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And, they did so completely on their own. No democratic forces were consulted. They just did it.
Not only were domestic domiciled big banks bailed out, but also, foreign private banks were given huge loans and many (the list is incredibly large) of the largest American non-banking corporations were, as well.
And, the Fed resisted disclosure of these amounts and who the recipients were until Bernie Sanders, the only self-avowed socialist in Congress along with Chris Dodd passed leglislation which forced Bernanke to reveal the extent of their loans.
It angers me that a federal agency like the Fed can dispense TRILLIONS of taxpayer funds so capriciously and in such an anti-capitalistic fashion without the barest hint of accountability and put us on the hook in a matter of weeks for amounts as large as half the national debt. You can bet that this sort of anti-free market deceit would not pass muster with the American people of any party of ideology if they knew about it before it happened. And, both the Bush and the Obama Administrations were hip-deep in this thing, so we were put at this incredible risk in a bipartisan fashion.
In return, we got nothing but a promise to repay. The corporations are sitting on mountains of cash right now and not hiring at all. Those who hold mortgages are proving highly reluctant to modify loan terms to keep people in their homes. Investors lost trillions. WE GOT NOTHING FOR THIS AT ALL but for a strengthened corporatocracy, cleptocracy and plutocracy.
All by a single rogue Federal agency.
It seems we're an extremely generous people to virtually all comers, foreign and domestic, when we haven't the slightest clue what the government is doing and when we're kept in the dark about it for years.
KILL THE FED!
LF
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Originally Posted by hubris 1
