Fed lends banks 7+ Trillion dollars without oversight

[Relentless]

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

The tea party and the ows people ought to wise up and stop arguing with each other. The enemy isn't a republican or a democrat. It's a broken system that neither party has any vested interest in fixing.

[Solace]

http://en.wikipedia.org/wiki/Nepotism
http://en.wikipedia.org/wiki/Cronyism

And so forth

[LiveDose]

woo hoo let's raise taxes to give the fed more money for this bs.

[crockett]

Yea but the right wing and tea party members want "LESS" regulation, which is insane when this kind of stuff already happens with the regulations we have in place.

Hence the reason the tea party and the right will never work with OWS, as OWS is after accountability.

[crockett]

woo hoo let's raise taxes to give the fed more money for this bs.

no don't you mean less deregulate some more..

[epitome]

woo hoo let's raise taxes to give the fed more money for this bs.

I thought taxes are paid into Treasury, not the Federal Reserve, which is not really part of the government (but kind of is, but not really, but some, but not all, but kinda).

[Fletch XXX]

I thought taxes are paid into Treasury, not the Federal Reserve, which is not really part of the government (but kind of is, but not really, but some, but not all, but kinda).

yeah it is a little but not really.

[Sly]

no don't you mean less deregulate some more..

Federal Reserve regulates. If you wanted to destroy the Federal Reserve, I suppose you could say that is deregulation, no? Or are we looking for a stronger Federal Reserve?

[Solace]

It really should be the people's money.

[raymor]

Yea but the right wing and tea party members want "LESS" regulation, which is insane when this kind of stuff already happens with the regulations we have in place.

Conservatives want less government involvement in our lives. That means less of your money being given to businesses like Solyndra, more for you to keep in your business, and less bureaucratic regulation like Obama's requirement that you 1099 the electric company and the office supply store.

Politicians who have claimed the republican label certainly haven't always been true to that principle, but that's the principle - let you run your own business and your own life without a nanny state.

[crockett]

Conservatives want less government involvement in our lives. That means less of your money being given to businesses like Solyndra, more for you to keep in your business, and less bureaucratic regulation like Obama's requirement that you 1099 the electric company and the office supply store.

Politicians who have claimed the republican label certainly haven't always been true to that principle, but that's the principle - let you run your own business and your own life without a nanny state.

The problem is as you even stated, the current Republicans do not do what you claim, nor do they even attempt to do so. Sure they talk a lot about it on the media via their talking heads and during election but when it comes to doing it, they spend more of your tax dollars than any Democrat ever has.

Essentially when the GOP says smaller govt and less regulation, they mean free ticket for big business to rape this country, while giving a big FU to the middle class.

Read up a bit on this page.. It's shit I've been saying since Bush was elected and now someone finally made a nice long article about how bad the GOP has fucked this country and even linked the stats..

http://pleasecutthecrap.typepad.com/...notsomuch.html

[DWB]

The 1% wins again.

[LiveDose]

A big part of the problem is people STILL riding the party line. This is a government problem not a party problem. Haven't we learned anything at all watching these fucking thieves in DC? Keep fighting along party lines and the politicians will continue to line their pockets and laugh themselves to sleep at night. Wake up.

[Relentless]

A big part of the problem is people STILL riding the party line. This is a government problem not a party problem. Haven't we learned anything at all watching these fucking thieves in DC? Keep fighting along party lines and the politicians will continue to line their pockets and laugh themselves to sleep at night. Wake up.

Exactly.

[sperbonzo]

Yea but the right wing and tea party members want "LESS" regulation, which is insane when this kind of stuff already happens with the regulations we have in place.

Hence the reason the tea party and the right will never work with OWS, as OWS is after accountability.

You keep harping on "regulation", when what you really should be talking about is power. More regulation means more power. The government doesn't regulate itself, only all of the rest of us. If you give the government more power, then more and more of this stuff will happen.


.

[BFT3K]

It really should be the people's money.

This "money" is fake.

It is just paper, backed by nothing.

Bankers want more, so the Federal Reserve just prints more.

As long as they have paper at the Treasury Department, they don't stop.

It is just worthless paper, but no one seems to care.

[Si]

You keep harping on "regulation", when what you really should be talking about is power. More regulation means more power. The government doesn't regulate itself, only all of the rest of us. If you give the government more power, then more and more of this stuff will happen.


.

De-regulation caused most of the problems. And the government caused most of the de-regulation to happen.

See where you're wrong?

[crockett]

You keep harping on "regulation", when what you really should be talking about is power. More regulation means more power. The government doesn't regulate itself, only all of the rest of us. If you give the government more power, then more and more of this stuff will happen.


.

But the Federal Reserve is "not" the govt nor do they regulate the govt. They are there to regulate the banks yet who regulates them? Obviously not the govt it appears.

See the problem? The fact is there is no openness which leads to no accountability which is the problem. We had regulations in place that would have stopped this kind of stuff.. They are gone and the GOP is fighting like hell top keep them gone.

The tea party is useless because it's too deep in bed with the GOP and pretty much just a puppet of the right wing whom they take their marching orders from. It's not the other way around.

