Black People : Socialist Senator,Pulls the wool off of Fed Reserve bailout-Sham

Discussion in 'Black People Open Forum' started by Ankhur, Dec 5, 2010.

  1. Ankhur

    Ankhur Well-Known Member MEMBER

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    Published on Friday, December 3, 2010 by The Huffington Post
    A Real Jaw Dropper at the Federal Reserve
    by Sen. Bernie Sanders

    At a Senate Budget Committee hearing in 2009, I asked Fed Chairman Ben Bernanke to tell the American people the names of the financial institutions that received an unprecedented backdoor bailout from the Federal Reserve, how much they received, and the exact terms of this assistance. He refused [1]. A year and a half later, as a result of an amendment [2] that I was able to include in the Wall Street reform bill, we have begun to lift the veil of secrecy at the Fed, and the American people now have this information.
    It is unfortunate that it took this long, and it is a shame that the biggest banks in America and Mr. Bernanke fought to keep this secret from the American public every step of the way. But, the details on this bailout are now on the Federal Reserve's website [3], and this is a major victory for the American taxpayer and for transparency in government.

    Importantly, my amendment also required the Government Accountability Office to conduct a top-to-bottom audit of all of the emergency lending the Fed provided during the financial crisis to be completed on July 21, 2011, which will take a hard look at all of the potential conflicts of interest that took place with respect to this bailout. So, in many respects, details that the Fed was forced to divulge on Wednesday about the $3.3 trillion in emergency loans that until now were totally kept from public scrutiny, marked the beginning, not the end, of lifting the veil of secrecy at the Fed.

    After years of stonewalling by the Fed, the American people are finally learning the incredible and jaw-dropping details of the Fed's multi-trillion-dollar bailout of Wall Street and corporate America. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions and how we can make our financial institutions more responsive to the needs of ordinary Americans and small businesses.

    What have we learned so far from the disclosure of more than 21,000 transactions? We have learned that the $700 billion Wall Street bailout signed into law by President George W. Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country. Among those are Goldman Sachs, which received nearly $600 billion; Morgan Stanley, which received nearly $2 trillion; Citigroup, which received $1.8 trillion; Bear Stearns, which received nearly $1 trillion, and Merrill Lynch, which received some $1.5 trillion in short term loans from the Fed.
    We also learned that the Fed's multi-trillion bailout was not limited to Wall Street and big banks, but that some of the largest corporations in this country also received a very substantial bailout. Among those are General Electric, McDonald's, Caterpillar, Harley Davidson, Toyota and Verizon.Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse -- which were the largest beneficiaries of the Fed's purchase of mortgage-backed securities.
    Deutsche Bank, a German lender, sold the Fed more than $290 billion worth of mortgage securities. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

    Has the Federal Reserve of the United States become the central bank of the world?

    The Fed said that this bailout was necessary to prevent the world economy from going over a cliff. But three years after the start of the recession, millions of Americans remain unemployed and have lost their homes, life savings and ability to send their kids to college. Meanwhile, big banks and corporations have returned to making huge profits and paying their executives record-breaking compensation packages as if the financial crisis they started never happened.

    What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans.

    For example, at a time when big banks have nearly a trillion dollars in excess reserves parked at the Fed, the Fed did not require these institutions to increase lending to small- and medium-sized businesses as a condition of the bailout.

    At a time when large corporations are more profitable than ever, the Fed did not demand that corporations that received this backdoor bailout create jobs and expand the economy once they returned to profitability.I intend to investigate whether these secret Fed loans, in some cases, turned out to be direct corporate welfare to big banks that used these loans not to reinvest in the economy but rather to lend back to the federal government at a higher rate of interest by purchasing Treasury Securities. Instead of using this money to reinvest in the productive economy, I suspect a large portion of these near-zero interest loans were used to buy Treasury Securities at a higher interest rate providing free money to some of the largest financial institutions in this country. That is something that we have got to closely examine.

