The Fed said it did not lose money on any of the transactions that have been closed, and that it does not expect to lose money on the assets it still holds.| Submit your comments on this article |
| Economy |
| Fed made $9 trillion in emergency overnight loans |
| 2010-12-02 |
| The Fed said it did not lose money on any of the transactions that have been closed, and that it does not expect to lose money on the assets it still holds. |
| Posted by:gorb |
| #6 Bernanke and the Fed saved us from a Depression. They really did. No, Bernanke and the Fed saved the elite from destruction. The middle class has been in for a screwing since the Ponzi schemes of the New Deal and the Great Society were introduced and Clinton and Bush dismantled the rational structuring of the financial services and real estate financing industries in a naive attempt to expand home ownership. All Paulson and Bernanke's shenanigans did was to further increase the debt on the shoulders of the middle class to preserve the wealth of the elite. We would be in a strong recovery by now if events had been allowed to take their natural course. Sure the crash would have been much deeper, but it would have been shorter. Instead we have prolonged the pain and suffering for many more by postponing the recovery substantially, perhaps a decade. Housing prices still have not reached rock bottom. And an entire generation will be brought up to believe they must rely on the almighty government for their bread and shelter. It is an evil thing Bernanke, Paulson and Geithner have done for their pals at Goldman Sachs. |
| Posted by: Nimble Spemble 2010-12-02 19:30 |
| #5 Deceptive? Headlines? Whaddaya think this is, Zimbabwe? California? |
| Posted by: Bobby 2010-12-02 18:42 |
| #4 the headline is a bit deceptive These were very short term loans. Typically a day or a week. Let's say the Fed made a $10B loan every other day for three months and it was paid off every other day, that would amount to $450B. However, at any given time only $10B would be at risk. |
| Posted by: Lord Garth 2010-12-02 11:03 |
| #3 I disagree. The Fed did exactly the right thing. Credit had dried up. The banks weren't lending to consumers and businesses and weren't even lending to each other. After Lehmann collapsed there was a critical lack of confidence, and that meant that the banks simply would not put money out there. Complain all you want, but without lending the economic order would have tumbled. The Fed pumped liquidity into the system. They were the only ones with the confidence and the trust of the banking system (you expected the Euros to have confidence in their Central Bank? Hah). The liquidity and TARP I saved our system. By the way, Bernanke designed that with W's express approval. W understood. These weren't the questionable programs; those came later in TARP II, the home mortgage programs, bailing out GM, etc. But the response in 2008 and early 2009? Exactly right. Bernanke and the Fed saved us from a Depression. They really did. |
| Posted by: Steve White 2010-12-02 11:01 |
| #2 We're FINISHED |
| Posted by: armyguy 2010-12-02 07:22 |
| #1 Let me guess... the people who's money was risked aren't allowed to know who it was imperilled by? |
| Posted by: Bright Pebbles 2010-12-02 05:36 |