Forum Post: Why hasn't the $7.7 TRILLION in low interest Fed loans gotten more discussion among OWS??
Posted 12 years ago on Dec. 6, 2011, 11:33 p.m. EST by BS61688
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With the recent discovery of the Federal Reserve Bank loaning out $7.7 trillion to major banks, I am SHOCKED that Ows doesnt seem to be using this to further our goals and awareness.. We're mad about TARP and somewhat silent about the REAL bailout for the banks? All americans should be screaming for reform out in the streets over this one! I can't even begin to grasp how much money $7.7 trillion really is.... specially when its printed out of thin air. The fed pretty much sold banks dollars for $0.95. Sadly, not many people in this country even seem to be aware of this.. Spread the word! Get political Apathy out of this country! The FED IS NOT A WALLET FOR THE BANKERS! THIS IS EVERYTHING OWS IS ABOUT! USE IT!
BC most of the people are retarded and have no idea that 7.7 BIL is the #, nor do they know that BOA has 80 TRILLION in derivatives exposure. They think this is all IMPOSSIBLE, its all impossible that its not going to fail.
You got to admit, it is really damned hard to believe. I read that every day, and every single time a part of my mind says "surely theres some technicality involved, it can't be as bad as it looks."
It is literally hard to believe, can you believe that? Hehehe, I think I'm going hysterical.
LOL, At first it was hard to believe but now... seems perfectly normal. What could possibly go wrong selling 70+ Trillion in insurance against stuff like Greece defaulting...lmao. We have all been totally screwed over, I mean any idiot could sell insurance that he can not pay and make a ton of $$ but it is against the law for US to do that, but the banks, goooo ahead sell as much as you want!!
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Question - Did the government guarantee bank mortgages through Fannie & Freddie or didnt they? Isnt TARP the government making good on their guarantee? Did the government pressure banks to lower their lending standards to extend home ownership to the poor via CRA?
::::::::Federal Reserve's Once-Secret Loan Crisis Data Compiled by Bloomberg Released to Public::::::::
http://www.bloomberg.com/news/2011-12-23/fed-s-once-secret-data-compiled-by-bloomberg-released-to-public.html
-Dec 23, 2011-
Bloomberg News today released spreadsheets showing daily borrowing totals for 407 banks and companies that tapped Federal Reserve emergency programs during the 2007 to 2009 financial crisis. It’s the first time such data have been publicly available in this form......
It is the fed's role to loan when no one else will. What they were doing was smart for the economy in theory.
However, in reality, since it was done in the dark and the loans were made exclusively to the hugest financial institutions, it ended up being bad for the larger part of the economy. That is the working and middle class.
What if the fed had made it publicly know that they were going to begin loaning $7.7 trillion to banks at low rates. It would stand to reason that all kinds of banks would get in on it. Some of those banks would have refinance underwater home loans and lent money to small businesses. The big banks just stockpile it and pay out bonuses.
What a trillion dollars looks like.
http://www.dailycognition.com/index.php/2009/03/25/what-1-trillion-dollars-looks-like-in-dollar-bills.html
Because of Parkinsons Law, I suggest you either read the book or spend a few hours on google learning the theory.
Essentially the US public can comprehend a buck and burger at micky-d, but astronomic numbers by virtue of USA education, are irrelevant to the USA mind.
But you as an OWS Leader are so much smarter than the rest of us college educated people, please explain it to us.
Parkinsons Law: All normal people can spend hours fighting over the price of coffee, whether it be 50 cents or 55 cents, But in general will never spend more than a few minutes on an issue involving billions or trillions of dollars.
There is something about the human mind that makes the majority fixate on little things and tune out the big.
Sorry not me intent to talk about who is smart or dumb, the fact that the majority of the US has less intelligence than a rock is well known. Obviously folks here at the OWS forum are here to elevate themselves above that of a rock.
I have traveled the world over the last 21 years extensivly. I can say that I have met just as many uneducated not smart people abroad as I have here. I don't think that education across the world spectrum (with maybe Asia being the exception) is great. We unfortunatly are an easy target because we are all the rest of the world looks at.
You took offense to burger&buck/US-PUBLIC, but did you bother to read Parkinson's book? You'll find that he attacks the morons of ameriKKKa 10,000 times harder than I do above, and this book was written in the 1960's or earlier. Also I made it clear the inability to focus on BIG numbers wasn't a USA problem it is a problem with the untrained human mind.
I don't suggest that other places people are smarter, MY position is the USA is now in free-fall economic collapse and that anywhere but USA&EURO is preferable to living within a civil war.