Posts Tagged ‘ FEDERAL RESERVE ’
Federal Reserve Chairman Ben Bernanke arrogantly refuses to tell Senator Bernie Sanders which banks were in receipt of government loans and why only large greedy incompetent multinational organizations are allowed access to loans, while small and medium-sized businesses are left to rot.
The global economic crisis requires a global solution, and fixing what ails the world’s banks will take time, says the head of the International Monetary Fund. A recovery should begin in the middle of next year, but that depends on the right policies being implemented, Dominique Strauss-Kahn tells NPR in an interview.
“Well, it depends on what you call an end. We see the beginning of the recovery in the mid of 2010, providing that the right policies are implemented. Part of them are implemented so far, but some others things have to be done, and it takes time.” Dominique Strauss-Kahn
The Federal Reserve has cut rates to zero and flooded the financial system with money. Congress has spent $350 billion — and committed another $350 billion — to shore up the battered banking industry. Banks have already booked roughly half a trillion in losses, and analysts say they could be looking at a half a trillion more.
http://www.msnbc.msn.com/id/28880095/
In his confirmation hearing last week, Treasury Secretary Tim Geithner said the White House is working on a new bank rescue plan. He was short on details, but the massive scope of the problem has prompted talk that the administration may be planning to “nationalize” a large portion of the banking industry.
In its most extreme form, nationalization would mean that the government buys (or takes) all the shares of stock and takes over operations of the company, keeping the profits. Such state ownership is typically a form of socialism; major oil producing countries, for example, have set up state-owned companies to produce and sell oil, using the proceeds to pay for government services.
Why is the government so involved?
Ron Paul from the floor of the House speaking out against the Auto Bailout among other things.
(Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
When the Fed was created there were worries that the central bank would be used to provide funds to member banks, like JPMorgan Chase, to purchase assets during economic busts. Bloomberg News is now suing the Federal Reserve under the Freedom Of Information Act to find out who they loaned the money to. According to the business news network “The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahdVHk_Ccoeg
More Bailouts, Bigger Bailouts. Fed Says No End In Sight.
WASHINGTON (AFP) — The US government announced Monday an expanded bailout for insurance giant AIG of more than 150 billion dollars, as the Treasury tapped into emergency funds originally set for banks.
The latest bailout plan, the largest in US history, came as AIG burned through billions of dollars of cash and reported a third-quarter loss of 24.47 billion dollars.
The original Federal Reserve rescue of 85 billion dollars in mid-September, at the time the largest in corporate history, was expanded by 37.8 billion dollars just a few weeks later, and involved the government acquisition of a 79.9 percent stake in the troubled insurer… US expands record bailout of insurance giant AIG
Ron Paul on Fox Business with Neil Cavuto discussing bailout (11/10/08)
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