This is why the premise of OWS & the Tea Party working together with OWS will never "really" happen unless the tea party completely separates it's self from the right wing.. As of right now they are just another meat puppet of the GOP, OWS on the other hand is an actual movement by the people.. like them or not they are grass roots so to speak and not controlled by one side or the other.

This is why the two wont work together because the Tea Party can be controlled while OWS at least at this point can not.

[Solace]

This "money" is fake.

It is just paper, backed by nothing.

Bankers want more, so the Federal Reserve just prints more.

As long as they have paper at the Treasury Department, they don't stop.

It is just worthless paper, but no one seems to care.

Exactly, it's a product now when it is really supposed to be a representation of exchangeable worth.

In fact the piece of paper is supposed to have value onto itself,
in it being rare and precious.

Fully privately skewered.

[sperbonzo]

De-regulation caused most of the problems. And the government caused most of the de-regulation to happen.

See where you're wrong?

Except that it wasn't deregulation. It was the government meddling in the free market of lending risk by forcing banks into bad risk lending, and then buying up the bad risk through Fannie and Freddie. If the government had stayed out of it in the 90s, banks would never have started making all those crazy loans in the first place, and then wouldn't have had the ability to sell the paper to F & F, or use desperate measures like derivatives to shove off the risk. The banks simply would have continued as they had been, only making loans to people that could afford them.



.

[raymor]

This "money" is fake.

It is just paper, backed by nothing.

Bankers want more, so the Federal Reserve just prints more.

As long as they have paper at the Treasury Department, they don't stop.

It is just worthless paper, but no one seems to care.

Printing more devalues the money in your bank account and your pay checks. It's supply and demand. So the effect is the same as if they withdrew money from your account - your account now has less buying power.

[crockett]

I have the end all example to people whom think this shit should be deregulated.

Penny Stocks..

Anyone that knows anything about penny stocks knows that the majority of them are nothing but scams because they aren't regulated. It's absolutely insane what those companies get away with on the stock markets because they aren't regulated by the SEC.

Simply put the GOP lives in a fairy land if they think deregulation would do anything other than create more out right theft and scams. TBH the markets are about the same when you look at what these banks got away with.. They lied and cheated their books just like most of the penny stock companies do and they also got away with it.

[BFT3K]

Printing more devalues the money in your bank account and your pay checks. It's supply and demand. So the effect is the same as if they withdrew money from your account - your account now has less buying power.

If the Fed deposited $20,000 into the bank accounts of EVERY SINGLE MAN WOMAN AND CHILD IN THE UNITED STATES they still won't have spent $7 trillion dollars.

[BFT3K]

Fun Facts with Spinach Kucinich...



http://www.youtube.com/watch?v=oUpXDZFtEHw

[BFT3K]

[Relentless]

Kucinich is often right but never marketable.
He has a hot wife, he ought to let her speak for him...

[Dvae]

Except that it wasn't deregulation. It was the government meddling in the free market of lending risk by forcing banks into bad risk lending, and then buying up the bad risk through Fannie and Freddie. If the government had stayed out of it in the 90s, banks would never have started making all those crazy loans in the first place, and then wouldn't have had the ability to sell the paper to F & F, or use desperate measures like derivatives to shove off the risk. The banks simply would have continued as they had been, only making loans to people that could afford them.



.

Please don't bother liberals with facts.

[BFT3K]

[Half man, Half Amazing]

Conservatives want less government involvement in our lives.

That's about the biggest bunch of horseshit I've ever read. Conservatives want the government out of your life as long as you are living the CHRISTIAN lifestyle they deem the right way of life.

"Conservatives" are the ones locking up people for 'obscenity'. "Conservatives" want to keep you in prison for selling/smoking pot. "Conservatives" don't want you to be able to visit your same-sex partner in the hospital.

When "Conservatives" talk about less government, they only mean the areas that they are exploiting to fuck over the majority of citizens. Bank robbers would advocate for smaller government too.

[PR_Glen]

If the Fed deposited $20,000 into the bank accounts of EVERY SINGLE MAN WOMAN AND CHILD IN THE UNITED STATES they still won't have spent $7 trillion dollars.

if they did that bread would cost 20$ a loaf by early next week...

[Vendzilla]

[porno jew]

Except that it wasn't deregulation. It was the government meddling in the free market of lending risk by forcing banks into bad risk lending, and then buying up the bad risk through Fannie and Freddie. If the government had stayed out of it in the 90s, banks would never have started making all those crazy loans in the first place, and then wouldn't have had the ability to sell the paper to F & F, or use desperate measures like derivatives to shove off the risk. The banks simply would have continued as they had been, only making loans to people that could afford them.



.

oh the poor banks. there are multiple insider accounts from bank employees and executives which make your "explanation" naive at least willful stupidity at worst.

[_Richard_]

it's funny. i haven't seen you, once, complain about the amount of military spending

what is all that protection good for if your country implodes?

please.

i will wait your tactical analysis.

[BFT3K]

if they did that bread would cost 20$ a loaf by early next week...

What's the difference between 7.7 trillion in make-believe money going to the banks vs 7.7 trillion in make-believe money going to the people?

For the record, I think both plans are totally absurd and counterproductive.

Unfortunately however, one of them ACTUALLY HAPPENED!

[L-Pink]

This was just explained by Jon Stewart on the Daly show. Worth watching. So sad it was funny.