- May 3, 2011
- Reaction score
Think of UBI as QE for productive Americans.Do you work in the FIRE sector?n other words, you want the US to hand out $328,000,000,000,000 every month? Thats 4 trillion dollars annually. Are you fucking high?
Think of UBI as QE for productive Americans.
The New York Fed, Pumping Out More than $9 Trillion in Bailouts Since September, Gets Market Advice from Giant Hedge Funds
"The New York Fed was in charge of almost all of the secret $29 trillion in bailouts during the 2007 to 2010 financial crisis.
"Congress never approved these loans or was even aware of where the money was going.
"After the Fed lost a multi-year court battle to keep its bailouts a dark secret from the American people, we learned that Morgan Stanley was one of the largest recipients, receiving a cumulative total of $2.04 trillion according to the audit conducted by the Government Accountability Office (GAO)..."
"On top of those facilities, beginning on September 17, 2019 – months before the first case of COVID-19 was reported in the United States – the New York Fed embarked on a massive emergency repo loan operation, which had reached $6 trillion cumulatively in loans by January 6.
"(See Federal Reserve Admits It Pumped More than $6 Trillion to Wall Street in Recent Six Week Period.).
QE is the Fed buying bonds to pump cash into the system.
What bonds are you going to sell to the Fed?
The New York Fed was in charge of almost all of the secret $29 trillion in bailouts
Secret bailouts? LOL!
Short-term loans, long ago repaid at a profit to the Fed.
the New York Fed embarked on a massive emergency repo loan operation, which had reached $6 trillion cumulatively in loans by January 6
Yup. A bank hands over collateral to the Fed and gets an overnight cash loan. It's called a repo.
The next day the bank returns the cash and the Fed returns the bonds.
The Fed’s minutes also acknowledge that its most recent actions have tallied up to “roughly $215 billion per day” flowing to trading houses on Wall Street. There were 29 business days between the last Federal Open Market Committee (FOMC) meeting and the latest Fed minutes, meaning that approximately $6.23 trillion in cumulative loans to Wall Street’s trading houses had been made in that short span of time.
Yes. Fully collateralized loans made and repaid, over and over.
Very little risk, because the Fed has the bond collateral.
Kind of the reason the Fed exists, to make sure the banking system can borrow the
funds they need when liquidity dries up. The Fed didn't lose any money, in fact, these loans
are profitable. No bank failed or had to make panic sales of securities and no depositor funds were lost.
So what's the fucking problem? Is it just that Pam and Russ are drama queens and you're ignorant?