Last night Jon Stewart explored the US Federal Reserve's secret $7.7 Trillion bailout of the banks that was revealled last week.
The US Federal Reserve basically provided free loans of $7.7 Trillion to wall street banks so that they could turn around and buy US Treasuries and made a profit on the interest difference - about $13 Billion (a profit which comes off the backs of the US taxpayers, of course).
This is how the Federal Reserve is helping banks make money in this massive liquidity squeeze.
Stewart's comedy piece is perhaps one of the most succinct analysis of what is wrong with the US Federal Reserve and how they are raping the American Taxpayer.
The clip cannot be embedded here so follow the link above or click here to watch it (clip link is via Canada's Comedy Network. Not sure if it is viewable outside of Canada. Canadians cannot watch clip on US's Comedy Central so you may have to source the clip if you are outside Canada).
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The bankrupt bankers are lent government money at .1%, they then invest in government bonds paying 3% and earn themselves $13.2B, while paying out $44B in bonuses in 2009/10. Neither the government, or the bankers have any shame in allowing the bonuses to paid, on top of the free money given to the banks. To add insult to injury, these are the same smucks that have the unmitigated gall to tell the Occupy Wall Street protesters to go get a job.
ReplyDeleteThe size of this crime is so massive it just leaves one speechless. People are doing serious time for selling a little weed, while those that destroyed the world financial system and the lives of millions, continue to wallow in luxury.
Most of us have very little understanding how the whole monetary system works. Definitely it isn't working. But, most of us aren't much better at managing our personal finances - either, and not so sure Occupy Wall Street was the right approach.
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