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View Full Version : Sen. DeMint Blasts Fed Policy, Secrecy




bobbyw24
08-31-2011, 01:10 PM
The Fed's shadow TARP
By: Sen. Jim DeMint
August 31, 2011 04:35 AM EDT

In the run-up to the financial crisis, the Federal Reserve fueled the housing bubble with its easy money policy. Now, we know that after the crisis struck, the Fed secretly propped up elite bankers all the way from Wall Street to Brussels to the Central Bank of Libya.

A Bloomberg news investigation found that while the Treasury Department was pumping $700 billion into banks under the Troubled Asset Relief Program, the Fed was covertly operating its own bailout program – the biggest in American history. The Fed’s Shadow TARP issued $1.2 trillion in loans to domestic and foreign banks from 2007 to 2010, far more than Congress authorized Treasury to spend under TARP.

TARP supporters argue that most of the money was paid back, but simple loan repayment was never the stated goal. The U.S. government was never meant to be a giant lender for the world’s most powerful banks.

http://dyn.politico.com/printstory.cfm?uuid=55D100DE-7D7A-4ECB-9CF7-0B7B997743F0

AGRP
08-31-2011, 01:18 PM
Become Ron Paul.

IndianaPolitico
08-31-2011, 01:24 PM
I am really hoping for a Demint endorsement.