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View Full Version : CS Monitor: Fed in Hot Water Over Secret Bailouts




Tenbatsu
04-04-2010, 06:59 AM
http://www.csmonitor.com/Money/Robert-Reich-s-Blog/2010/0401/Fed-in-hot-water-over-secret-bailouts

FTA:


The Fed has finally came clean. It now admits it bailed out Bear Stearns – taking on tens of billions of dollars of the bank’s bad loans – in order to smooth Bear Stearns’ takeover by JPMorgan Chase. The secret Fed bailout came months before Congress authorized the government to spend up to $700 billion of taxpayer dollars bailing out the banks, even months before Lehman Brothers collapsed. The Fed also took on billions of dollars worth of AIG securities, also before the official government-sanctioned bailout.

I'm surprised at the sudden nature of the Federal Reserve releasing this information. I would expect a major news event to come within the following week to white wash this story. I do not think the Fed would release this information if the media and the people of the U.S. were going to focus on it and perhaps take action against them.

tangent4ronpaul
04-04-2010, 07:06 AM
I think they know that they are going to have to release records and figure a series of small scandals that can be buried in the news cycle is better than one huge scandal all at once.

-t

hugolp
04-04-2010, 07:21 AM
I think they know that they are going to have to release records and figure a series of small scandals that can be buried in the news cycle is better than one huge scandal all at once.

-t

Yes, damage control. It is better to release a lot of boring economic facts than to give arguments to the ones complaining about the secrecy of the Fed.

Bruno
04-04-2010, 07:32 AM
I think they know that they are going to have to release records and figure a series of small scandals that can be buried in the news cycle is better than one huge scandal all at once.

-t

I know one guy who will be sure to not let it get buried if he can help it. :)

ARealConservative
04-04-2010, 08:04 AM
I fear they are trying to use this as a justification for more power.

You will see them claim that they had to do this to stave off a collapse, and that we should kneel before them and kiss their feet for their illegal actions.

Tax the Fed
04-04-2010, 08:59 AM
Each one of these can then build up more and more support for removing the tax exempt status this non-governmental banking cartel has abused.

Aratus
04-04-2010, 12:22 PM
do we wonder why ron paul is so disgusted over this all? when easily 312 fellow house members joined
him, some in the news media were totally surprised at the sudden popularity deep questions were having!