Skip to comments.Drudge: NEW WORLD ORDER: BAILOUTS HELPED FOREIGN FIRMS...
Posted on 08/12/2010 2:54:39 PM PDT by American Dream 246
WASHINGTON (AP) - The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog. Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department's program, the Congressional Oversight Panel says in a new report issued Thursday. The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.
(Excerpt) Read more at apnews.myway.com ...
pitchforks and torches in anybody’s future?
...he had to repay all those overseas donations he got during the elections......
..and you can bet Soros is cleaning up with his dealings with these banks
No surprise there...if you go back and look at the bailout threads from 2008 and early 2009, you’ll find that many of us strongly suspected that much of the $$$$$$ was being sent to Europe and China, which is why the Treasury Department and Federal Reserve insisted on complete secrecy and acted guilty as sin about it.
"....twice what France spent on its entire program and half the money Germany put into the financial system, with much of the U.S. money going to AIG's partners in Europe."
RE: Congressional Oversight Panel
I figuresd it did..
Dudge: NEW WORLD ORDER: BAILOUTS HELPED FOREIGN FIRMS... APNews - DRUDGE ^ | 8/12/10 | MARCY GORDON
WASHINGTON (AP) - The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.
Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations.
. . . . Those were our tax dollars. WHERE is the outrage?
I’ve nearly run out of outrage.
I’ll several billion made it into a Swiss account owned by Obama!
That’s what they’re waiting for...for us to run out of outrage. They’re patiently working on their plan to fundamentally transform the USofA. Don’t give them that.
Redistribution of Your Wealth To Build The Wealth of Someone Wealthier.
(wonders if that is grammatically correct)
AIG became the washing machine through which the treasury laundered taxpayer money.
When TARP was bouncing back and forth in Congress, Rush told us that it (TARP), because there was NO oversight, would make Paulsen “...the most powerful man in the world.”
Right. It was pretty obvious at the time that TARP was meant to bail out the overseas creditors so they wouldn’t retaliate by dumping US government debt. So that, in effect, the entire deficit spending gravy train could keep rolling down the track to the next cliff.
Not to worry. I shall cede nothing to them. I’m one tough old bird......just tired today. I’m working hard on local/State campaigns.
Side note: Kristi Noem (R. South Dakota) is running against Stephanie Herseth-Sandlin (D. South Dakota) for Congress. Kristi is a fantastic, Conservative, and “Palinesque” candidate. Herseth-Sandlin is backed by some big Democrat money and Noem needs some $$$$$$ help.
Anyone still think that Washington DC doesn’t need a complete cleaning?
Hey remember when nwo was a wrestling event
Not to mention $182 Bilion down the AIG sh*thole
The problem with condemning the fed for shipping money over seas is that the US sold foreign banks a lot of paper that was worthless.
The US could have said buyer beware.
But the price of shafting people would have been detrimental to everyone.
I hate to rain on everyone’s parade, but:
The federal reserve printed the excess dollars and kept the interest rate too low for too long.
That made obtaining leverage in dollars cheaper for everyone, everyone in the world, whether they were in Oshkosh or in Munich.
In other words the fed’s fuel, the fed’s inflation, the fed’s balloon was not just domestic, it was exported as well.
We - through the facilities of the federal reserve and the functions of our currency in international markets - exported our debt driven, cheap credit driven economic bubble, as much as we used that bubble, domestically ourselves.
So, the “assets” - the cheap, inflated dollar based assets - affected by the whole thing were NOT restricted to only our own domestic retail banks, and liquidity questions arising from the crisis in their value - when the bubble burst - were not limited to such questions on the part of domestic institutions but could be found where ever we (the fed, the money supply, international finance) had exported the bubble to.
Washington thinks we are all idiots out here in flyover country.
I want a new Tammy Wynette song,
“I*M*P*E*A*C*H.... becomes final today”
Cash For Clunkers also helped Toyota, Honda, Hyundai, and VW more than it helped us. Some success story.
Take it from me, Palin isn’t a good choice for the GOP in 2012. Liberals and socialists had a hayday with her. A way better choice is Ron Paul or another paleoconservative or constitutionalist.