NEVER TOLERATE TYRANNY!....Conservative voices from the GRASSROOTS.

Financial Crisis Response Extended Much Farther Than Thought

"The financial crisis stretched even farther across the economy than many had realized," reports The Washington Post, "as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle
makers, telecom firms and foreign-owned banks in 2008 and 2009."
Apparently, "too big to fail" extended to General Electric, Caterpillar,
Toyota, Harley-Davidson and Verizon, as well as, inevitably, foreign
banks with U.S. subsidiaries. Of course, some of the world's biggest
banks, such as Bank of America, Citigroup, Goldman Sachs, Swiss-based
UBS and Britain's Barclays received aid, with Goldman cashing in for an
astonishing $600 billion.

According to the Post, "The data reveal banks turning to the Fed for help almost daily in the fall of 2008 as the central bank lowered lending standards and extended relief to all kinds of
institutions it had never assisted before." Total aid reached $3.3
trillion, though the Fed is saying it hasn't (yet) lost any money on its
lending.

You know things are bad when we agree with self-proclaimed socialist Sen. Bernie Sanders (I-VT), who insisted that this disclosure requirement be included in the Frank-Dodd financial
regulatory bill. "The American people are finally learning the
incredible and jaw-dropping details of the Fed's multi-trillion-dollar
bailout of Wall Street and corporate America," Sanders said. "Perhaps
most surprising is the huge sum that went to bail out foreign private
banks and corporations. As a result of this disclosure, other members of
Congress and I will be taking a very extensive look at all aspects of
how the Federal Reserve functions." Thomas Jefferson certainly had a
point when he wrote to Secretary of the Treasury Albert Gallatin in
1802, "I believe that banking institutions are more dangerous to our
liberties than standing armies."

Next up, bailing out the European Union through the International Monetary Fund, in which the U.S. is the largest "shareholder."

Patriot Post Article