    At a time when Wall Street executives are now making more money than before the financial crisis, how many big banks that paid back TARP funds in 2009 to avoid limits on executive compensation received no-strings-attached loans from the Federal Reserve?

    At a time when millions of Americans are paying outrageously high credit card interest rates, why didn't the Fed require credit card issuers to lower interest rates as a condition of the bailout?

    The four largest banks in this country (Bank of America, JP Morgan Chase, Wells Fargo, and Citigroup) issue half of all mortgages in this country. We now know that these banks received hundreds of billions from the Fed. How many Americans could have remained in their homes, if the Fed required these bailed-out banks to reduce mortgage payments as a condition of receiving these secret loans?
    www.commomdreams.org
     
  2. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    socialism for the rich.......capitalism for the poor
     
  3. Ankhur

    Ankhur Well-Known Member MEMBER

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    And they have the bold faced gaul to do it in Macy's window, like it's all right!!!!


    for instance;


    . If Republicans “go back to their old earmarking ways it could be a VERY short majority [2],” the president of the hard-right Citizens Against Government Waste warned. Looking to capitalize on the tea party, Republican leaders [3] endorsed [4] bans on earmarking as a way to show they were different from their spendthrift predecessors in previous Congresses. And last month, House Republicans unanimously extended [5] an internal moratorium on earmarks.

    But it appears that tea party’s self-proclaimed representatives in Washington haven’t been putting their money where their mouths are. Hotline On Call reports today that members of House Tea Party Caucus, founded by Rep. Michele Bachmann (R-MN) to “represent the views [6] of our constituents,” requested over $1 billion in earmarks [7] during the last fiscal year:
    According to a Hotline review of records compiled by Citizens Against Government Waste, the 52 members of the caucus, which pledges to cut spending and reduce the size of government, requested a total of 764 earmarks valued at $1,049,783,150 during Fiscal Year 2010, the last year for which records are available.

    Rep. Robert Aderholt (R-Ala.), for one, attached his name to 69 earmarks in the last fiscal year, for a total of $78,263,000. The 41 earmarks Rep. Rodney Alexander (R-La.) requested were worth $65,395,000. Rep. Todd Tiahrt (R-Kan.) wanted $63,400,000 for 39 special projects, and Rep. Rob Bishop (R-Utah) wanted $93,980,000 set aside for 47 projects.

    When asked to explain how they could join a caucus dedicated to fighting government spending and yet request millions in pork projects, tea party lawmakers told the Hotline that they stopped requesting new earmarks after joining the group [7].

    But this is hardly the first indication that Republicans may not be as genuine in their commitment to fighting pork as they would like tea party activists to believe. Last month, as the AP reported that “[o]nly three days [8] after GOP senators and senators-elect renounced earmarks, Arizona Sen. Jon Kyl, the No. 2 Senate Republican, got himself a whopping $200 million to settle an Arizona Indian tribe’s water rights claim against the government.” An earmark ban was also conspicuously absent [9] from House Republicans’ Pledge to American governing agenda, causing uproar [2] among activists.

    Tea party favorite Sen.-elect Rand Paul (R-KY) highlights this disparity between rhetoric and action well. In March, his website told supporters that “a ban on wasteful earmark spending in Washington D.C. [is] one of the key points of his campaign [10].” But after winning the election, Paul told the Wall Street Journal that he “will fight for Kentucky’s share [11] of earmarks and federal pork,” suggesting it would be “crazy" not to.www.commondreams.org
     
  4. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    republicans lie and it works for them

    liberals and black people keep catching republicans in lies as if that means something. it does not.
    republicans learned that they can lie and it does not matter. truth is what fox news says it is.
    white people are far more brainwashed than black people are.
    they think they are part of the team. they are not.
     
  5. Ankhur

    Ankhur Well-Known Member MEMBER

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    socialism for the rich.......capitalism for the poor

    yeah but wasnt that your point?:10500:
     
  6. largo

    largo Well-Known Member MEMBER

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    Yes, isn't that so.

