Germany’s Hypo Real Estate Holding AG, $28.7 billion.
Monetary/Public Policy Analysis: Extraordinary times require extraordinary measures, and that has been the case regarding the U.S. Federal Reserve’s monetary policy during the financial crisis — the world’s biggest financial and economic crisis since the Great Depression…[Check out this cheerleading for the bankers/status quo!-KW]
My comments, as posted at the IBTimes website:
This “article” is so bogus. It is at least an opinion piece, if not a propaganda piece for the bankers, Washington, and the status quo. It is also comical to believe that Bloomberg news is wonderful and successful for filing the Freedom of Information Act which led to this bank loan news. Ron Paul has been working on this project for years. And, the fact that Ron Paul’s HR 459 bill to audit the Federal Reserve is picking up sponsor after sponsor is probably why the Federal Reserve decided to answer this request, and answer to people more fully than it has in the past. The information is fascinating. Get our US taxpayer money back from the foreign banks! Fire the Fed Chairman and Treasury Secretary. Then, let’s rethink the Federal Reserve.
Related information:
Ron Paul website: here
Ralph Nader website: here (Seems like Nader may be on hiatus or vacation from posting!)
“Audit The Federal Reserve supported by Bernie Sanders and Ron Paul” from May 2010: here.
Video (linked at top as well) with Ralph Nader and Ron Paul: here
Set of two archival videos from the 2008 Presidential Campaign
An excellent, video of a press conference from September 10, 2008. Ron Paul is standing up with Presidential candidates from third parties who had endorsed a set of principles. The principles were endorsed by Ron Paul, Ralph Nader, Cynthia McKinney, Chuck Baldwin who all attended the press conference.
Video below: Dr. Ron Paul speaks
Lists 4 principles the candidates agree on
at 3 min 35 sec – Request audit of Federal ReserveVideo below: Ralph Nader speaks
Four areas of agreement
at 1 min 43 sec – Nader on Federal Reserve
“Guess How Much Wall Street Borrowed…?” at Business Insider. An article with numbers, comparisons, and list of top borrowing banks.
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