Fri Post #2: Jon Stewart and the secret $7.7 Trillion bank bailout

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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