Now We Know: The Secret Loans Previous To The Bailouts

[FArchivist]

The post below has been taken from a LiveJournal blog belonging to "mahnmut"

Wall Street Banks Earned Billions In Profits Off $7.7 Trillion In Secret Fed Loans Made During The Financial Crisis


Congress was unaware of $7.77 trillion in secret Fed loans ahead of TARP vote

This is potentially *THE* biggest story in the recent decade. No, several decades. I wonder how it'll be met by the public. Hell, I wonder how much coverage it'll get on the mainstream media, if any. How would this reflect on the government, and more importantly, the Fed? Because you have to ask the question (again) who's really calling the shots, since apparently Congress had been conveniently kept in the dark about this throughout the entire duration of the scheme. And subsequently, ask the question how relevant representative democracy actually is in the US.

I bet there'll be some "hearings" now. Like the ones that happened around the *official* bailout. Some people were being publicly interrogated. And that was it. Did someone go to jail? Did it have any real consequences? Did anything change in the system? You can answer for yourself.

Those who still prefer to be in denial about the US essentially being the hugest oligarchic system this planet has EVER seen, would better think again - but this time think real deep, and shed all the ideological talking points they've been spoon-fed by their respective fave talking-heads in their respective partisan media, if only for a minute.

Warning: rhetorical question follows. How come the central bank of the most powerful economy in the world (a central bank which, let's face it, is essentially a private cartel with unlimited powers), whose board of directors are among the wealthiest guys in the Universe, blessed with unlimited money-creation capabilities of (still) the most sought currency in the world, have no problems whatsoever with fabricating and implementing secret schemes to enrich the top 1%-something of the world, making them EVEN richer?

You know why. Because they can!

In fact, the legendary, the "genius" Greenspan has openly admitted that the Fed is above and outside any law, and answers to no one.

Fractional-reserve banking is sooo fun! Have you seen the fractional-reserve banking manual? It's a wonderful read, it's full of fancy words and graphs, and intimidating and incomprehensible terminology that would make the head of the biggest finance experts assplode - and that's for a very good reason.

But yeah, I suggest we all keep watching baseball on Friday night and American Idol, there's nothing to see here, move along folks.

[Greenday]

This is potentially *THE* biggest story in the recent decade. No, several decades.

Just gonna open with this isn't even close to being so.

Quite honestly, I'm not surprised. It's absolutely ridiculous though. I was under the impression that giving out money should have something to do with how good of a company it is. These companies are garbage and don't deserve my tax money.

[bara]

The implications of this is outstanding.

Essentially this is what happend in a shortened version.

The federal reserve just put you on the hook for roughly $24,600. Thats money you now effectively owe the federal reserve because they printed this money in the name of the US government. This figure does not include the national debt figures.

They then gave this money, in secret, to the same people that are at the heart of our economic troubles. These entities then bought interest bearing bonds from the same government that it 'borrowed' 7.7 trillion dollars at almost no interest and thus made even MORE money.

I have a slight problem with someone saying, hay Bara.. you now owe us 24 grand becuase we said so. Oh yeah, and we loaned this money pretty much interest free to the same people who are responsible for making it nearly impossible for you to make an honest living, k thnx bai.

[mikoyan29]

Meanwhile, these same banks keep a tight fist around their money, even though they are getting basically interest free money.

[Ree]

An edit has been made to the first post in this thread giving credit to the original source.

[FArchivist]

An edit has been made to the first post in this thread giving credit to the original source.

I -AM- Mahnmut. And Malasadas. And Sealwhisker. And Amazements. And you can even see me arguing here against myself as Izuko. And that doesn't begin to include the Anonymice accounts. If you don't understand what I do on LJ, then don't bother to comment on it.

[Kheldarson]

Um...I think as a moderator she is allowed to comment on things like this.

Also, since you've shown yourself to want to have academic credibility in other posts, then you should know that even if you're quoting yourself from an older work, you still have to show credit. Besides, it's easy to say you're Mahnmut. We can't prove it one way or another can we? So just give yourself the credit and cite your work.

As to your OP, I have to say I agree with another commenter in your journal post. The only thing surprising by this is just the amount. The people in charge have been playing this game since money was created.

By the way, tried to follow your link, and it says access is denied to view. Maybe a different example?

[protege]

If you don't understand what I do on LJ, then don't bother to comment on it.

You uh, argue with your imaginary friends?

[Ree]

I -AM- Mahnmut. And Malasadas. And Sealwhisker. And Amazements. And you can even see me arguing here against myself as Izuko. And that doesn't begin to include the Anonymice accounts. If you don't understand what I do on LJ, then don't bother to comment on it.

Are you also Rick Ungar? I ask because your post in this thread is pretty much word for word from his post on www.forbes.com.

Also, are you saying that you create varied LJ accounts using different email addresses, pretending to be from various areas of the world, different ages, and even different sexes in order to provide comments on your own posts, and in some cases, even arguing with yourself?

That's interesting in a rather sad way.

I guess if nobody pays attention to your blog that's one way of generating interest and creating the impression that it's a topic worthy of discussion
I mean, you make a blog and nobody comes, but then you create a new blog under a different, more exciting and potentially more interesting guise, and start bitching at yourself and suddenly, curiosity is piqued.
"Hmmm...there are a ton of replies to this one. I wonder why it's creating such a stir..." and suddenly, you have a hot topic.
Nobody is any the wiser that you've pretty much been "Sybil-ing" it all the way.

mahnmut claims to be 27 years old and is from Johannesburg, South Africa. (He's rather a good looking young man. Is that you, or whose picture did you borrow for the profile?) He writes about his father here.

sealwhiskers appears to be a remarkably well preserved and attractive 111 year old female from Sweden who is currently living in Colorado. She writes about her father here.

malasadas, (spelled with a small "m" as there does not appear to be a "Malasadas" with a capital "m") who is a member of the "talk_politics" LJ community, is 42 and from New York. That LJ is friends only, so it's difficult to judge whether it is written from a male or female perspective.

amazements doesn't list a whole lot of info. Judging by the fact that this post is word for word from amazements' LJ, then I will accept your explanation that you and amazements are the same person. (I'm still giving credit to the LJ just for the sake of copyright.)

For the record, I can't see you arguing with yourself as Izuko, as the link you provided says access is forbidden.

I guess I really don't understand what you do on LJ, as I would think anyone offering commentary on politics would have the conviction and intelligence to let their arguments stand on their own merits without resorting to pretences and hiding behind various screen names, just so it looks like people are interested in what they have to say.

[Rapscallion]

Since you're all these other people, Farchivist, I would imagine it would be possible for you to give us all a shout-out on those blogs - you know, just to prove who you are.

Rapscallion