Fed Papers Show Breadth of Emergency Measures[Federal Reserve]

The New York Times ^ | 01 Dec 2010 | SEWELL CHAN and JO CRAVEN McGINTY

[Palter]

The Federal Reserve released documents Wednesday showing that its efforts to help stabilize the markets at the height of the financial crisis reached far beyond Wall Street and deep into the economy.

The crisis in the market for commercial paper, for example, the lifeblood of daily business, was more extensive and lasted longer than was previously known.

Even bedrock corporations like Caterpillar, General Electric, Harley Davidson, McDonald’s, Verizon and Toyota relied on a Fed program that supported the market for commercial paper — the short-term i.o.u.’s that corporations rely upon to make payroll and pay their suppliers. During the worst moments of the crisis, in the fall of 2008, even creditworthy corporate borrowers found this source of financing had dried up, and had to turn to the Fed for help.

While most of the Fed’s commercial paper purchase were made in the first few weeks after the program opened on Oct. 27, 2008, the central bank had to buy nearly as much in January 2009 and only slightly less in March 2009. Indeed, the Fed was still supporting the market for commercial paper well into the summer of 2009 — even as the recession officially came to an end.

In total, the documents released Wednesday on the Fed’s Web site offer insight into the more than 21,000 emergency loans and $3 trillion in liquidity that the Fed provided to investment banks, foreign central banks and a number of other institutions. The bulk of the money went out in 2008 during the peak of the crisis

[Palter]

The documents show that during the financial crisis, the central bank extended nearly $9 trillion in short-term loans etc.

[null and void]

ping

[Palter]

The data showed Goldman Sachs used an emergency overnight loan program from the Fed 84 times for a total of nearly $600 billion. Announced in March 2008, the Primary Dealer Credit Facility was used 212 times by Morgan Stanley.etc.

[rdcbn]

Thats a pretty big hole capitol.

What we really need to know is where the money went and who removed it to crash the system. Thats the one detail that never seems to get reported.

This could very well have been an act of economic warfare on our country.

[veracious]

Good point. $3T is a large slush fund, I’d like to know how many foreign owned/overseen companies benefited. How did the money get used? Even supposedly USA cos. did they torque the markets with those hundreds of billion dollars?

[FromLori]

Thanks for the ping. I noticed another user obama’s pals at General Electric!

Goldman Sachs Group Inc., General Electric Co. and the European Central Bank were among the big names that came to the Federal Reserve for help during the financial crisis.

Read more: http://online.wsj.com/article/SB10001424052748704594804575648740948074042.html#ixzz16uDpqAc2

[FromLori]

Meet The 35 Foreign Banks That Got Bailed Out By The Fed (And This Is Just The CPFF Banks)

http://www.zerohedge.com/article/meet-35-foreign-banks-got-bailed-out-fed

First Blatantly Unlawful Fed Act: AIG Foreign Sub Stock

http://market-ticker.org/akcs-www?post=173675

This will help answer that a bit.

[veracious]

Yikes! Thank you.

[April Lexington]

Meanwhile... small business is starved for loans...

[The Comedian]

What's-9-trillion-among-friends ping.

(thanks null and void)

"Economic Holocaust" ping.

Increasing volume ping list watching the slow motion Economic Holocaust.

FReepmail me if you want on or off
The Comedian's "Economic Holocaust" ping list...

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[Quix]

Hmmmmmmmmmmmm

The gears grind on . . .

The wood chippers are readied.

The wine press of the grapes of wrath are readied.

God has bigger gears.

God has bigger wood chippers.

God is much better at ferreting out evil doers

than they are at exterminating the righteous.

[B4Ranch]

>>What we really need to know is where the money went and who removed it to crash the system. Thats the one detail that never seems to get reported.<<

I would look towards China and the Middle East first, the at the Progressives second. Third would be at the NWO Group, hoping that a depression would enable them to herd the sheep into passive and controllable pastures.

>>Meet The 35 Foreign Banks That Got Bailed Out By The Fed (And This Is Just The CPFF Banks)<<

It is very probable that our Senate has already entered our name into the One World Government treaty package and that a past president signed the contract. I am looking at Bush #1 and Clinton as #2. They didn’t have any difficulty hanging around together after their terms were over, did they?

Zero gave the UN a Billion bucks a couple of months ago. Our annual fee is something like 200 Million.

The doors to freedom may be already closed and we don’t know it.