Monday, November 28, 2011

They're Laughing At Us

Now that  Bloomberg LP, the parent of Bloomberg News won their court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC we now know just how much the our overlords got from the Fed while the rest of us saw our jobs and savings go away and the economy tanked..

Remember that Fed Chairman Ben S. Bernanke argued that revealing borrower details would create a stigma as investors and counter parties would avoid firms that used the central bank as lender of last resort.

The amount of money the central bank parceled was staggering.  Including  guarantees and lending limits the Fed committed $7.77 trillion as of March 2009 to rescuing the financial system. Do the math and you will see that that is more than half the value of everything produced in the U.S. that year. It dwarfs the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP.

All the while these SOB's were taking the equivalent of half of the U.S. GDP the were loudly whining and screaming about socialism and government involvement in the markets.

This revelation should make the average Joe insanely mad and disgusted, especially if they also reveal that nothing has changed at the "too big to fail" banks. They are still sucking billions out of the economy with shady, high risk deals and exotic debt instruments and not adding any real value. What happens during the next crisis? You know there will be one since nothing has changed.

You can also bet that they are laughing at us rubes because they know that we are going to re-elect their enablers next year and the party will continue.

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