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Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)
Huffingtonpost.com ^ | 12/1/2010 | Marcus Baram

Posted on 12/02/2010 9:30:51 AM PST by FromLori

NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief.

The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans.

The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation's central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers' desire for full disclosure throughout the financial reform debate.

The mortgage purchase program has come under withering criticism by economists and financial experts who believe the Fed's initiative has unnecessarily inflated the housing market, and prevented the cleansing that pretty much all experts believe is necessary for a full economic rebound. However, the program has also been heavily praised for preventing an Armegedon-type situation in which mortgage costs could have skyrocketed, collapsing the housing market and leading to even more foreclosures.

Data released Wednesday shows which Wall Street firms have been the biggest beneficiaries of the Fed's bond buying program. The fact that foreign lenders benefited the most is sure to irk lawmakers.

The Fed effectively telegraphed its intentions to the Street before buying the bonds. Legendary money manager Bill Gross, who oversees more than $1.2 trillion at Pacific Investment Management Co. said last month during a television interview that part of his success over the last 18 months was due to buying securities in front of the Fed, and selling them to the Fed at a premium, allowing him to profit handsomely. Gross runs PIMCO's $252.2 billion Total Return Fund.

Morgan Stanley sold the Fed more than $205 billion in mortgage securities from January 2009 to July 2010, while it's much bigger rival, Goldman Sachs, sold $159 billion. Citigroup, the nation's third-largest bank by assets, sold the Fed nearly $185 billion in mortgage bonds. Merrill Lynch/Bank of America sold about $174 billion.

It's not clear how much these firms profited by engaging in the kind of activity that allowed Gross to profit so well, known as "front running." However, it's abundantly clear that they did turn a profit.

JPMorgan Chase, the nation's second-largest bank by assets, sold the Fed about $153 billion worth of mortgage securities.

Other foreign banks with extensive Wall Street operations also profited from the program.

Barclays, the British firm that took over failed investment bank Lehman Brothers, sold about $123 billion in mortgage bonds. UBS, a Swiss lender, sold about $94 billion. BNP Paribas, a French bank, sold about $67 billion.


TOPICS:
KEYWORDS: 200901; bailouts; banking; bankofamerica; banks; barclays; bernanke; billgross; bnp; bnpparibas; boa; chase; citigroup; creditsuisse; deutschebank; economy; fail; fanniemae; fedbailout; financialcrisis; freddiemac; frontrunning; germany; goldmansachs; gross; harleydavidson; holbrooke; jpmorgan; jpmorganchase; lehmanbrothers; mcdonalds; merrilllynch; morganstanley; mortgages; oil4food; oilforfood; pimco; profiteering; richardcholbrooke; richardholbrooke; securities; stimulus; thefed; ubs; unitedkingdom; wallstreet

1 posted on 12/02/2010 9:30:58 AM PST by FromLori
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To: FromLori

Factual reinforcement for the school of thought that the Obama administration has set out, deliberately, to destroy the economy of our country and bring us to our knees so they can impose their socialist replacement.


2 posted on 12/02/2010 9:36:21 AM PST by La Lydia
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To: FromLori

The FED is the main prop under the Progressive State.
- No FEd means no bailouts for the politically-connected.
- No FED means no taxation through money-printing.
- No FED means no bubble blowing in an attempt to revive a broken system.
- No FED means workers wages and savings are not eaten up through inflation and fake money.
- No FED means that the Government can not run $Trillions in deficits. The FED is the only thing that prevents disclipine from being forced profligate Governments.

These documents are proof enough that the unelected FED has become our Government.


3 posted on 12/02/2010 9:37:54 AM PST by PGR88
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To: FromLori
The only good thing I see to agree with, is supporting employment at MickeyD's and Harley Davidson through short term LOANS. The banks are sucking us dry, but at least we can ride a Harley to get a Happy Meal!


