Must-See: Jon Stewart on Secret Federal Reserve Bailout of Big Banks

Not a Laughing Matter: Fed Throws Trillions at U.S. and Foreign Banks in Secret … Hides from Congress

The actual number is somewhere between $16 trillion and $23 trillion (and see this). Plus there’s trillions more in back-stopping the big banks’ derivatives, another new bailout of foreign banks (in addition to all of the old ones), and all sorts of other types of secret bailouts.

But hey, we should just support the status quo of the Fed doing its thing … shouldn’t we? After all, this is all too complicated for anyone but economists to understand, and economists say it’s necessary, right?

No, they don’t.

 

And see this.

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  • https://twitter.com/#!/SeanJKerrigan Sean

    Too bad he doesn’t touch on what all that money printing does to the dollar.

    Also, Dennis K. really should have just gone outside. Otherwise good post.

  • http://selfgov.us Shawn Aune

    The scary part is if that much money were actually loaned out to the general public all at once we would probably experience hyperinflation.

  • Glen

    When big government and big business work together to this degree, we have a classic recipe for fascism.

  • Deb S

    And Arizona Representative Shweikert’s big economic plan is eliminating the dollar bill… We don’t have our eyes on the ball, do we.

  • Ee Fry

    Remember, when you say “banks”, you’re talking about Goldman Sachs and Morgan Stanley, etc. , not just Citibank and Chase, etc. And how much of that money then went to buy shares of Europeans banks? How much was used to buy sovereign euro debt? Where is our money now? At the bottom of a French wine bottle? Or perhaps a 20 hour Greek work week? Or maybe some good old Saudi whathaveyou that then goes to religious zealots who blow themselves up at military check points? The mind spins…People are being thrown out of their homes, military families are being loan-sharked, consumers can’t get loans, school loans are equally tough; state, local and school budgets are in the toilet with teachers being asked to pay for school supplies and schools being asked to pay to print state exams…but the bank execs get huge bonuses on top of huge salaries because, well, we have to retain our top talent!
    This will all break because it can’t be sustained. This is madness.

 

 

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