Forum Post: Banks did Not pay back all the bailout money (GAO report on Fed)
Posted 12 years ago on Dec. 5, 2011, 8:47 p.m. EST by SpotsLights
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(Page 4 of GAO report on Federal Reserve) – You also may have heard somewhere that all this money was paid back. Not true. The GAO lists five Fed bailout programs that still have amounts outstanding, including $909,000,000,000 (just under a trillion dollars) for the Fed’s Agency Mortgage-Backed Securities Purchase Program alone. That’s almost $3000 for every American.
much more at nakedcapitalism.com/2011/12/alan-grayson-on-gao-report-on-the-fed.html
Remember when CNN's Erin Burnett went to Occupy and told a protester "all the money was paid back". Well, she was either woefully misinformed or simply lying. Being as she's engaged to a banker, I'd go with the latter.
None of this factors in of course the incalculable Opportunity Costs lost when that money was given to the banks as opposed to investing it elsewhere. People really need to think about this.
A lot of money went to foreign banks as well. You can read about it at the link posted above.
Considering just that 909,000,000,000 is not much less than what Congress tried to cut from the budget, I'd think that would be especially relevant now.