4 posted on 12/02/2010 9:38:26 AM PST by WVKayaker (Faith makes the discords of the present become the harmonies of the future - Robert Collyer)
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To: FromLori
Bernie Abramoff eat yer heart out..
YOU TOO... Willie Sutton..
5 posted on 12/02/2010 9:38:46 AM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole....)
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To: thouworm

ping- more info


6 posted on 12/02/2010 9:39:19 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
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To: La Lydia
One of the first orders of business for the new congress will be to call for an audit of the Fed. This is a rogue agency that needs to be brought to heel.

I'm waiting to see who will be the first person in congress to call for Bernanke’s resignation.

7 posted on 12/02/2010 9:39:26 AM PST by mojito
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To: FromLori

THIS BEGAN IN JANUARY, 2009! There is no doubt about what the obamanation of America is about!


8 posted on 12/02/2010 9:40:30 AM PST by bareford101 (For me, there is no difference in a tolerant, open mind and a cess pool. Both are open to filth.)
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To: FromLori

So what was the actual value, all hassle and time involved, of those mortgage securities? Fifty cents on the dollar? If so, we’d be talking about $150 billion gifts to each of multiple major European banks.

If to ward off claims of fraud against Fannie and Freddie I’d think other, domestic investors could have filed such claims by now. If the American taxpayer is now responsible to make whole any losses or failure of any large bank worldwide, we might as well just shut down as a country. We’re done for.


9 posted on 12/02/2010 9:40:30 AM PST by 9YearLurker
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To: FromLori
Years from now, people will look back at us and say, "What idiots! Didn't they see? How did they let this happen?"
10 posted on 12/02/2010 9:41:31 AM PST by ClearCase_guy
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To: 9YearLurker
If the American taxpayer is now responsible to make whole any losses or failure of any large bank worldwide, we might as well just shut down as a country.

We defend the entire world with our military, and we make good any business losses, worldwide.

And we think that we are an evil country and everyone is justified in hating us.

We are insane.

11 posted on 12/02/2010 9:43:44 AM PST by ClearCase_guy
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To: La Lydia

I don’t know that Obama and Timmay were the masterminds behind this plot. Paulson and Bernanke stole our money before Obama was even elected. There is something much bigger than the Obama administration behind all this. Obama is just another one of their useful idiots.

They took almost $1 trillion of the taxpayers money on the pretense that the economy would collapse and the world would end if they didn’t get our money. Now it turns out the money went to Europe. Why isn’t anyone being hanged for treason? Hell, nobody is even in prison.


12 posted on 12/02/2010 9:44:07 AM PST by wolfman23601
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To: FromLori

We suspected as much when the Fed secretly disbursed those funds...when the people asked where the money went they act as if WE don’t have a need to know.

What if anything takes the place of the Federal Reserve? Do we need it? Is it redundant to the Treasury? I’ll admit I am a complete greenhorn in this area but I’ll be damned if you allow that kind of money to be thrown around by an institution with zero oversight.


13 posted on 12/02/2010 9:44:20 AM PST by SueRae (I can see November 2012 from my HOUSE!!!!!!!!)
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To: PGR88

Congressman Ron Paul on the Criminal Federal Reserve

This is pretty brilliant. Try to set aside a few minutes.

http://www.youtube.com/watch?feature=player_embedded&v=Wn8Cuy0F32o#!

And this is absolute nonsense. Does Lacker think we’re not paying attention. The Fed has fought transparency in the courts and in Congress every step of the way, as detailed below.

Fed’s Lacker Says Data Release Is ‘Good Step’ to Transparency

http://www.businessweek.com/news/2010-12-01/fed-s-lacker-says-data-release-is-good-step-to-transparency.html

Jeffrey doesn’t mention that the Fed had to be sued into submission or that they have redacted a lot of information and have still not released all of it.

Bloomberg Sues Fed to Force Disclosure of Collateral

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g


14 posted on 12/02/2010 9:45:41 AM PST by FromLori (FromLori)
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To: ClearCase_guy

I’m wondering that today! We don’t need to wait years.

