Secret Bailouts Totaled 7.7 Trillion Dollars – Where is the Outrage?
A shocking report from Bloomberg reveals the amount of money given to big banks as part of the bailout in 2008 and 2009 was nowhere near what we thought – it was far, far greater.
Apparently, the Federal Reserve committed 7.7 trillion dollars – that’s trillion with a T – as of March, 2009 to rescuing the financial system. To put that number in perspective, it’s half of America’s Gross Domestic Product and half of everything America produced for the entire year.
The extent of the bailout wasn’t known until just recently, as the Federal Reserve and the big banks had been fighting to keep it a secret. Now we all know.
I’m so outraged by this I can barely draft a coherent blog. This is thoroughly disgusting stuff. Our country absolutely killed itself financially to help the banks – in ways we didn’t even realize until just now – and what did it accomplish? How are we better than we were in 2008 or 2009?
For those who want to act like everything here was above board, then you tell me – why was there so much effort to keep this a secret? The failure/refusal to communicate all of this to the American public is truly disgusting and, to me, perhaps the most glaring sign yet that our government and political system needs a complete overhaul. The Fed and the big banks used our money like a game of Monopoly, with no accountability and no strings attached. Everyone – from President Obama to the unemployed and everyone in between – should be outraged and demand widespread change, starting immediately.
Mark Stopawww.stayinmyhome.com
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This should be on the front page of every paper in America!
In order for few to be rich many must remain poor.
if you do the research, bloomberg reported on this in 2008. the fed said it was going to do it as part of tarp. it wasn’t a secret. we just didn’t care at the time.
http://www.bloomberg.com/apps/news?sid=an3k2rZMNgDw&pid=newsarchive
Thanks for that link!
As part of TARP, it would have had conditions. The destinations of the loans were secret. This link explains why Bloomberg knew to dig for this 7.7 Trillion, but no one in the public knew, not even Congress supposedly, where it had gone. You’d have thought Congressmen might have worried about $7.7T though?
I’m suprised this is even coming out now considering the FED. The FED is this obscure entity that is neither a private corporation nor a part of government, but is both. You would think there would be much oversight over the company/gov’t branch controlling the US money supply and interest rates but no, no there isnt. We havent even audited the FED. Read up on the FED and get familiar with it and you may get scared. Great book about the background to the FED, The Creature From Jekyll Island, by G. Edward Griffin. Scary stuff and really amazing it has gone on this long.
$7.7 trillion to essentially correct Wall Street’s balance sheets after the financial/foreclosure crisis … amazing.
I wonder if a bottom-up strategy could have accomplished the same goal for less?
Prevent foreclosures … and the lender’s balance sheets would be protected.
I wonder if modifying people’s mortgages and avoiding the foreclosure crisis … could have been accomplished for less?
It’s hard to imagine it could have cost more, eh?
I first learned of this 7.7 trillion bailout from the John Stewart comedy show. The next day it was on national news (just a short piece). John reported an interest rate of 1 cent on every $100, while they (BIG BANKS) loaned the money back to the government (me). Outrage?
Marty,
It’s a travesty of epic proportions that you heard about this via a comedy source as opposed to normal media.
I guess our media is too busy reporting about the Kardashians than real news stories. A shame.
Mark
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Surprised? Come on… The banks get 7.7 Trillion and a Shared Loss Agreement and we get thrown out of our homes without a chance in hell to save it… WELCOME TO THE NEW AMERICA!