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Author Topic: Absolute corruption at Fed. res. revealed for all to see.  (Read 2262 times)
marcus_of_augustus
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May 02, 2011, 07:57:20 AM
 #1

I know this maybe should have gone into Economics but if bitcoin does have only a small part to play in changing this criminal state of affairs, it has done some good. IMO it has a big part to play.

http://www.rollingstone.com/politics/news/the-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411

Why Isn't Wall Street in Jail?

Most Americans know about that budget. What they don't know is that there is another budget of roughly equal heft, traditionally maintained in complete secrecy. After the financial crash of 2008, it grew to monstrous dimensions, as the government attempted to unfreeze the credit markets by handing out trillions to banks and hedge funds. And thanks to a whole galaxy of obscure, acronym-laden bailout programs, it eventually rivaled the "official" budget in size — a huge roaring river of cash flowing out of the Federal Reserve to destinations neither chosen by the president nor reviewed by Congress, but instead handed out by fiat by unelected Fed officials using a seemingly nonsensical and apparently unknowable methodology.

Now, following an act of Congress that has forced the Fed to open its books from the bailout era, this unofficial budget is for the first time becoming at least partially a matter of public record. Staffers in the Senate and the House, whose queries about Fed spending have been rebuffed for nearly a century, are now poring over 21,000 transactions and discovering a host of outrages and lunacies in the "other" budget. It is as though someone sat down and made a list of every individual on earth who actually did not need emergency financial assistance from the United States government, and then handed them the keys to the public treasure. The Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses. "Our jaws are literally dropping as we're reading this," says Warren Gunnels, an aide to Sen. Bernie Sanders of Vermont. "Every one of these transactions is outrageous."

Wall Street's Big Win

But if you want to get a true sense of what the "shadow budget" is all about, all you have to do is look closely at the taxpayer money handed over to a single company that goes by a seemingly innocuous name: Waterfall TALF Opportunity. At first glance, Waterfall's haul doesn't seem all that huge — just nine loans totaling some $220 million, made through a Fed bailout program. That doesn't seem like a whole lot, considering that Goldman Sachs alone received roughly $800 billion in loans from the Fed. But upon closer inspection, Waterfall TALF Opportunity boasts a couple of interesting names among its chief investors: Christy Mack and Susan Karches.


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May 02, 2011, 08:05:23 AM
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Off topic.

Contribute or delte/move thread please.
marcus_of_augustus
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May 02, 2011, 08:30:54 AM
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Off topic.

Contribute or delte/move thread please.

You lost me there. How do you mean Contribute? I just put up a link to an exemplary article of why the Fed. Res. centralised model is finished.

The bitcoin decentralised p2p monetary system would doom this kind of societal raping and pillaging to history, imo.

Are you supporting the Fed. Res.?

Xenland
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May 02, 2011, 09:21:42 AM
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Off topic.

Contribute or delte/move thread please.

I thought it was related to my life, i feel a little bit smarter just reading it. Your just jealous because you were about to post it.  Tongue
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May 02, 2011, 09:58:46 AM
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In the same spirit, I find this video quite revealing-
I saw it a while back but is still pertinent;

http://www.youtube.com/watch?v=cJqM2tFOxLQ

"This is a high quality version of the Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009.

Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions of dollars lent or spent by the Federal Reserve and where it went, and the trillions of off balance sheet obligations. Inspector General Elizabeth Coleman responds that the IG does not know and is not tracking where this money is."

Cryptoman
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May 02, 2011, 02:29:36 PM
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It's an interesting read, but Rolling Stone reveals its ugly statist slant at the end of the article:

Quote
As America girds itself for another round of lunatic political infighting over which barely-respirating social program or urgently necessary federal agency must have their budgets permanently sacrificed to the cause of billionaires being able to keep their third boats in the water, it's important to point out just how scarce money isn't in certain corners of the public-spending universe.

They are still stuck in the whole Democrat/Republican dichotomy.  So 20th century if you ask me.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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May 02, 2011, 09:45:44 PM
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Off topic.

Contribute or delte/move thread please.

You lost me there. How do you mean Contribute? I just put up a link to an exemplary article of why the Fed. Res. centralised model is finished.

The bitcoin decentralised p2p monetary system would doom this kind of societal raping and pillaging to history, imo.

Are you supporting the Fed. Res.?

Sorry if I was a bit terse. Americentrism is too prevalent on the internet anyway, don't take it personally when I get a snippy about posts that assume we're all involved or share a common interest in any particular financial system ('cept bitcoin, natch).

Thanks for moving the thread Moa, much more appropriate here.
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