Fed Doled Out 9 Trillion - Democratic Underground

Joanne98

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Thu Dec-02-10 07:52 PM
Original message

Fed Doled Out 9 Trillion

Run time: 08:07
https://www.youtube.com/watch?v=vcxYJ6Iuu5U

Posted on YouTube: December 03, 2010
By YouTube Member: TheAlyonaShow
Views on YouTube: 17

Posted on DU: December 03, 2010
By DU Member: Joanne98
Views on DU: 454

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Drale

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Thu Dec-02-10 08:02 PM
Response to Original message

1. OMG I also heard that

Adolf Hitler is conspiring with the Legion of Doom to assassinate Jesus, using Lake Quahog as a base.
I highly doubt they give out 9 trillion dollars since last year our GDP was like 14 trillion and I'm sure that has fallen this year.

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prodigals0n

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Thu Dec-02-10 08:42 PM
Response to Reply #1

3. CNN Money: Fed made $9 trillion in emergency overnight loans

From CNN Money:

http://money.cnn.com/2010/12/01/news/economy/fed_reserve_data_release/

Fed made $9 trillion in emergency overnight loans

"NEW YORK (CNNMoney.com) -- The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday.

The loans were made through a special loan program set up by the Fed in the wake of the Bear Stearns collapse in March 2008 to keep the nation's bond markets trading normally.

The amount of cash being pumped out to the financial giants was not previously disclosed. All the loans were backed by collateral and all were paid back with a very low interest rate to the Fed -- an annual rate of between 0.5% to 3.5%.

Still, the total amount was a surprise, even to some who had followed the Fed's rescue efforts closely."

More at link.

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PDJane

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Thu Dec-02-10 08:41 PM
Response to Original message

2. I worked for a bank.

In the foreign banking section. Understand that this is SOP, even if the amounts are a bit larger than normal. One day or one week loans are quite often used; the interest is paid, and the bank rolls the loan over for another day. Happens all the time.

What I don't like about it is that this money is taxpayer money, and it is being loaned out with no transparency whatsoever, the Fed not being a public entity.

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