Anyone in DC give a rip about this?! We shall see.


15 posted on 12/02/2010 9:45:47 AM PST by kcvl
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To: ClearCase_guy

We are also doomed.


16 posted on 12/02/2010 9:46:16 AM PST by 9YearLurker
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To: bareford101

Oh without a doubt the banks had been donating to obama for years even when he was a junior senator.

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

etc.


17 posted on 12/02/2010 9:49:06 AM PST by FromLori (FromLori)
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To: FromLori
I'm also reading that most of the foreign loans have been paid back with interest. So what's the problem?

I can think of some potential problems, but none that worry me:


18 posted on 12/02/2010 9:50:37 AM PST by DannyTN
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To: FromLori
Legendary money manager Bill Gross, who oversees more than $1.2 trillion at Pacific Investment Management Co. said last month during a television interview that part of his success over the last 18 months was due to buying securities in front of the Fed, and selling them to the Fed at a premium,

What a cozy arrangement.

19 posted on 12/02/2010 9:50:56 AM PST by 6SJ7 (atlasShruggedInd = TRUE)
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To: 9YearLurker

This might help answer that...

http://market-ticker.org/akcs-www?blog=Market-Ticker&page=3


20 posted on 12/02/2010 9:52:26 AM PST by FromLori (FromLori)
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To: 6SJ7

Witness also BoA and JPMorgan going through the entire third quarter without a single negative trading day. How is that possible? Unless the game is rigged and the big players all have cozy arrangements.


21 posted on 12/02/2010 9:56:52 AM PST by ClearCase_guy
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To: FromLori
Hanging these ba****ds on the National Mall and leaving their bodies for the birds to clean to the bone is not severe enough but It might send the right message.

They view themselves as Masters Of The World and think America's wealth (extorted from workers, doers and contributors) is theirs to use to mold and manipulate the world as they see fit.

It is our true policy to steer clear of entangling alliances with any portion of the foreign world.
-- George Washington

Is it Claire Wolfe time yet?


22 posted on 12/02/2010 9:57:06 AM PST by Iron Munro (This is our culture; fight for it. This is our flag; pick it up. This is our country; take it back.)
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To: FromLori

Pshaw! Ben’s probably bought up all those bad assets at face value by now too!

New American motto: if you break it it’s ours.


23 posted on 12/02/2010 9:58:05 AM PST by 9YearLurker
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To: ClearCase_guy
Years from now, people will look back at us and say, "What idiots! Didn't they see? How did they let this happen?"

The answer will be that they were preoccupied with millionaire athletes, dancing celebrities, and singing idols.

24 posted on 12/02/2010 9:59:01 AM PST by Spirochete (Sic transit gloria mundi)
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To: FromLori

Mind boggling isn’t it?

Isn’t it interesting that the Swiss Bankers took these loans, then turned around and made a deal with the US Treasury to no longer protect all those Swiss Bank Accounts??

And people are just becoming worried that we might bail out Ireland...


25 posted on 12/02/2010 9:59:54 AM PST by Bean Counter (Stout Hearts!!)
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To: DannyTN

Oh the banker apologist arrives did you forget to ping your buddy he hasn’t shown up yet on the thread?

Did you also read how they offloaded (sold)Billions on to us the taxpayers this way? Or did you conveniently ignore that?

You know what I’m not the foreign banks keeper I could care less if they fail they made stupid loans just like our banks did they developed those liars loans, etc. out of greed and should have been allowed to fail. What’s that about the government picking winners and losers I always hear about, how about all the smaller US Banks that failed and are still failing.

“The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers’ desire for full disclosure throughout the financial reform debate.”


26 posted on 12/02/2010 10:01:40 AM PST by FromLori (FromLori)
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To: FromLori

b4L.


