Black People : The Debt Ceiling and Deficit not the real ish/ the Federal Reserve is

Ankhur

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While we watch the "Living Color" version of Washington politics and economic debate on television;

The Federal Reserve secretly gave out 2 Trillion over the deficit
$16,000,000,000,000.00 between 2007 ad 2010

July 21, 2011

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.
The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.
For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
 

Mikha'el

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i read this.

Many foreign banks got bailed as well as banks here.

anyone who knows the truth knows the reserve is the issue
 

Ankhur

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i read this.

Many foreign banks got bailed as well as banks here.

anyone who knows the truth knows the reserve is the issue
That is why those of us who voted for a brother to be president where shocked that the first thing he did in 2 months was to make a former Federal Reserve chair head of the Treasury, and give the Federal Reserve more powers
 

Ankhur

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That is why those of us who voted for a brother to be president where shocked that the first thing he did in 2 months was to make a former Federal Reserve chair head of the Treasury, and give the Federal Reserve more powers

 

Ankhur

Well-Known Member
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Oct 4, 2009
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Brooklyn
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owner of various real estate concerns
i read this.

Many foreign banks got bailed as well as banks here.

anyone who knows the truth knows the reserve is the issue
The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government's first-ever audit of the central bank.
Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office's (GAO) analysis shows.
Additionally, asset swap arrangements were opened with banks in the U.K., Canada, Brazil, Japan, South Korea, Norway, Mexico, Singapore and Switzerland. Twelve of those arrangements are still ongoing, having been extended through

http://www.rawstory.com/rs/2011/07/21/audit-fed-gave-16-trillion-in-emergency-loans/
 

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