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Posted on 02/22/2014 3:53:45 AM PST by Red in Blue PA
WASHINGTON (Reuters) - U.S. central bankers thought they should get more regulatory powers in return for providing cheap cash to Wall Street banks during the 2008 credit crisis, according to Federal Reserve transcripts released on Friday.
Powerful investment banks such as Goldman Sachs (NYS:GS - News) and Morgan Stanley (NYS:MS - News) had access to a raft of measures to prop up markets during the 2008 credit meltdown, but the Federal Reserve had little say over them.
"I am just a little worried about being taken advantage of here," Richard Fisher, head of the Federal Reserve Bank of Dallas, said in a March 2008 conference call of the Fed's policy-setting Federal Open Market Committee (FOMC).
(Excerpt) Read more at finance.yahoo.com ...
Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!
-Andrew Jackson- From the original minutes of the Philadelphia committee of citizens sent to meet with President Jackson (February 1834), according to Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels - online PDF
Not only shouldn’t they have access to any of that power, they shouldn’t exist. The Fed is the problem!
There is a reason that the Fed is unconstitutional. That reason is; “There ain’t no such thing as a free lunch!”
Obama's trillion dollar stimulus scam is a huge unreported story. In his new book "Extortion" author Peter Schweitzer writes about Obobo, Holder (and other insiders), "weaponizing" the Justice Dept and assorted govt agencies" to extort and steal billions of untraceable dollars....VP Joe Biden told BP Oil after the N/O spill, that if they did not hand over $20 billion untraceable dollars, the Obamatons would do it for them.
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ONCE UPON A TIME, OBAMA'S COS EMANUEL HAD TWO JOBS Soon as they occupied the WH, Obama and the Chicago con artists (a) took control of the US Census; (b) Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury.
PAUSE TO REFLECT Remember Obama had tight control of Treasury; Obama calculatedly placed his then-COS Rahm Emanuel in a dual role.......in the WH and at Treasury. Obama had a stranglehold on Treasury via COS Rahm Emanuel's dual role
STROLL DOWN MEMORY LANE Soon as they occupied the WH, Obama and the Chi/cons (a) took control of the US Census; Obama placed his COS Rahm Emanuel in control of the US Dept of the Treasury (including the conservative-suppressing IRS). Read on.
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THE SMOKING GUN---WSJ REPORT--On Jan 20, 2009 Timothy Geithner was appointed Obama's Secy of the Treasury. But within three weeks, the Obama White House tightened its grip on Treasury. Obama put his COS, Rahm Emanuel, in charge of Treasury---Rahm Emanuel's dual role was an unusual move.
When he got to Treasury, WH COS Rahm Emanuel was so involved in the inner workings that the phrase "Rahm wants it" had become an unofficial mantra among subservient govt staffers, prostrate in obeisance, scurrying to accede to Rahm's wishes, according to Treasury government officials. Reported by WSJ / 05/31/09
More here: http://online.wsj.com/article/SB124113406528875137.html
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EXCERPT---FOURTEEN TRILLION DOLLARS Behind The Real Size of the Bailout; A guide to the abbreviations, acronyms, and obscure programs that make up the $14 trillion federal bailout of Wall Street
SOURCE motherjones.com
Mon Dec. 21, 2009 12:23 PM PST
The price tag for the Wall Street bailout is popularly put at $700 billion—---the actual size of TARP--the Troubled Assets Relief Program. But TARP is just the best known program in an array of more than 30 overseen by Treasury Department and Federal Reserve that have paid out or put aside untraceable money to bail out financial firms and inject money into the markets.
To get a sense of the size of the real $14 trillion bailout, see MJ chart at web site. A guide to the pieces of the puzzle includes massive untraceable Treasury Department bailout programs.
Money Market Mutual Fund: In September 2008, the Treasury controlled by Obama/Emanuel announced that it would insure the holdings of publicly offered money market mutual funds. According to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), these guarantees could have potentially cost the federal government more than $3 trillion [PDF].
Public-Private Investment Fund: This joint Treasury-Federal Reserve program bought toxic assets from banks and brokerages—as much as $5 billion of assets per firm. According to SIGTARP, the government's potential exposure from the PPIF is between $500 million and $1 trillion [PDF].
TARP: As part of the Troubled Asset Relief Program, the Treasury controlled by Obama/Emanuel made loans to or investments more than 750 banks and financial institutions. $650 billion has been paid out (not including HAMP; see below). As of December 21, 2009, $117.5 billion of that has been repaid.
Government-sponsored enterprise (GSE) stock purchase: The Treasury controlled by Obama/Emanuel bought $200 million in preferred stock from Fannie Mae and another $200 million from Freddie Mac [PDF] to show that they "will remain viable entities critical to the functioning of the housing and mortgage markets."
GSE mortgage-backed securities purchase: Under the Housing and Economic Recovery Act of 2008, the Treasury controlled by Obama/Emanuel may buy mortgage-backed securities from Fannie Mae and Freddie Mac. According to SIGTARP, these purchases could cost as much as $314 billion ---SNIP---.
LONG READ---go to web site to read more and checkout the shocking financial charts.
SOURCE http://motherjones.com/politics/2009/12/behind-real-size-bailout
You or I would be audited if our taxes were off by $100. Businesses, even the smallest of them, are routinely audited.
Yet the Federal Reserve, which is responsible for literally TRILLIONS of dollars, does not get audited.
On what planet does this make sense?
(after going so long without such a checks and balances being done, I am not even sure I ant to see the results of any audit)
And Wall St. sold its independence for a mess of pottage, the government bailouts and Federal Reserve interference in the market.
Now, every time the Fed talks about ending its purchase of bad loans, Wall St. plummets. It’s tough to get off the juice, once you are dependent on it.
Bingo. The Fed is a banking cartel with the authority of government, but without oversight. All they have done is increase the debt burden for the taxpayer, reward bad financial behavior, and kick the can down the road. Now we're down the road.
Hear, hear!
Well put!
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