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Main Forums => The Roundtable => Topic started by: Hutch on February 02, 2022, 11:21:18 AM

Title: Massive bailout identified via FOIA. Who owes it?
Post by: Hutch on February 02, 2022, 11:21:18 AM
So… the Federal Reserve finally came clean about how much cash they doled out during the Great Financial Panic of ‘07-‘08.

Twenty nine trillion dollars. 

Not the paltry (by current standards) amount that was authorized by Congress.  That much is just a rounding error.

That being said, what did the Fed get in collateral? Anything? Nothing shows up on the Fed balance sheet, as it does when the Fed buys T-bonds/bills/note, or other securities.  That being the case, there is no doubt that the currency will become worthless, but at least last year, before we knew of this massive gusher of dollars, we knew who borrowed the dough.  Now?  Is ANYONE obligated to actually pay this back? Does anyone have an accurate explanation?
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: MechAg94 on February 02, 2022, 11:45:52 AM
https://www.levyinstitute.org/publications/29000000000000-a-detailed-look-at-the-feds-bailout-by-funding-facility-and-recipient

I saw this link that had that number, but it is a link to a paper.  Have you seen anything else?
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: WLJ on February 02, 2022, 11:48:42 AM
Quote
Twenty nine trillion dollars.

And I didn't even get a lousy tee-shirt
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Pb on February 02, 2022, 12:24:50 PM
Well, I guess that explains why the wealth of the nation's billionaires shot up so dramatically.
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Nick1911 on February 02, 2022, 12:26:40 PM
In looking for the source, I see several articles from 2011 stating this.

Has some new information come to light since 2011?
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Hutch on February 02, 2022, 03:29:58 PM
In looking for the source, I see several articles from 2011 stating this.

Has some new information come to light since 2011?
Ohhhhh yeah.  The Fed asked for a 10-yr blackout period for disclosing this information, and when that expired, they got a 2-yr extension, which expired.  This new information comes from their response to the FOIA request.  Just an example: Citi is revealed to have gotten a 2.5 trillion dollar bailout.  I will see if I can find moar documentation.
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Hutch on February 02, 2022, 03:37:26 PM
https://www.levyinstitute.org/publications/29000000000000-a-detailed-look-at-the-feds-bailout-by-funding-facility-and-recipient

I saw this link that had that number, but it is a link to a paper.  Have you seen anything else?
If I heard correctly, the Levyn Institute was the filer of the FOIA request, and fought it thru the courts and bureaucracy.
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: MechAg94 on February 02, 2022, 03:38:42 PM
So basically W. Bush and McCain were so enthusiastic to pass that bail out bill to save the economy.  Then Obama used it as a blank check to pump money into the economy so he could claim the economy was doing good all while he blamed W. Bush for the slow economy (even in his second term). 
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Hutch on February 02, 2022, 03:42:38 PM
Here’s a link to the working paper that set off the firestorm.

https://www.levyinstitute.org/pubs/wp_698.pdf
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Nick1911 on February 02, 2022, 04:53:18 PM
Here’s a link to the working paper that set off the firestorm.

https://www.levyinstitute.org/pubs/wp_698.pdf

This is also dated December 2011
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: zahc on February 02, 2022, 05:29:07 PM
Does anyone remember when, near the bottom of the market, Obama said "now would be a good time to buy some stocks"?

Sure it was, and he knew it and knew why too.
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: Hutch on February 02, 2022, 10:15:50 PM
This is also dated December 2011
Well, damn.  Moar googling.
Title: Re: Massive bailout identified via FOIA. Who owes it?
Post by: 230RN on February 03, 2022, 11:12:58 AM
You owe it

I owe it.

And there goes my $41.37 savings account.

I am amused by the old statement about (pure) democracy only lasting until the people realize they can vote themselves largesse out of the public coffers.  They never considered Big Businesses using the same principle.

Yikes.

Hooray for Big Lobbyists.

Double yikes.

Terry, 230RN