Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

[Toro]

Maybe you missed the new's about our Dear Leader spending this nation into 14.9 trillion in debt and that we are now a defacto debtor nation to the rest of the world, that we no longer have credit with anyone and the dollar is used as so much toilet paper. All of this is being left on our children's door step. Na don't have anything to upset over

Yeah, yeah, fine. But what's that got to do with the Fed's various asset swap programs, and why is the Left hypocritical for not saying anything about it?

 

[Soggy in NOLA]

What blows my mind is how the left has nothing to say about it...to them is just fine. Never mind the record homelessness the record poverty, the record unemployment......but ya its ok because it was the plan of the ONE

What is "the left" supposed to say about it? It was shrub's doing, and of course, he's going to let international corporations do whatever the hell they wanted - that's the standard corporatist MO... did you also complain when he refused to help California when they were getting raped to the tune of 30 billion dollars by his good buddy Ken Lay at Enron after they were talked in to deregulating electricity? I'll bet you didn't... What do you expect the left to sat, exactly? Told you so?

Well gee I don't know how about let's see some more of the righteous indignation that we listened to from the left for 8 solid year's .....your sudden silence now leaves everyone wondering if the left really meant what they said or were they nothing more then hypocrites. So did you or are you?

Of course they didn't... it was all about the 2000 election. They don't give rat's ass if the person doing it has a (D) by his name. Look at Obama... unilaterally, without any debate, gets the U.S. involved in a civil war of a foreign, sovereign nation.

 

[Robert]

Maybe you missed the new's about our Dear Leader spending this nation into 14.9 trillion in debt and that we are now a defacto debtor nation to the rest of the world, that we no longer have credit with anyone and the dollar is used as so much toilet paper. All of this is being left on our children's door step. Na don't have anything to upset over

Yeah, yeah, fine. But what's that got to do with the Fed's various asset swap programs, and why is the Left hypocritical for not saying anything about it?

Maybe again you missed the last 8 years and all the shit throwing tantrums by the left over the previous administration attempting to correct the economic issue's....missed that did you?

I just find it rather surprising that the left has suddenly lost its voice considering how loud they were not all that long ago of the same thing albeit a much smaller amount then the debt this ass clown has saddled our nation with and to top it off we now find that a large part of the debt DIDN'T EVEN FUCKING GO TO THE PEOPLE IN OUR NATION who in cased again you've been out of touch for the last 3 year's are now unemployed homeless and flat ass broke. That must be some rock you live under

 

[Toro]

Maybe you missed the new's about our Dear Leader spending this nation into 14.9 trillion in debt and that we are now a defacto debtor nation to the rest of the world, that we no longer have credit with anyone and the dollar is used as so much toilet paper. All of this is being left on our children's door step. Na don't have anything to upset over

Yeah, yeah, fine. But what's that got to do with the Fed's various asset swap programs, and why is the Left hypocritical for not saying anything about it?

Maybe again you missed the last 8 years and all the shit throwing tantrums by the left over the previous administration attempting to correct the economic issue's....missed that did you?

I just find it rather surprising that the left has suddenly lost its voice considering how loud they were not all that long ago of the same thing albeit a much smaller amount then the debt this ass clown has saddled our nation with and to top it off we now find that a large part of the debt DIDN'T EVEN FUCKING GO TO THE PEOPLE IN OUR NATION who in cased again you've been out of touch for the last 3 year's are now unemployed homeless and flat ass broke. That must be some rock you live under

A large part of our debt didn't go to foreigners, at least not through the Fed. Do you understand what this is about? Do you know what a currency swap is?

 

[Robert]

Yeah, yeah, fine. But what's that got to do with the Fed's various asset swap programs, and why is the Left hypocritical for not saying anything about it?

Maybe again you missed the last 8 years and all the shit throwing tantrums by the left over the previous administration attempting to correct the economic issue's....missed that did you?

I just find it rather surprising that the left has suddenly lost its voice considering how loud they were not all that long ago of the same thing albeit a much smaller amount then the debt this ass clown has saddled our nation with and to top it off we now find that a large part of the debt DIDN'T EVEN FUCKING GO TO THE PEOPLE IN OUR NATION who in cased again you've been out of touch for the last 3 year's are now unemployed homeless and flat ass broke. That must be some rock you live under

A large part of our debt didn't go to foreigners, at least not through the Fed. Do you understand what this is about? Do you know what a currency swap is?

Don't know and sure as hell don't care what I do care about is the bottom line that being 14.9 trillion in debt our Nation on its knee's because I guess it was better to give the money to other nations then our OWN PEOPLE who for many are now living on the street and being very much unemployed as well as not having anything to fall back on.

This of course completely leaves out OUR CHILDREN who are now saddled with the MINDBLOWING debt this administration has created and done nothing about well except to make his many friends extremely rich at our expense.

So to you Currency guy may our children find in their hearts to forgive the left and POS that currently resides in the WH.

 

[Dont Taz Me Bro]

Isn't Bernanke a Republican?

 

[Toro]

Don't know and sure as hell don't care what I do care about is the bottom line that being 14.9 trillion in debt our Nation on its knee's because I guess it was better to give the money to other nations then our OWN PEOPLE who for many are now living on the street and being very much unemployed as well as not having anything to fall back on.

This of course completely leaves out OUR CHILDREN who are now saddled with the MINDBLOWING debt this administration has created and done nothing about well except to make his many friends extremely rich at our expense.

So to you Currency guy may our children find in their hearts to forgive the left and POS that currently resides in the WH.

It's very apparent you don't know.

The Fed swapped dollars for collateral held by foreign banks because dollars were scarce. The dollar is the primary currency used in international trade. Most international transactions are settled in dollars. When Lehman collapsed, there was a tremendous demand for dollars to settle contracts but not enough dollars in the world to meet demand. The Fed created swap lines to supply short-term demand for dollars. The swaps were collateralized with assets of the borrowing bank. When the Financial Crisis eased, demand for dollars eased, the banks paid back the dollars owed to the Fed with interest, and the collateral held by the Fed was returned to the borrowing bank. You are wrong to say that

we now find that a large part of the debt DIDN'T EVEN FUCKING GO TO THE PEOPLE IN OUR NATION

Our debt did NOT go up because of the Fed's swap program, at least not debt held at the Treasury in the way most people think.

There are legitimate criticisms of what the Fed did. And feel free to bang on Obama all you want on the debt. But at least have a sliver of an understanding of what you are banging him because the OP is irrelevant to that.

 

[LibocalypseNow]

Bernanke should be arrested. And Greenspan too. I wont be satisfied until this happens.