The greatest challenge of all time..and you can participate.

[iamwhatiseem]

The challenge:
Read the link without feeling anger or a gnawing feeling in your gut.

Perhaps the single most accurate, though not eloquent, statement to describe the general feeling of those who participate:

Fuck me.

Fed Names Recipients of $3.3 Trillion in Crisis Aid - Bloomberg

 

[hortysir]

“It is a good step toward broader transparency.”

Transparent shit is shit nonetheless

 

[loosecannon]

Audit the fed, this is a teaser compromise.

 

[B. Kidd]

The banking bailout also let the banks off the hook by not requiring banks to radically restructure as a condition of government(taxpayer) aid, did not require of the banks a revised and plausible business plan with close government oversight, and finally, did not require fair equitable burden sharing among all the stakeholders (executives, employees, and bondholders). They did require all of the above though for the car companies.
So we literally gave the keys to the Federal Reserve and Treasury (taxpayer money) to the Wall St. financial sector. And, the very banks we bailed out turned around afterwards and lobbied to kill any regulatory or legislative constraints on their toxic business models while the Obama administration remained quiet.
As a result, crony capitalism and plutocracy are more embedded then ever before; and like I said before, losses are socialized and profits are privatized and fuck us and Main St..

 

[william the wie]

Why doesn't this report surprise me?

 

[iamwhatiseem]

You guys did notice that foreign banks borrowed $billions and $billions of "our" stimulus money - right?

 

[loosecannon]

yeah, some of them were foreign subsidiaries of our banks, but yeah. Bernanke said as much from the first week TARP was introduced as a panic remedy.

The EUpeans believe that our assets crashed their economy so they think we owe them something.

And for some reason the Fed thinks it is a multinational lender of last resort....

 

[B. Kidd]

yeah, some of them were foreign subsidiaries of our banks, but yeah. Bernanke said as much from the first week TARP was introduced as a panic remedy.

The EUpeans believe that our assets crashed their economy so they think we owe them something.

And for some reason the Fed thinks it is a multinational lender of last resort....

The bailout of Citi cemented the Fed as a multinational lender of last resort. When Citi was bailed out, it was insolvent. But, Citi has a unit called GTS (Global Transaction Services) previously subsidized through expensive government contracts. GTS transfers more than $3 trillion daily internationally for several government agencies including the Federal Reserve, in addition to other corporations, governments, and the World Bank. In 2009, the GTS unit accounted for almost half of Citi's net profits.
Due to GTS's responsibilities and global entanglements, letting Citi fail was never open for discussion.

 

[loosecannon]

And then there was the bailouts of Chrysler and GM.

GM is restructured to be partially owned by the government of Canada, while Chrysler was forced to sell 50% stake to an Italian firm.

I swear the folks who manage our role in the macro don't recognize nation states whatsoever.

 

[B. Kidd]

And then there was the bailouts of Chrysler and GM.

GM is restructured to be partially owned by the government of Canada, while Chrysler was forced to sell 50% stake to an Italian firm.

I swear the folks who manage our role in the macro don't recognize nation states whatsoever.

 

[william the wie]

pay up now or pay up more later. rewarding bad behavior works that way.

 

[iamwhatiseem]

As I said in a different forum a year ago.
The stimulus money will end up in places that absolutely have nothing to do with "saving the economy" - but it will go a long way saving investments of the wealthiest in the world.
And that is exactly what happened with 100's of $billions of it.

The Fed, which is a PRIVATELY OWNED AND RAN institution has systematically relieved the debt of the worlds banks...by placing that debt in the hands of the American citizens.
Who - are too lazy and apathetic, and or, caught up in the red vs. blue argument to realize that anything at all has happened.