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Forum Post: The 99% Declaration Updated to Scale Back Fed

Posted 14 years ago on Oct. 20, 2011, 10:54 a.m. EST by publicus1 (125)
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www.the99declaration.org

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[-] 1 points by epluribusunum1 (8) 14 years ago

The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer

http://www.washingtonsblog.com/2011/10/the-federal-reserve-and-bank-of-america-initiate-a-coup-to-dump-hundreds-of-billions-of-dollars-of-losses-on-the-american-taxpayer.html

1.The bank holding company (BAC) is moving troubled assets held by an entity not insured by the public (Merrill Lynch) to the Bank of America, which is insured by the public

  1. The banking rules are designed to prevent that because they are designed to protect the FDIC insurance fund (which the Treasury guarantees)
  2. Any marginally competent regulator would say “No, Hell NO!”
  3. The Fed, reportedly, is saying “Sure, no worries” by allowing the sale of an affiliate’s troubled assets to B of A
  4. This is a really good “natural experiment” that allows us to test whether the Fed is protects the public or the uninsured and systemically dangerous institutions (the bank holding companies (BHCs))
  5. We are all shocked, shocked [sarcasm] that Bernanke responded to the experiment by choosing to protect the BHC at the expense of the public.
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