Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Fed reveals global extent of its backing
Financial Times ^ | December 1, 2010 | Francesco Guerrera and Michael MacKenzie

Posted on 12/02/2010 9:54:58 AM PST by thouworm

Rivers of ink have been spilt on the crisis that gripped the world’s financial system between 2007 and 2009.

Wednesday’s huge release of data by the US Federal Reserve chronicles a similar story, but in numbers. A lot of numbers.

The Fed’s release, prompted by an order from Congress, details more than 21,000 transactions that enabled US authorities to dole out $3,300 bn to banks and companies in the worst downturn since the Great Depression. The picture is one of a global financial system in desperate need of short-term funding.

(Excerpt) Read more at ft.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; News/Current Events
KEYWORDS: bailout; bailouts; fed; fedbailout; federalreserve; oneworld; porkulus

1 posted on 12/02/2010 9:55:01 AM PST by thouworm
[ Post Reply | Private Reply | View Replies]

To: thouworm

GOP investigations needed ASAP!


2 posted on 12/02/2010 9:56:46 AM PST by ExTexasRedhead
[ Post Reply | Private Reply | To 1 | View Replies]

To: thouworm

Listening to Rush right now discussing this whole nightmare. It’s Smoke and Mirrors on a mammoth scale across the globe...

What I wonder is if ANYONE, anywhere really understands what’s been done...


3 posted on 12/02/2010 10:00:17 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SE Mom

“What I wonder is if ANYONE, anywhere really understands what’s been done...”

NO! and, furthermore, this stench falls right in line with the motto of the BHO adm: PAY TO PLAY!

First of all, the FED is just getting around to releasing docs they fought tooth and nail to suppress.

Secondly, they are still WITHHOLDING BAILOUT DOCS -— see bloomberg.com -— right-hand column, under most popular stories right now. I do not think FR is permitted to even link to a Bloomberg story [are we?], but the headline is:

Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans
~~~~~~~~

SE MOM: Did you carch which article Rush was reading from?


4 posted on 12/02/2010 10:12:31 AM PST by thouworm
[ Post Reply | Private Reply | To 3 | View Replies]

To: SE Mom

I’m listening too.....it’s disgusting....


5 posted on 12/02/2010 10:15:10 AM PST by goodnesswins (You deciding how to spend your health care $, thatÂ’s freedom. Govt deciding, thats a death panel)
[ Post Reply | Private Reply | To 3 | View Replies]

To: thouworm

I know we can’t post Bloomberg but you can post a link within a thread (at least I think so- I’ve done it lots of times)

Not sure but I THINK he was reading WSJ and WaPo..

It is payola on a scale beyond comprehension.


6 posted on 12/02/2010 10:15:20 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Bullish; CJ Wolf; houeto; Quix; B4Ranch; Whenifhow; Silentgypsy; blam; FromLori; Lurker; ...
Another too-close-to-call choice between Economic Holocaust and Civil War II pings...

"Economic Holocaust" ping.

Increasing volume ping list watching the slow motion Economic Holocaust.

FReepmail me if you want on or off
The Comedian's "Economic Holocaust" ping list...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

7 posted on 12/02/2010 10:15:55 AM PST by The Comedian (Government: Saving people from freedom since time immemorial.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SE Mom; All

It isn’t just a matter of what’s been done. It is also a matter of why it has been done. Back in 2004 I began worrying about the kind of greed that was pushing CEO’s of top corporations to manipulate their salaries up to 400 to 1,000 TIMES that of their low level employees. Back in Reagan’s day they seemed quite prosperous with only a 40 times differential. When Grasso left the New York Stock Exchange he tried to take the entire profit of the Exchange for himself. After he was forced to give some of it back he still left with $140 million. Then there was Enron. And the entire meltdown of Wall Street in 2008 killed Countrywide Financial whose “smart” CEO lowered his 2007 of $142 million to a mere $103 million, Lehman Brothers CEO raised his salary from $52 million to $72 million in the same period. No wonder NO ONE wanted to bail them out. So John McCain was right when he said GREED was the issue.

So my question is, what is wrong with our society, or our methods of child rearing and education that such monumental greed is developed in our top business leaders? Some of them actually used to want to create something valuable and useful.


8 posted on 12/02/2010 10:16:45 AM PST by gleeaikin
[ Post Reply | Private Reply | To 3 | View Replies]

To: SE Mom
Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans
9 posted on 12/02/2010 10:24:11 AM PST by thouworm
[ Post Reply | Private Reply | To 6 | View Replies]

To: gleeaikin

I think Enron was the sobering moment for me- or the one I learned the most from. I began to understand that the likes of Jeff Skilling really and TRULY see themselves as immune from the rules of the road. They were honestly surprised when they were held accountable.

What’s wrong with our society is a pretty complicated question- but in terms of this topic I don’t think it’s so much as what’s WRONG -since greed is as old as humanity and it’s not going anywhere. What seems to be happening is an increasing ease of getting away with robbery. As long as the government/Fed/and business sleep together- we will continue to see this.


10 posted on 12/02/2010 10:24:25 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 8 | View Replies]

To: goodnesswins

It’s truly, truly mindboggling, isn’t it?

Rush is struggling to interpret and explain this - he’s dumbfounded. That’s not a slight to Rush- it simply shows how complicated and HUGE this is..


11 posted on 12/02/2010 10:28:12 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 5 | View Replies]

To: SE Mom
What seems to be happening is an increasing ease of getting away with robbery. As long as the government/Fed/and business sleep together- we will continue to see this.

This big, powerful government was sold to us as the only way to stop and prevent this sort of high level skulduggery in high places. Turns out that once you create such an aggregation of raw power as that government is, it attracts, and is eventually composed of, the very scoundrels it was supposed to suppress. Soon they're working both ends of the whipsaw, and the situation is as bad as before, only it costs several times as much now.

Free competition would help to suppress this stuff, but that is not allowed in the current regulatory regime, probably for that very reason. As long as these CEO's are the only game in town, and they have plenty of steak to feed the watchdogs, they have no reason to stop.

12 posted on 12/02/2010 10:53:59 AM PST by thulldud (Is it "alter or abolish" time yet?)
[ Post Reply | Private Reply | To 10 | View Replies]

To: SE Mom; Arthur Wildfire! March; SunkenCiv
Rush saying that the NYT has practically buried this story. Related threads:

Fed reveals global extent of its backing

European banks took big slice of Fed aid

Fed ID's companies that used crisis aid programs

Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries (Details you should see)

** CHECK THE DRUDGE REPORT FOLKS **

UK banks borrowed more than £640bn ($1 trillion) from US Federal Reserve

Foreign Firms Received Funds

US Ready to Back Bigger EU Stability Fund: Official(US Bailing Europe Out)

UK banks borrowed more than £640bn ($1 trillion) from US Federal Reserve

Fed Papers Show Breadth of Emergency Measures [bailouts]

Fed Papers Show Breadth of Emergency Measures[Federal Reserve]

Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms

Whack a Mole (Fed bailout post)

Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms

Fed Withholds Collateral Data for $885 Billion in Financial-Crisis Loans

13 posted on 12/02/2010 10:55:48 AM PST by thouworm
[ Post Reply | Private Reply | To 11 | View Replies]

To: thouworm

This guy is sooo off the mark.

Ivy-league.


14 posted on 12/02/2010 10:58:19 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 13 | View Replies]

To: thulldud

Free markets, capitalism, true competition in the marketplace...very little of it left anywhere. At least on major scale- small businesses maybe- that aren’t corporate franchises.


15 posted on 12/02/2010 11:04:54 AM PST by SE Mom (Proud mom of an Iraq war combat vet)
[ Post Reply | Private Reply | To 12 | View Replies]

