Toddsterpatriot
Diamond Member
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Purchased agency mortgage-backed securities to provide support to mortgage and housing markets and to foster improved conditions in the financial markets more generally
That's the guaranteed MBS they owned at that point.
All the other bank loans they made were $0, except TALF, $13 billion.
So the Fed bought MBS from toxic tranches and handed well connected banksters capital as if those MBS were legitimate assets?
Sweet deal for the banksters, not so much for the American public.
So the Fed bought MBS from toxic tranches
Nope.
and handed well connected banksters capital as if those MBS were legitimate assets?
The Fed bought guaranteed MBS, very legitimate assets, paying 4%-6% in exchange for reserves paying 0.25%.
Sweet deal for the banksters, not so much for the American public
Since they bought these guaranteed MBS , the Fed paid over half a trillion in profits to the US Treasury.
So, yes, the American public made out okay.