27 posted on 12/02/2010 10:10:30 AM PST by the invisib1e hand (oy.)
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To: FromLori
As quasi-Federal agencies, we were pretty much on the hook for the Fannie Mae and Freddie Mac loans anyway.

So they sold our mortgages back to us. Again I don't see the problem. Did we pay an unfair price for the mortgages? Are there no houses or real estate backing those mortgages, that can be liquidated if the mortgages are not paid? Did we buy mortgages that weren't Fannie Mae and Freddie Mac issued? Can we not sell the mortgages now that the market is calmer?

TARP was originally sold as an asset purchase program. Then they went all secret on us. It's not clear to me if these purchases were done with TARP funds or not.

28 posted on 12/02/2010 10:23:44 AM PST by DannyTN
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To: DannyTN

I don’t think it will ever be clear to you since you seem to be willfully blind I wouldn’t expect you to notice where it says NOW OWNED by the taxpayers or admit that the banks purposely created toxic loans, i.e., liars loans out of greed.


29 posted on 12/02/2010 10:28:31 AM PST by FromLori (FromLori)
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To: mojito

They can’t audit the Fed because if they did and we find out to what extent they have been screwing us, the Fed will be abolished like it should be! This is a phoney debt that we are being charged for the privelage of printing our money for us. It is rigged so we can never get out from under it and will owe them forever!


30 posted on 12/02/2010 10:41:19 AM PST by kaizen
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To: 6SJ7

Cozy or Corrupt while he was making money off of it he was borrowing from the Fed.!

Pimco, the world’s largest bond fund, tapped the TALF 96 times between April 2009 and March 2010 for a total of $7.25 billion, making the Newport Beach, California-based firm one of the largest borrowers under the program, which was different from most of the others in that the Fed had to entice firms to participate. Dell’s MSD Capital LP was among investors that included hedge funds and pension plans, according to the data.

http://www.bloomberg.com/news/2010-12-01/fed-crisis-borrowers-ranged-from-bank-of-america-to-mcdonald-s.html


31 posted on 12/02/2010 10:46:41 AM PST by FromLori (FromLori)
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To: FromLori

If you insist on calling me an apologist, I’d prefer the term Fed apologist instead of banking apologist. Since usually I find myself defending the Fed against those who think that if the FED would just go away and/or we’d adopt a gold standard that money supply fluctuations, business cycles, inflation and deflation would all go away too, when nothing could be further from the truth.

I don’t approve of everything the banks have done. I’ve railed against their bait and switch credit card policies and their greedy interest rate hikes. I don’t think they really did much bad with regard to mortgages. They played by the set of rules that were being enforced. But the rules were both insufficient and all the rules weren’t being enforced.

Of course the banks operated out of greed. Our entire system pretty much operates out of greed. Government is a necessary evil to set the market place rules and enforce them so the greed doesn’t result in foul play. When government fails, the greed results in bad decisions.

If the rules allow you to outsource to 3rd world countries that pay wages of $2 a day, the last firm to outsource is the firm that goes out of business. No amount of tax cuts is going to help compete against labor wages that low. But you can’t expect individual firms to be the ones to make good policy for the country. That’s an out of business strategy for an individual firm. It has to come from Government.

If the rules allow you to sell 100% mortgages and sell them to the government, then that’s what you do, if you want to stay competitive. If you have an economic downturn and some of those loans go bad, well that’s the risk you took.

But you still have the homes, you still benefited from the economic boost during the construction, when the loans were made. And as long as you haven’t build way more houses than you have residents, so that they become an asset that will just be wasted, then that’s probably not the real problem.

The real problem is what happened to the rest of the economy that too many can’t afford to pay for the loans, when they could afford them when the loan was taken out. Fix that and you’re out of this mess.

Letting a liquidity crisis drive all the banks and all the businesses under isn’t the way out.


32 posted on 12/02/2010 10:58:18 AM PST by DannyTN
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To: FromLori

0bama is Looter Guy.


33 posted on 12/02/2010 11:09:20 AM PST by 668 - Neighbor of the Beast (Looter guy, looter government.)
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To: FromLori
PS: I don't work for the FED or the banking system. I work for a private health care firm.

But I am well educated in Finance, and the level of understanding of Fed and the banking system on FR is very worrisome at times.

34 posted on 12/02/2010 11:10:23 AM PST by DannyTN
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To: La Lydia
"Factual reinforcement for the school of thought that the Obama administration has set out, deliberately, to destroy the economy of our country and bring us to our knees so they can impose their socialist replacement."

This is beyond belief. I am personally mortified. This country and everyone who voted for these progressive, one world, one economy, one government have completely gone mad. Oh man, what suckers we are. God help us!

35 posted on 12/02/2010 11:29:09 AM PST by dokmad
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Comment #36 Removed by Moderator

To: FromLori
"However, the program has also been heavily praised for preventing delaying an Armageddon-type situation in which mortgage costs could have skyrocketed, collapsing the housing market and leading to even more foreclosures."

Armageddon is still coming. The bad debt has to be brought forward and defaulted - no matter how many big political contributors are personally bankrupted in the process. Japan has staved it off for twenty years using the same tactics the Fed is trying, but their day of reckoning is nearly at hand.

37 posted on 12/02/2010 11:37:55 AM PST by Mr. Jeeves ( "The right to offend is far more important than any right not to be offended." - Rowan Atkinson)
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To: FromLori
" If it really was a risk they took then they should eat the losses not the taxpayers."

The reason banking was regulated after the Great Depression was that it was too central to the economy. A failure in banking took the entire economy down with it. So banking must be regulated to keep it stable. Individual banks would be allowed to fail, but never in mass, and with FED banking of savings deposits so confidence would never erode in banking again.

Our stupid legislators repealed too much of those regulations, so that we could compete globally in banking. Instead of making the rest of the world play by our rules if they wanted to play on our field, we agreed to their rules. That may be the banker's fault to a degree, but it's also the fault of a lazy citizenry and the legislators they elected.

And your wrong you couldn’t fix Liar’s Loans with an improving economy the only way they could end up being good was if the price of houses were to perpetually go up so instead of defaulting they could sell the overpriced house to some other sucker because any one with common sense knows you have to have adequate income to own a home and income was not keeping pace with housing prices even then.

I disagree. Housing prices could have stabilized and it wouldn't have made the mortgages go bad. It's when people got hit by the triple whammy of:

That's what made the mortgages go bad. They weren't liars loans. Unless you believe the valuations that they were based on were bad, and so far I haven't seen much evidence of fraud in that area.

I don't like that the banks have been allowed to fail. The number of banks has been dropping since the 1980's. That trend needs to reverse.

I don't agree that we've become a Banana Republic.

Letting them fail just like any other business is exactly what should have happened what makes those greedy pigs any better then any other business that was allowed to go bankrupt? Nothing in fact they are worse all they create is debt nothing productive.

Letting the banks fail because of a drop in consumer confidence leading to a liquidity crisis is just stupid. There is no need for it when the FED can act to stop it. There is no need for the economic disruption that would have followed when consumer confidence continued to fall through the floor and people really started hoarding and not spending.

We don’t need the Fed to create our money and then charge us interest on it further enslaving our children and grandchildren.

Someone has to create our money. I suppose you'd like it to be the Chinese Gold producers? Creating money doesn't enslave us. Out of control govt spending might, but the FED isn't the cause of that.

We don’t need the Banks selling those toxic products to our pension plans either.

When you find a safe investment for pension plans let me know. It's not gold. It's not dollars. It's not bonds, it's not equity. It's not real estate There is no safe investment.

Do you think mortgage-backed securities are free of fraud? Do you think these securities are the triple-A rated risk free investment the big Wall Street banks claim?—NO WAY! The banks are going to be forced to buy back all the toxic mortgage junk they sold. “

I think for the most part they were free of fraud. They were underwritten by mortgages just like they claimed. They weren't free of risk and buyers often did not understand the risk. Especially the risk of an economic downturn on the mortgages.