To: SE Mom

What I wonder is if ANYONE, anywhere really understands what’s been done...
I bet Mr.Madoff gets it.


16 posted on 12/02/2010 11:14:48 AM PST by Vaduz
[ Post Reply | Private Reply | To 3 | View Replies]

To: SE Mom
What I wonder is if ANYONE, anywhere really understands what’s been done...

Certainly not Rush's Duke Professor! The idea the the Federal Reserve is independent is laughable. It says United States of America all over their notes, the signatures of the US Treasurer, and the US Secretary of the Treasury are on each note; and anyone doing any business in the US is required by US Law to accept them as payment for any debt.

Rush even went through a whole litany of things the Fed did to protect the Political Class. Yeah, that's real Independence! Does the Fed ever do anything that like say NO to the Political Class?

The fact is that the supposed Independence of the Fed is a legal fiction that enables the Federal government to print money.

ML/NJ

17 posted on 12/02/2010 11:43:10 AM PST by ml/nj
[ Post Reply | Private Reply | To 3 | View Replies]

To: thouworm; Nachum

Fed reveals global extent of its backing [Nearly Five Trillion]
http://www.freerepublic.com/focus/f-news/2636358/posts
[Note thouworm’s link list, post 13.]

[Thank you, thouworm.]


18 posted on 12/02/2010 12:31:30 PM PST by Arthur Wildfire! March (TSA -- dirtiest word in our language. [Used to be Clinton.])
[ Post Reply | Private Reply | To 13 | View Replies]

To: thouworm; AdmSmith; Arthur Wildfire! March; Berosus; bigheadfred; ColdOne; Convert from ECUSA; ...

Thanks thouworm, and nice links:

http://www.freerepublic.com/focus/news/2636358/posts?page=13#13


19 posted on 12/02/2010 5:35:38 PM PST by SunkenCiv (The 2nd Amendment follows right behind the 1st because some people are hard of hearing.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: SE Mom
At least on major scale- small businesses maybe- that aren’t corporate franchises.

And the goal of the ruling class is to get all of those small businesses properly caged so that they are no competitive threat. This is the real (and intended) effect of government regulation.

Don't be fooled into thinking that gubmint rules about the fat content of your Post Toasties are there to keep you healthy. As long as you think so, you don't realize that their true effect is to keep you from going out in your garage and making a better product. After all, supposing you did, think of all the labeling requirements and certifications you would have to get to sell it. And if you don't get them and try to sell it anyway, the FDA would come in with guns drawn and shut you down.

Compare that to the America of a hundred years ago, the America where most of the big present-day food companies got their start in garages and kitchens. It's not for nothing that the big industries support and lobby for excessive government regulation. They can absorb the cost of compliance as a business expense, and they also have a Siamese twin relationship with the regulatory bureaucracy — it's the same crowd staffing both. In effect, they get to write the rules which prevent new competition from arising in the same way as they did themselves.

20 posted on 12/03/2010 6:04:22 AM PST by thulldud (Is it "alter or abolish" time yet?)
[ Post Reply | Private Reply | To 15 | View Replies]

To: The Comedian
I have come up with a solution to the Great Recession! The Federal Reserve merely needs to print up $1,348,376.28 for each man, woman and child in the United States and wire it to each person's bank account. We will dutifully spend it on stuff and the recession will be over! No act of Congress or presidential signature necessary! If the Fed can create $3.3 trillion out of thin air and lend it to Europe, they can certainly create money out of thin air and send to each of us to save the US economy...
21 posted on 12/03/2010 3:23:08 PM PST by April Lexington (Study the Constitution so you know what they are taking away!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: April Lexington
I have come up with a solution to the Great Recession! The Federal Reserve merely needs to print up $1,348,376.28 for each man, woman and child in the United States and wire it to each person's bank account.

Yeah, but that wouldn't result in inescapable debt slavery.

The current behavior will, thank you very much.

The goal here, not even masked any longer, is to disassemble the United States, sell its indigenous population into bondage, and redistribute its natural resources to members of the oligarchy.

Nothing will stop this. Except God. Or sustained fire on multiple targets in a wide killzone.


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

22 posted on 12/03/2010 7:05:50 PM PST by The Comedian (Government: Saving people from freedom since time immemorial.)
[ Post Reply | Private Reply | To 21 | View Replies]

To: The Comedian

Wide, indeed... Cheerio!


23 posted on 12/03/2010 10:43:08 PM PST by April Lexington (Study the Constitution so you know what they are taking away!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: The Comedian
Nothing will stop this. Except God.

Or Mother Theresa. Or Gandhi. Or Rosa Parks. Or Martin Luther King, Jr. Or Vaclav Havel. Or Thomas Paine... or the Comedian. Peaceful change is good. But...NEVER underestimate the power of the people to kill dictators like Ceausescu. Or King Charles I. Or that French bitch who liked cake... The point is... give them a running chance. Its only sporting...

24 posted on 12/03/2010 11:08:13 PM PST by April Lexington (Study the Constitution so you know what they are taking away!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: April Lexington
Nothing will stop this. Except God.

Or Mother Theresa. Or Gandhi. Or Rosa Parks. Or Martin Luther King, Jr. Or Vaclav Havel. Or Thomas Paine... or the Comedian. Peaceful change is good. But...NEVER underestimate the power of the people to kill dictators like Ceausescu. Or King Charles I. Or that French bitch who liked cake... The point is... give them a running chance. Its only sporting...

How exceptionally kind of you sir to include me in your example. Much obliged.

To fair though, the rest of my quote did reference sustained fire across a wide killzone...


Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

25 posted on 12/04/2010 6:58:24 AM PST by The Comedian (Government: Saving people from freedom since time immemorial.)
[ Post Reply | Private Reply | To 24 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson