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View Full Version : Economics Audit reveals Wall Street Aristocracy Got $1.2T in Secret Loans


Taco John
08-22-2011, 12:02 AM
This is way too long to post, but it basically reveals the Fed to be as corrupt as Ron Paul has been saying for so long. I don't know how anybody will be able to capitalize on this politically - it's pretty hairy stuff - but what I do know is that anybody who has any economic chops and considers them a progressive of any stripe has quite a bit of wrasslin' to do with the reality of a crooked central bank and how it plays into their view of politics.

http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html

BucEyedPea
08-22-2011, 01:48 AM
But HonestChiefan says all loans are secret—even ones you and I get.

HonestChieffan
08-22-2011, 12:45 PM
"The Federal Reserve claims that it has not lost money on these emergency loans and that, in fact, it has netted $13 billion in interest from these programs from August 2007 through December 2009."

Read more: http://www.politico.com/news/stories/0811/61822.html#ixzz1VmibksMB



Damn it

BucEyedPea
08-22-2011, 12:47 PM
"The Federal Reserve claims that it has not lost money on these emergency loans and that, in fact, it has netted $13 billion in interest from these programs from August 2007 through December 2009."

Read more: http://www.politico.com/news/stories/0811/61822.html#ixzz1VmibksMB



Damn it

Don't stop believ'in the crooks.

BigChiefFan
08-22-2011, 02:15 PM
"The Federal Reserve claims that it has not lost money on these emergency loans and that, in fact, it has netted $13 billion in interest from these programs from August 2007 through December 2009."

Read more: http://www.politico.com/news/stories/0811/61822.html#ixzz1VmibksMB



Damn it Why don't you grasp that it's a private entity and goes in their coffers, not the taxpayers? The country has been hijacked by these parasites and yet, you still support them. Why?? Stop the madness.

HonestChieffan
08-22-2011, 02:23 PM
Why don't you grasp that it's a private entity and goes in their coffers, not the taxpayers? The country has been hijacked by these parasites and yet, you still support them. Why?? Stop the madness.



So far all I hear is the indecipherable rants of the Paulies, no actual discussion of the pro and con of the Fed, and no attempt by any of the Fed is evil crowd to explain what they would replace it with.

Example...they are a "private entity" per your statement. And they make loans...gasp!!!!....and they dont tell people who they loan money to,....sorta like a bank. And when it is repaid, they make a profit. From that, help me understand what your issue is?

Hijacked how?
Parasites how?

BucEyedPea
08-22-2011, 02:29 PM
So far all I hear is the indecipherable rants of the Paulies, no actual discussion of the pro and con of the Fed, and no attempt by any of the Fed is evil crowd to explain what they would replace it with.
Oh pluhease! There's been discussions here of actual Fed pros and cons including the idea that it need not be replaced with anything ( free market money folks like myself), to putting it under more oversight/accountability if kept ( compromise position for myself and an idea banyon supports to my recollection) , to having the govt coin money as per the Constitution.

Where have you been? I think it's more that you wouldn't recognize such a discussion or understand it to notice one took place.

An how is this any different than your own indecipherable rants about Obama, Muslims, Iran, moonbats, and morons attached to cut and pastes as your sole means of discussing anything? It isn't. But carryon, Mr. Hamilton.

BigChiefFan
08-22-2011, 02:32 PM
So far all I hear is the indecipherable rants of the Paulies, no actual discussion of the pro and con of the Fed, and no attempt by any of the Fed is evil crowd to explain what they would replace it with.

Example...they are a "private entity" per your statement. And they make loans...gasp!!!!....and they dont tell people who they loan money to,....sorta like a bank. And when it is repaid, they make a profit. From that, help me understand what your issue is?

Hijacked how?
Parasites how?It's who they are loaning the money to...the FEDERAL GOVERNMENT. Which means we, PAY the tab, PLUS INTEREST. Our government shouldn't owe a private entity for printing it's own money and it should be backed by something tangiable. The FED offers nothing tangiable and only cares about their profit.

HonestChieffan
08-22-2011, 02:35 PM
As you were. Still no logical explanation they are doing anything that would make anyone say they should be disbanded and no proposal on its replacement.

BucEyedPea
08-22-2011, 02:38 PM
As you were. Still no logical explanation they are doing anything that would make anyone say they should be disbanded and no proposal on its replacement.

He just did. You chose to ignore it and make another blind accusation.

And why is a "replacement" even necessary? It isn't. Central banks were disbanded in this country before. Andrew Jackson did it. Yeah, yeah, I know the to a Whig he was just a country bumpkin who didn't know any better. The way you're treating us.

HonestChieffan
08-22-2011, 02:40 PM
I made an accusation? Wut?

So you just declare it gone? Thats it?

BucEyedPea
08-22-2011, 02:41 PM
I made an accusation? Wut?

So you just declare it gone? Thats it?

Post #18 he makes his case. You acted as if he didn't make one. Is your problem reading then? If not then try:
http://mises.org/store/Money-and-Freedom-P530.aspx

KILLER_CLOWN
08-22-2011, 02:41 PM
He just did. You chose to ignore it and make another blind accusation.

And why is a "replacement" even necessary? It isn't. Central banks were disbanded in this country before. Andrew Jackson did it. Yeah, yeah, I know the to a Whig he was just a country bumpkin who didn't know any better. The way you're treating us.

I would love to have another Andrew Jackson. The Corporate media lovers would give him the kook treatment and marginalize him though.

BucEyedPea
08-22-2011, 02:44 PM
I would love to have another Andrew Jackson. The Corporate media lovers would give him the kook treatment and marginalize him though.

Yeah, those are today's Whigs.

petegz28
08-22-2011, 04:45 PM
So far all I hear is the indecipherable rants of the Paulies, no actual discussion of the pro and con of the Fed, and no attempt by any of the Fed is evil crowd to explain what they would replace it with.

Example...they are a "private entity" per your statement. And they make loans...gasp!!!!....and they dont tell people who they loan money to,....sorta like a bank. And when it is repaid, they make a profit. From that, help me understand what your issue is?

Hijacked how?
Parasites how?



Ok, let's get serious and I want you to seriously consider what I say here..

The Federal Reserve:

Formed in secret by 7 bankers or associates thereof

Sold to congress by influence of said 7 bankers

Totally separate entity from the Federal Government

Can print money out of thin air

Uses the Federal Government to back the money they print

Earns interest on every $ they print

Decides the monetary policy for this country, yet as stated already, doesn't fall under the Federal Government


I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
~ Woodrow Wilson


Still think the Federal Reserve is a good thing?

FD
08-22-2011, 04:47 PM
It's who they are loaning the money to...the FEDERAL GOVERNMENT. Which means we, PAY the tab, PLUS INTEREST. Our government shouldn't owe a private entity for printing it's own money and it should be backed by something tangiable. The FED offers nothing tangiable and only cares about their profit.

The Fed returns all its profits to the Treasury. It sent $82 billion of profits to the Treasury last year.

petegz28
08-22-2011, 04:48 PM
As you were. Still no logical explanation they are doing anything that would make anyone say they should be disbanded and no proposal on its replacement.

They are easily replaced. What they do and how they do it does not require a separate, non-government entity. If the Fed Gov has to back the paper they print, if the Fed Reserve is going to decide our monetary policy then they shouldn't be out on their own.

petegz28
08-22-2011, 04:51 PM
The Fed returns all its profits to the Treasury. It sent $82 billion of profits to the Treasury last year.


Thus the ignorance of it all. They print money out of thin air to buy our debt then pay the interest back to the fed gov. That's stupid!

munkey
08-22-2011, 04:55 PM
Ok, let's get serious and I want you to seriously consider what I say here..

The Federal Reserve:

Formed in secret by 7 bankers or associates thereof

Sold to congress by influence of said 7 bankers

Totally separate entity from the Federal Government

Can print money out of thin air

Uses the Federal Government to back the money they print

Earns interest on every $ they print

Decides the monetary policy for this country, yet as stated already, doesn't fall under the Federal Government





Still think the Federal Reserve is a good thing?

:clap:

teedubya
08-22-2011, 05:12 PM
HonestChief loves his fiat currency. I, too, would love to print a $100 bill for $0.06 and loan that $100 bill out 10 times... and then receive interest on all of the $1000.

BucEyedPea
08-22-2011, 05:49 PM
HonestChief loves his fiat currency. I, too, would love to print a $100 bill for $0.06 and loan that $100 bill out 10 times... and then receive interest on all of the $1000.

That's 'cause it pays for the farm subsidies he supports. :hmmm:

HonestChieffan
08-22-2011, 06:53 PM
That's 'cause it pays for the farm subsidies he supports. :hmmm:

What farm subsidies do I support?

banyon
08-22-2011, 06:59 PM
Ok, let's get serious and I want you to seriously consider what I say here..

The Federal Reserve:

Formed in secret by 7 bankers or associates thereof

Sold to congress by influence of said 7 bankers

Totally separate entity from the Federal Government

Can print money out of thin air

Uses the Federal Government to back the money they print

Earns interest on every $ they print

Decides the monetary policy for this country, yet as stated already, doesn't fall under the Federal Government

Still think the Federal Reserve is a good thing?

I share many of your criticisms pete, but this quote:

I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
~ Woodrow Wilson

Appears to be apocryphal. The best I could find was wikiquote here:

http://en.wikiquote.org/wiki/Talk:Woodrow_Wilson#.22I_am_a_most_unhappy_man....22

And further, the reference to "National Economy and the Banking System, Senate Documents, Col. 3 No. 23" is BS

The quote is mostly words Wilson actually wrote, with the first two sentences of it apparently being incorrect and the rest taken from Wilson's The New Freedom. Below is what one can actually derive from connecting together two passages from The New Freedom:

A great industrial nation is controlled by its system of credit. Our system of credit is privately concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men ... [W]e have come to be one of the worst ruled, one of the most completely controlled and dominated, governments in the civilized world—no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and the duress of small groups of dominant men.

All of the above is from Woodrow Wilson's The New Freedom: A Call for the Emancipation of the Generous Energies of a People (New York and Garden City: Doubleday, Page & Company, 1913).[1] In this same work, Wilson also wrote the below:

Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.

So, the part in red appears to be from an actual Wilson piece, while the first two sentences in blue appears to have been "ronpauled" on to the quote by overeager tax protestors/conspiracists.

I only mention this because I have read it elsewhere and it always sounds so great and damning, but it's not the sort of statement that men with egos big enough to be politicians make.

banyon
08-22-2011, 07:00 PM
HonestChief loves his fiat currency. I, too, would love to print a $100 bill for $0.06 and loan that $100 bill out 10 times... and then receive interest on all of the $1000.

That's not fiat currency, that's fractional reserve banking.

petegz28
08-22-2011, 10:02 PM
I share many of your criticisms pete, but this quote:



Appears to be apocryphal. The best I could find was wikiquote here:

http://en.wikiquote.org/wiki/Talk:Woodrow_Wilson#.22I_am_a_most_unhappy_man....22

And further, the reference to "National Economy and the Banking System, Senate Documents, Col. 3 No. 23" is BS



So, the part in red appears to be from an actual Wilson piece, while the first two sentences in blue appears to have been "ronpauled" on to the quote by overeager tax protestors/conspiracists.

I only mention this because I have read it elsewhere and it always sounds so great and damning, but it's not the sort of statement that men with egos big enough to be politicians make.

While that may or may not be true, the fact of the matter is, regardless of Wilson's comments which I admittedly added in for dramatic effect, is that the Federal Reserver is the biggest scam in the history of this country if not the history of the world.

I read a book years ago titled "Secrets of the Temple; How the Federal Reserve Secretly Runs the Country" and that's when I started waking up to what the Federal Reserver really is. It's the scam of all scams. An entity that can print all the money it wants, user the Fed Gov to back that money, not answer to the Fed Gov and control the monetary policy of the country to whatever levels suit them best. Of course it's all under the guise of what is good for us and not them.

If your or I were to ever print money and claim the Fed Gov has to support it we would be jailed. Now we have this group printing money from nothing and purchasing debt securities. Oh sure, the majority of the interest goes back to the Treasury but it is interest on debt bought with monies that came out of no where.

Just think of that power. Just think if you could print money to then use to loan yourself money and then pay yourself the interest. That's why I think Ron Paul is correct when he says the Fed should just tear up the debt they bought because it was bought with funny money to begin with.

And now it's global. The money they print gets loaned out to foreign banks as well. Money that came from nothing yet returns real $'s in the form of interest payments.

Why is this tolerated? Why are the people of this country forced to support the currency printed by a non-government entity?

petegz28
08-22-2011, 10:08 PM
The Fed returns all its profits to the Treasury. It sent $82 billion of profits to the Treasury last year.

Sure would be nice if I could print my own money. I would gladly give the Fed Gov 90% of the interest too. That's a clean 10% profit all day long for all the money I want to print.

And I haven't looked but how does that get recorded? 90% of the interest we are paying on debt held by the Fed is going right back to us. So why not just pay 1/10 of the stated interest and save us the admin costs of the rest of the red tape?

petegz28
08-22-2011, 10:17 PM
Here is some useful insight and a pound of bullshit from Bernanke:

“Slow growth in the United States and a persistent trade deficit are additional, more fundamental sources of recent declines in the dollar’s value; in particular, as the United States is a major oil importer, any geopolitical or other shock that increases the global price of oil will worsen our trade balance and economic outlook, which tends to depress the dollar. In this case, the direction of causality runs from commodity prices to the dollar rather than the other way around. The best way for the Federal Reserve to support the fundamental value of the dollar in the medium term is to pursue our dual mandate of maximum employment and price stability, and we will certainly do that.

Point 1, the insight: Start producing our own oil

Point 2, the bullshit: these prices depress the $ and not the other way around


Point 2 is a crock of crap. He knows good and damn well that the more $'s he prints the more it devalues the $ and commodities denominated in $'s will rise in price. He is trying to say "don't blame us for the weak $, we are just prinint $'s by the trillions and devaluing the currency but it's not our fault the $ is weak"

Horse
Shit

FD
08-22-2011, 10:19 PM
Sure would be nice if I could print my own money. I would gladly give the Fed Gov 90% of the interest too. That's a clean 10% profit all day long for all the money I want to print.

And I haven't looked but how does that get recorded? 90% of the interest we are paying on debt held by the Fed is going right back to us. So why not just pay 1/10 of the stated interest and save us the admin costs of the rest of the red tape?

Are you advocating that Congress run the central bank, just so that we can save on the operating expenses of the Fed? They are not particularly high.

petegz28
08-23-2011, 05:13 AM
Are you advocating that Congress run the central bank, just so that we can save on the operating expenses of the Fed? They are not particularly high.

Seriously? That's all you got ot of that?

BucEyedPea
08-23-2011, 08:25 AM
What farm subsidies do I support?

You remember. Don't play dumb. You told me before, some were valid right here in this forum.

Nightfyre
08-24-2011, 06:07 PM
The Fed influences smaller banks far more than most anyone would know through their Safety/Soundness regulatory powers, sometimes to the point of micromanaging.