If you were a buyer of the short term securities that were more equity focused you got a deal. You got a higher rate of return than you could get elsewhere and it worked well for many years. Money market funds loved them.

If you were a buyer of the long term securities and those that relied more on the interest cash flow instead of the principal payments, the super high returns weren't enough to offset the risk, and you got burned.

38 posted on 12/02/2010 12:05:33 PM PST by DannyTN
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To: PGR88

You are right sir in every way. END the FED


39 posted on 12/02/2010 12:15:59 PM PST by VF-51vnv
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To: FromLori

sfl


40 posted on 12/02/2010 12:17:29 PM PST by phockthis
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To: DannyTN

The Fed probably should be audited and I don’t think their hands are 100% clean, but basically I have to say you’re correct.

Getting rid of the Fed won’t be some magical solution, nor would ridiculous ideas like banning fractional reserve banking.

Too many people are willing to throw the baby out with the bathwater in these situations.


41 posted on 12/02/2010 12:18:09 PM PST by RockinRight (if the choice is between Crazy and Commie, I choose Crazy.)
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To: FromLori

Before the federal government raises my taxes and cuts my future benefits......These foriegn banks should be made to pay back OUR money.


42 posted on 12/02/2010 12:21:09 PM PST by servantboy777
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To: FromLori

Wikileaks can get our military/intelligence secrets, but nothing that really makes Obama look bad.

Liberal Socialists stick together. :(


43 posted on 12/02/2010 12:44:44 PM PST by Tzimisce (It's just another day in Obamaland.)
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To: RockinRight
Thanks for the vote of support.

I think a lot of people don't realize the FED is actually already highly audited. It's just their policy decisons that aren't really audited. And most of those we know about as soon as they implement them.

The ones we don't know about, are typically loan arrangements with other central banks for currency exchange rate stabilization, or emergency lending like we've seen the last couple of years, and those would have an adverse effect to make public at the time they are done.

How the FED is audited
What would a Fed Audit show

44 posted on 12/02/2010 12:48:04 PM PST by DannyTN
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To: WVKayaker

“The banks are sucking us dry, but at least we can ride a Harley to get a Happy Meal!”

Not in San Francisco.


45 posted on 12/02/2010 2:50:13 PM PST by tanuki (O-voters: wanted Uberman, got Underdog....)
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To: AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; ColdOne; Convert from ECUSA; Delacon; ...

Thanks FromLori.


46 posted on 12/02/2010 5:34:03 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
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To: FromLori

Our country is broke - and the fed’s acting like a pimp at a nightclub filled with 18 year old girls. I’m sickened.


47 posted on 12/02/2010 6:03:11 PM PST by GOPJ (Christianity: arm of Judaism bringing pagans and heathens to knowledge of the Hebrew God via Christ.)
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To: La Lydia
Factual reinforcement for the school of thought that the Obama administration has set out, deliberately, to destroy the economy of our country and bring us to our knees so they can impose their socialist replacement.

More like factual reinforcement for the school of thought that the Obama administration is made up of hooligans with really bad judgment.

48 posted on 12/04/2010 3:57:17 PM PST by the invisib1e hand (oy.)
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To: DannyTN

http://treo.typepad.com/.a/6a0120a6002285970c013489af55b3970c-popup

That is all that I need to know!

Who gives a **** when the US dollar is going down to worthless!!!

From this site: http://www.gotgoldreport.com/


49 posted on 12/04/2010 4:05:44 PM PST by TruthConquers (Delendae sunt publicae scholae)
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To: FromLori

The recently deceased Richard Holbrooke became an instant millionaire through his position at Credit Suisse First Boston.

see : http:/www.townhall.com/columnists/joelmowbray/printjm20050505.shtml


50 posted on 12/14/2010 12:26:21 AM PST by piasa
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