     
  7. Bxblasta

    Bxblasta Well-Known Member MEMBER

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    This audit should be the biggest news story for the rest of the year, but as usual the media is their to keep us focused on trivial matters. It makes no sense for trillions of dollars to be given to FORIEGN countries while parts of America look like third world countries, but hey that's capitalism and European civilization for ya and FYI its falling apart.
     
  8. Ankhur

    Ankhur Well-Known Member MEMBER

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    No not failing ,
    just repeating a trend

    the depression of the 30s was by design


    check out the Money Masters documentary on google video
     
  9. Bxblasta

    Bxblasta Well-Known Member MEMBER

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    Yes you are correct, ALL financial fallouts were by design. But do not believe in the "conspiracy rhetoric" which says this is only another cycle repeating itself, because that belief takes your attention away from realising the collapsing of western artificial civilization. Capitalism, the central bank oops I mean Federal Reserve, western academia and numerous other western institutions have gone as far as they can go. What we are witnessing is not another cycle but the collapse of the machine. If we are to believe that this is just another cycle then that is only buying these bloodsuckers more time to reload and revamp. Our consciousness will help us to make the correct adjustments if we realize the collapse and not the cycle. Good looks on the documentary.
     
  10. Ankhur

    Ankhur Well-Known Member MEMBER

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    They are not planning to fail and just as in the occult a demon wil pretend to die or subside to keep the magician off focus and become complacent

    The real conspiracy is that they want us to believe that thier time is up and they are about to end due to some cosmic what not and what not

    to keep Black folks hoping for pie in the sky,

    stay complacent

    dont do anything

    cuase we can just sit in rocking chairs and wait for them to collapse


    when I said cycle it had nothing to do with capitalism or Adam Smith

    the debacle in Europe right now was orchestrated so that money falls into thier hands,
    the same as what happened when they sacked the European banks during the turn of the century.

    Why do you think they made sure to place the guys who destroyed a safeguard against another depression, and made hedge funds, subprimes, and derivatives illegal; the Glass Stegal act, why do you think thye put
    Larry Summers and Tim Geithner, in Washington over national finance and the treasury?

    Why reinstate a man under investigation for fraud about the AIG bailout, as chairman of the Fed Reserve, after his time is up
    ? there is a strategy there!!!!



    All of these bailed out companies are getting billion dollar bonuses in a few weeks

    while the average sister and brother, are worrying if they can pay their heating bills and cant even afford new RBG candles for thier Kinara his Kwanzaa,

    They are making record billions from the dope coming out of
    Afghanistan,
    while Haitians are worrying about contracting cholera

    Wall street is making record profits, while no job programs are put in place, and a 52 weeks added unemployment checks, were the sell out to keep these Bush era tax cuts they enjoyed, and will enjoy to the tune of a trllion dollars.

    General motors makes record profits outsourcing to China while
    thousands of former Auto Workers Union members will have their familes at soup kitchens this holiday season.

    The Swiss bankers and the Rothshild family, are doing lovely while
    child soldiers given psychoactive drugs wreak horrors on their own kith and kin for the sake of lithium and coltan , and sisters are being raped by the thousands each day,

    in the Congo.

    General Dynamics in Isreal, and Haliburton in Dubai, are getting over like a fat rat in a cheese factory,
    making chedda in billions from wars now in 4 nations,
    as Bush and Bin Laden's company , the Carlysle Group make mega billions doing construction all over China.

    And realy when and if the money runs out,

    do we think they will not try to re colonize and re enslave Africans?

    let's look at the premiss,

    their power will run out when the money runs out,
    but realy what do they care about money, their focus is mite makes right

    and who not only owns all the weapons tactical and nuclear , and biological ,
    but produces them as well?


    why out of 52 nations,
    not one can make their own pistol or rifle, and not one has a nuclear weapon?
     
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