Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms

washpo ^ | 12 2 11

[InvisibleChurch]

The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.

The Fed's efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank's aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans.

[InvisibleChurch]

Bernanke. Funny names sound funny.

[dirtboy]

Hmm .. the Fed created over a trillon dollars of funny money and banks and industry used that funny money to prop themselves up.

And then folks wonder why we're not coming out of recession. Perhaps because companies didn't have to make the usual adjustments required to cope with a recession and to position themselves for growth in the rebound?

It's hard to run when you have a digestive tract full of rotten meat. The Fed corked up all of that bad meat in the economy instead of allowing normal economics to purge it.

[MichiganConservative]

Aren’t the rewards of letting the smartest guys in the room run the economy with monopoly money wonderful?

Hmmm. Why does that sound sort of like the central planning committees did in the Soviet Union. (For the Millenials, the Soviet Union was a communist country that practice the marxist idea of central planning. It collapsed. Russia now covers much of the geography.)

We’re smarter than the Russians, who are practically monkeys compared to our smartest guys in the room. Financial wizkids will show us the way.

[poobear]

In short, we were raped by criminals in Washington and overseas. While they think they’ve pulled a fast one, they will answer full well to Him for there actions! Although I’d like to see it happen here on earth first!

[poobear]

there = their geesh!

[BobP]

In short, we were raped by criminals in Washington and overseas.

--------------------------

Right you are!

Obama bamboozled millions... gave them the old 'okee doke.'

[MichiganConservative]

Dude, it wasn’t just Obama.

The Federal Reserve has been defrauding America for almost 100 years.

The entire government is full of people who do their bidding.

Congress is corrupt and has been for decades!

[edcoil]

I am beginning to not understand how that works. Since he forgives all sins - what is the downside.

[scooby321]

The hidden bailouts. Someone tell me why anyone would buy any stocks?

I hear China has even cooked their books. The whole world is crashing, unlike the Great Depression this is the hidden depression.

[MichiganConservative]

He does not forgive everyone’s sins. He forgives certain people’s sins.

It could happen, but I don’t see international banksters that have placed themselves on a pedestal and enslaved the human race as being particularly willing to humble themselves and forsake their ill-gotten gains to follow Christ.

It is probably not likely. Pharaoh didn’t when confronted by Moses.

[poobear]

The downside to sin? Well number one, the way I understand it, you sin (rape the American People blind) laugh all the way the overseas bank and don’t repent, then you’re NOT forgiven.

But don’t ask me ask Him!

[SE Mom]

I did a search for this- can’t believe it’s not getting all kinds of posts.

What can an average citizen DO about this? We are in debt up to our necks and we are bailing out Europe? WTH?!

[thouworm]

Huge DRUDGE headline today links to same article. Drudge has been all over BHO's renegade government lately.

SANTA CLAUSE: FED AID WENT ALL OVER; COMPANIES, BANKS, OFFSHORE

[SE Mom]

Yep- saw that...AND the most infuriating little tidbit Matt also has connected to same piece:

FED SECRETLY BAILED OUT GE — GE NEWS OUTLETS FAILED TO REVEAL IN FED COVERAGE ...

[SE Mom]

Rush is about to cover this whole topic shortly.

[thouworm]

I have seen 6-7 threads on this. I have been marking with keyword “fedbailout.”

Rush just mentioned he is going to cover the subject in a few minutes.

[thouworm]

lol; you are listening too! I tuned in especially to see how he was going to cover this.

[SE Mom]

yep- lol! Taking an early lunch break to hear what he has to say.

I’ll check the other threads- thanks for keyword.

We are headed for some very serious times..

[InvisibleChurch]

y e s

[neverdem]

"That's what we are paid to do," he said. "We took an enormous amount of risk with the people's money," he acknowledged. But the crisis lending programs are now all closed, he said, "and we didn't lose a dime, and in fact we made money on every one of them."

Now that we will have the House in January, that needs to be verified and the whole credit debacle dissected back to the Clinton administration and its repeal of the Glass - Stegall Act its and expansion of low income housing by HUD, Fannie and Freddie.