PoliticalChic
Diamond Member
"From late 2007 through mid-2010, Reserve Banks provided more than a trillion dollars in emergency loans to the financial sector to address strains in credit markets and to avert failures of individual institutions believed to be a threat to the stability of the financial system," the audit report states.
"The scale and nature of this assistance amounted to an unprecedented expansion of the Federal Reserve Systems traditional role as lender-of-last-resort to depository institutions," according to the report.
The report notes that all the short-term, emergency loans were repaid, or are expected to be repaid.
The emergency loans included eight broad-based programs, and also provided assistance for certain individual financial institutions. The Fed provided loans to JP Morgan Chase "bank to acquire Bear Stearns, a failed investment firm; provided loans to keep American International Group (AIG), a multinational insurance corporation, afloat; extended lending commitments to Bank of America and Citigroup; and purchased risky mortgage-backed securities to get them off private banks books.
Overall, the greatest borrowing was done by a small number of institutions. Over the three years, Citigroup borrowed a total of 2.5 trillion dollars, Morgan Stanley borrowed two trillion; Merrill Lynch, which was acquired by Bank of America, borrowed 1.9 trillion; and Bank of America borrowed 1.3 trillion.
Banks based in counties other than the U.S. also received money from the Fed, including Barclays of the United Kingdom, the Royal Bank of Scotland Group (UK), Deutsche Bank (Germany), UBS (Switzerland), Credit Suisse Group (Switzerland), Bank of Scotland (UK), BNP Paribas (France), Dexia (Belgium), Dresdner Bank (Germany), and Societe General (France).
Since I already know that many of you won't accept data from a site like thisL First Federal Reserve Audit Reveals Trillions in Secret Bailouts | Common Dreams
Here's links galore detailing this same story. Take your pick and choose a source that YOU trust.
Must be nice to be in a position where if you're so over extended that you are techically insolvent, you'll get bailed bout time after time, no questions asked.
Meanwhile, these big banks shinannigans are driving honest BANKS out of business.
Meanwhile the American middle class is being asked to bite the bullet because the Bnaksters fouled things up.
Meanwhile we Americans continue to bicker amongt ourselves while the REAL SOCIAL PARASITES buy yachts and move the ill-got gains offshore.
Wake up folks.
"Meanwhile the American middle class is being asked to bite the bullet ...."
Not quite.
1. It is important to distinguish between more Americans getting richer, and only the rich getting richer. The latter, of course, is the default position of the Old Left Media. For example, the Left bemoans the declining percentage of Americans in the moderate-income range, between $35,000-$50,000. This is regularly called the vanishing middle classs.
a. This transformation is no longer just about factory workers, whose ranks have declined by 5 million in the past 25 years as manufacturing moved to countries with cheaper labor. All kinds of jobs that pay in the middle range -- ... -- are vanishing, including computer-code crunchers, produce managers, call-center operators, travel agents and office clerks. The jobs have had one thing in common: For people with a high school diploma and perhaps a bit of college, they can be a ticket to a modest home, health insurance, decent retirement and maybe some savings for the kids' tuition. Such jobs were a big reason America's middle class flourished in the second half of the 20th century. washingtonpost.com: As Income Gap Widens, Uncertainty Spreads
b. and plenty of jobs in the middle. But in the new services economy, the middle is missing." The Declining Middle - 83.07
c. THE DISAPPEARANCE OF THE MIDDLE CLASS BUSINESS FORUM - BUSINESS FORUM - THE DISAPPEARANCE OF THE MIDDLE CLASS - NYTimes.com
2. What is missed and not by accident, is that the disappearance is largely due to fact that the percentage of households with real incomes higher than $50,000 increased from 24.9% in 1967 to 44.1% in 2003, and the percentage with real incomes lower than $35,000 fell from 52.8% in 1967 to 40.9% . More On The Certain Equality Of Reaganomics - Forbes
a. in 1967 only one in 25 families earned an income of $100,000 or more in real income, whereas now, one in six do. The percentage of families that have an income of more than $75,000 a year has tripled from 9% to 27%. But it's not just the rich that are getting richer. Virtually every income group has been lifted by the tide of growth in recent decades. Great American Dream Machine
Thus, the middle class was growing richer, and moving up, rather than shrinking.