Hartmann: $7.7 trillion to Wall Street - Anything to keep the Banksters Happy!

Secret Fed Loans Gave Banks $13 Billion
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn't tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn't mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed's below-market rates, Bloomberg Markets magazine reports in its January issue.

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-cong...
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From: TheBigPictureRT on Nov 29, 2011
http://youtu.be/5JDUeecZehA
Do you know who Elizabeth Duke is? How about Donald Kohn or Kevin Warsh? No? Well - you should. Because while Congress was debating back in 2008 whether or not to bailout Banksters with a $700 billion blank check - these guys and girls were just doing it. They were funneling $7.7 trillion to Wall Street under the table - without one constituent phone call - without worrying about one election - without having to give one explanation.

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[rwcbanzai]

One of your best economic editorials Thom... thx to you!!!!... ; )

[flyday32]

WE, the people, allow it, so it is so!