Friday, May 27, 2011

Trillion$ for free: Fed scam defrauds US, Fed loans to big banks almost for free, they buy US Treasuries, earn profit on national debtn

“What we have in this country is socialism for the rich and free enterprise for the poor.”

Colorado columnist Mary Boland looked at how the Federal Reserve let financial institutions scam taxpayers by using almost free Fed loans to buy U.S. Treasury securities that paid higher interest » -

It turns out that the $700 billion Wall Street bailout signed into law by President Bush, the bailout that outraged us all, was just pocket change.

Federal Reserve also secretly gave the big banks and a few other large corporations $3.3 trillion in emergency loans and other assistance, and more than $9 trillion in short-term loans and other arrangements, all at nearly zero interest

Forget America, right??
- While dishing out all this virtually free money, the Fed did not require these banks to increase lending to small and medium-sized businesses as a condition of their bailout. ....

The Fed did not require banks receiving this money to lower interest rates on their credit cards when millions of Americans who have lost jobs and health insurance are being charged outrageously high interest rates. ......

We now know that the four largest banks holding half of all mortgages in this country received a huge amount of this virtually free money. ....

“the incredible power of a small number of people who have incredible conflicts of interest getting incredible help from the taxpayers of this country while ignoring the needs of the people.” ......

All our economic arrangements need intense re-examination, unless we like having a nation where the real rate of unemployment is more than 16 percent and millions have lost or are losing their homes, life savings, ability to send their kids to college and access to health care is the best little site nobody uses. Acquired by Facebook 2 years ago, but still one of the top of the class.

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