Feds gave banks access t0 23.7 TRILLION dollars, not 700 billion (MSNBC reports it!?!)

MSNBC via You Tube ^ | 1/30/10 | Dylan Ratigan

[Daisyjane69]

This number sounds suspiciously similar to the number used by the Inspector General over TARP about 10 months ago during congressional hearings.

[Daisyjane69]

Sorry, I hit Send too quickly.

Start paying attention at about 1:09 or so.

[svxdave]

Interesting but did you notice that there were only (at the time I looked) 503 views?

No one is watching this one.

[Daisyjane69]

Doesn’t surprise me.

That’s 500 more viewers than MSNBC usually gets.

;)

[dennisw]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aY0tX8UysIaM

U.S. Rescue May Reach $23.7 Trillion, Barofsky Says (Update3)

[Daisyjane69]

Took me about 5 seconds to find out where that number came from:

http://abcnews.go.com/Business/Politics/story?id=8127005&page=1

I was wrong. It was from July of 2009.

[Daisyjane69]

thanks kiddo. You’re faster than I am!

[Incorrigible]

Bump

[mikelike]

Yeah it’s amazing. We’re sitting on the largest story, possibly in the history of the country with repercussions that very will dramatically (negatively) impact the way we live our lives, and the people (even on FR) give it a big collective yawn.

That’s the part of the story that’s scarier than the story itself.

[dennisw]

At 1:10 on youtube you see a chart which mentions the rescue and loan facilities—
TALF

TALF and three others are there that I cannot read

The breakdown for the 27.3 trillion ($14.4 trillion and counting says Mother Jones)) is here. It’s a shame that Mother Jones has it and not others

The Real Size of the Bailout

— By Nomi Prins

January/February 2010 Issue

The price tag for the Wall Street bailout is often put at $700 billion—the size of the Troubled Assets Relief Program. But TARP is just the tip of the iceberg of money paid out or set aside by the Treasury Department and Federal Reserve. In her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, Nomi Prins uncovers the hush-hush programs and crunches the hidden numbers to calculate the shocking actual size of the bailout: $14.4 trillion and counting.

(Figures current as of October 31, 2009. Click here for an explanation of the abbreviations and programs below.)

http://motherjones.com/politics/2010/01/real-size-bailout-treasury-fed

http://www.puppetgov.com/2009/12/29/14-trillion-not-700-billion-is-the-real-size-of-the-bailout/

(Figures current as of October 31, 2009. Click here for an explanation of the abbreviations and programs below.)

This chart is part of Mother Jones' coverage of the financial crisis, one year later.

[ex-Texan]

The Fed as Giant Currency Counterfeiter

[FromLori]

Paulsen found it easier to deal with Obama

Hank Paulson feared there would be a run on the dollar during the early phase of the financial crisis when global concerns were focused on the US, the former Treasury secretary has told the Financial Times.

“It was a real concern,” Mr Paulson said in an interview ahead of the release on Monday of his memoir On the Brink. A dollar collapse “would have been catastrophic,” he said. “Everything that could go bad did not go bad. We never had the big dislocation of the dollar.”

When the crisis escalated and went global with the failure of Lehman Brothers in September 2008, the dollar rallied – but Mr Paulson had to grapple with a firestorm of financial failures.

He feared Goldman Sachs and Morgan Stanley would go down along with Washington Mutual and Wachovia.

Lloyd Blankfein, Goldman Sachs chairman, told him that Goldman would be “next” if speculators succeeded in bringing down Morgan Stanley, the former Treasury secretary said.

“If they go, we’re next,” Mr Blankfein told Mr Paulson, a former Goldman chairman who had recused himself from decisions relating to his former company.

US officials explored the possibility of mergers between JPMorgan and Morgan Stanley, Goldman and Citigroup, or Goldman and Wachovia, before settling on turning Morgan Stanley and Goldman into banks with access to central bank loans.

Even then, Morgan Stanley was not safe until the US Treasury helped seal an investment by Japan’s Mitsubishi UFJ, Mr Paulson writes.

The frenzied manoeuvring came in the three-week period between the failure of Lehman on September 15 2008, and Columbus Day weekend in early October, when the global financial system was on the verge of meltdown.

“Banks were going down like flies,” Mr Paulson told the FT. As his book details, he was scrambling to secure Tarp bail-out funds from Congress.

“The timing could not have been worse since we were months or weeks from the election so you had the collision of markets and politics.”

Although a Republican, Mr Paulson found it harder to deal with John McCain than Barack Obama – raising the intere

http://www.ft.com/cms/s/0/772748d6-0e94-11df-bd79-00144feabdc0.html?nclick_check=1

[catfish1957]

Trillions is a number being thrown around so much now days, I kind wonder if our money is worth anything.

[TruthConquers]

Here is a report at Mish:

77 Fraud, Money Laundering, Insider Trading, and Tax Evasion Investigations underway regarding TARP:
http://globaleconomicanalysis.blogspot.com/2010/01/77-fraud-money-laundering-insider.html

[FromLori]

Short answer No it is not worth anything. It really seems shocking to me to hear Trillions maybe because I’m older.

[ex-Texan]

Howdy Lori. You must see this video. Even if you must log on at a library to get access to a high speed connection. Why __ ?

Because the MSNBC reporter tells 0bama "You LIE!" again.

The Federal Reserve Gave Banks Access to $23.7 Trillion NOT $700 Billion!

[riri]

Alex Jones has been reporting this for weeks.