Posted 9 years ago on Oct. 16, 2011, 2:39 p.m. EST by followthemoney
This content is user submitted and not an official statement
You need a CAUSE, and here it is. Fed Chairman Bernake Testified earlier this year that the Banks were paying .25% to borrow money, and they are paid .25% for the excess reserves that they deposit with the Fed. Bernake stated that the Banks had over ONE TRILLION DOLLARS in excess reserves that the Fed is paying over 2.2 billion dollars in interest on. This means that the banks have socked away over a Trillion Dollars for free that they can release ofr loans and other purposes. Why are they not releasing it? Because they can wait until the Fed raises the discount rate and lend all of that free money out at a higher rate. This makes the bailout look trivial by comparison. You want to focus on something tangible? It's that TRILLION DOLLARS IN EXCESS RESERVES. This is obscene and needs to be brought to the forefront of our cause as an example of the moral misconduct by the Banks. The Banks can and will be shamed into taking action to start lending this money out.