House Republicans are priming the pump for the next president to overhaul much of the financial regulation enacted in the aftermath of the 2008 global market downturn. The GOP plan would repeal and replace most of the Dodd-Frank financial overhaul with a more market-based regulatory scheme.
Read more at The Daily Signal
Read More......
Showing posts with label bailouts. Show all posts
Showing posts with label bailouts. Show all posts
Tuesday, June 7, 2016
Sunday, November 27, 2011
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
This summer, I heard a brief newscast teaser stating that $16 Trillion was 'missing' with a reference to the Federal Reserve. I thought details would follow and expected a huge backlash but never heard more until Jean Nelson sent a link to the following article this evening. Jean wrote, "Ron Paul’s persistence has resulted in a tremendous expose of the Federal Reserve Bank." --bc
SILVER BEAR CAFE (via unelected.org), July 21, 2011 - The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning [July 21, 2011].
What was revealed in the audit was startling:
$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious - the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is "only" $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is "only" $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
"This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else." - Bernie Sanders (I-VT)
When you have conservative Republican stalwarts like Jim DeMint (R-SC) and Ron Paul (R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows...
Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Hat tip: SILVER BEAR CAFE (via www.unelected.org) Read More......
SILVER BEAR CAFE (via unelected.org), July 21, 2011 - The first ever GAO (Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning [July 21, 2011].
What was revealed in the audit was startling:
$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious - the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is "only" $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is "only" $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
"This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else." - Bernie Sanders (I-VT)
When you have conservative Republican stalwarts like Jim DeMint (R-SC) and Ron Paul (R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.
The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows...
- Citigroup: $2.5 trillion ($2,500,000,000,000)
- Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
- Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
- Bank of America: $1.344 trillion ($1,344,000,000,000)
- Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
- Bear Sterns: $853 billion ($853,000,000,000)
- Goldman Sachs: $814 billion ($814,000,000,000)
- Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
- JP Morgan Chase: $391 billion ($391,000,000,000)
- Deutsche Bank (Germany): $354 billion ($354,000,000,000)
- UBS (Switzerland): $287 billion ($287,000,000,000)
- Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
- Lehman Brothers: $183 billion ($183,000,000,000)
- Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
- BNP Paribas (France): $175 billion ($175,000,000,000)
- and many many more including banks in Belgium of all places
Source: http://www.gao.gov/products/GAO-11-696
FULL PDF on GAO server: http://www.gao.gov/new.items/d11696.pdf
Senator Sander’s Article: http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Hat tip: SILVER BEAR CAFE (via www.unelected.org) Read More......
Saturday, April 11, 2009
Please attend a Tea Party... apathy won't do
Local April 15th Tea Party reminders:
- 1:30 p.m. at Corvallis Post Office, 311 SW 2nd St.
- 4:30 p.m. at Benton County Courthouse, 120 NW 4th St.
Many thanks to the organizers of the Tampa Tea Party for producing this video. Read More......
- 1:30 p.m. at Corvallis Post Office, 311 SW 2nd St.
- 4:30 p.m. at Benton County Courthouse, 120 NW 4th St.
Many thanks to the organizers of the Tampa Tea Party for producing this video. Read More......
Thursday, January 15, 2009
Taxpayer-sponsored bailouts bad for kids
Corvallis Gazette-Times LETTERS, January 14, 2009
Who among us does not love our children? Who among us does not invest in our children’s future? We spend time with them helping with their homework. We try to teach them good values and how to make good choices in life. We invest all of our resources in their care and would go to the ends of the Earth to protect them. So why then are we willing to pass on trillions of dollars of debt to them? Why, on one hand, do we make so many investments in their future, while at the same time we are willing to saddle them with huge debt? How can we be so willing to mortgage their futures?
The proposed $1 trillion plus bailout of the banking, auto, and other industries flies in the face of common sense when it comes to preparing our children for the future. I cannot understand why, in a country where so many resources are invested in children, we are so willing to make decisions that will have a huge negative impact on their financial future.
This generation will only repay SOME of the debt incurred by the taxpayer-sponsored bailouts. Our children and grandchildren will be paying back the bulk of that debt.
It is borrowing that got us into this mess. Why do we think that more borrowing is the solution?
The bailout obligates future generations to pay for the mistakes of this generation. Where is the accountability and personal responsibility in that?
Jeff Limón, Corvallis Read More......
Who among us does not love our children? Who among us does not invest in our children’s future? We spend time with them helping with their homework. We try to teach them good values and how to make good choices in life. We invest all of our resources in their care and would go to the ends of the Earth to protect them. So why then are we willing to pass on trillions of dollars of debt to them? Why, on one hand, do we make so many investments in their future, while at the same time we are willing to saddle them with huge debt? How can we be so willing to mortgage their futures?
The proposed $1 trillion plus bailout of the banking, auto, and other industries flies in the face of common sense when it comes to preparing our children for the future. I cannot understand why, in a country where so many resources are invested in children, we are so willing to make decisions that will have a huge negative impact on their financial future.
This generation will only repay SOME of the debt incurred by the taxpayer-sponsored bailouts. Our children and grandchildren will be paying back the bulk of that debt.
It is borrowing that got us into this mess. Why do we think that more borrowing is the solution?
The bailout obligates future generations to pay for the mistakes of this generation. Where is the accountability and personal responsibility in that?
Jeff Limón, Corvallis Read More......
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