Posted on 04/01/2011 6:25:39 AM PDT by maggief
http://consumerist.com/2011/04/goldman-actually-borrowed-from-fed-discount-window-5-times.html
Goldman Actually Borrowed From Fed Discount Window 5 Times, Contradicting Bank Claims
By Ben Popken on April 1, 2011 1:00 PM
http://www.istockanalyst.com/finance/story/5028663/first-look-fed-lending-release
Then there’s Goldman Sachs, which claimed under oath to the FCIC that:
we used it one night at the request of the Fed to make sure our systems were linked with their systems, and it was for a de minimis amount of money. Peter J. Wallison, a member of the Financial Crisis Inquiry Commission, then asked, you never had to use it after that?
No, and as I said, we used it on the Feds request, Cohn replied.
(Much more at links.)
So which is it?
And let’s see, they ran out of money sometime ago, too?
They are still in the red, but seem to be recovering pretty well. They ended 2009 $20 billion in the red, but they made 13 billion in 2010, ending 2010 only $7 billion in the red.
You shills work real hard to keep the masses as uninformed as possible.
I don't appreciate being called a shill. You conspiracy parrots work real hard doing America's enemies' work for them. Our enemies and currency traders like Soros would love to see the Federal Reserve dismantled. Learn something about banking.
"DEBT slavery is NOT capitalism."
Are you proposing we don't allow lending? You want us to be like the Muslim countries?
Or are you just trying to blame the Federal Reserve for the debt bill that your lousy democrat and RINO congressmen left us. That's not the Fed's fault. That's 100% Congress.
http://www.foxbusiness.com/markets/2011/04/01/moral-hazard-fed-reserve-lending-non-banks/
Moral Hazard of the Fed Lending to Non-Banks
By Elizabeth MacDonald
Published April 01, 2011
| FOXBusiness
“Are you upset that the FDIC is letting some banks fail?
Or are you upset that the Federal Reserve made emergency loans to keep some banks from failing?”
Neither. The point is that the FDIC is insolvent.
“DEBT slavery is NOT capitalism.”
“Are you proposing we don’t allow lending? You want us to be like the Muslim countries?”
I believe that this country is ALREADY on a very destructive path that will destroy the middle class, the seniors, and everybody else but the top 1%.
Are you for that? Because that will happen.
And enough of this rage at Congress about the poor little defenseless FED. THEY WANTED TO BE THE CENTRAL BANK, no if ands or buts about it. They are the heroin dealer, they gave this country the heroin, and they keep them supplied. Is it any wonder they are hooked after 98 years? Really?
YOU can blame congress all you want, it is a specious argument as far as I am concerned.
"YOU can blame congress all you want, it is a specious argument as far as I am concerned."
Until this economic downturn, the FED did very little buying of US treasuries. We borrowed from American institutions and individuals. We borrowed from SSA and Medicare Trustfunds. We borrowed from China and Japan.
I don't know why you are saying it's all the Fed's fault and not Congress's. Congress is the one that authorizes both the borrowing and the spending. The Fed has been sitting on the sidelines for years, just doing their job of keeping the money supply stable with a small amount of inflation. And doing a good job of it. The FED hasn't been the one lending the money to Congress until the last couple of years and that's only because of the economic downturn.
Does it hurt when you think?
When the loans are repaid, the collateral is returned.
I don’t know. Was he?
You know, with all the Greenspan did, YOU want to seriously post that the poor little FED did a good job? hahahahahahaha!
This argument goes no where when YOU misquote.
To pretend that the FED has NOTHING to do with today is specious. YOU totally want to stay on YOUR point, while ignoring mine.
Good day.
In what form was the collateral returned?
Answer: Those records have not been released.
You are making big assumptions based on NO FACTS.
Stop.
Maybe you could explain what it means?
Oh, Toady!
EVERYone knows it is you have problems with reading comprehension.
uh, Toady?
croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak, croak,
You can be such a mindless dweeb.
Pull the switch? What do you mean?
Thanks.
Always asking questions, never really saying much of anything else.
Wow, how original of you. Can’t think of anything else to say?
Toady has no intention of stopping.
He lives his life, here on FR, to do just what he is doing.
He does it all the time.
He like to p!ss off other Freepers. He thinks it makes him smart.
Sad, really.
I’m not sure what your point is.
What is it that you think Greenspan did?
Nice source you have there, comrade. LOL!
the Libyan-owned bank was using U.S. Treasury securities as collateral for the low-interest loans from the Fed
So they took bonds they owned and used them for short term loans? Is this supposed to be bad? How do you think these sorts of loans usually occur?
effectively borrowing money for virtually no interest from the central bank
The discount rate was 2.25% before the crisis. 1.75% after October 8th. 1.25% after October 29th. Down to 0.5% after December 17th 2008. In Feb 2010 it rose to 0.75%.
then loaning it to the U.S. government for a big profit at taxpayer expense.
They loaned it to the government before they pledged the bonds to the Fed. The taxpayer expense is caused by the Congress spending too much money, not by the Fed accepting collateral.
Glenn Beck transcript:
http://www.livedash.com/transcript/glenn_beck/51/FNC/Friday_March_25_2011/574890/
Aired on Friday, Mar 25, 2011 (3/25/2011) at 01:00 PM
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