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Fed To Announce Details Of $3.3 Trillion Bank Bailout Package At Noon
One part of Mark Pittman's legacy is about to come to fruition. At noon today, the Fed will provide an information dump identifying recipients of $3.3
trillion in emergency aid which it dispensed as per its interpretation of its mandate following the Lehman collapse. From Bloomberg: "The data will probably show the magnitude of central bank support to companies including Bank of America Corp. and General Electric Co. after the collapse of Lehman Brothers Holdings Inc. spurred a surge in private borrowing costs. Lawmakers demanded disclosure after the Fed approved aid dwarfing the federal government’s $700 billion Troubled Asset Relief Program." Not all data will be available, however: all important discount window information will not be included as part of this package: "Congress excluded one Fed program from disclosure, the discount window, which is the subject of a 2008 lawsuit filed by Bloomberg LP, parent of Bloomberg News, against the central bank. A group of banks is appealing to the Supreme Court over lower-court decisions ordering the Fed to identify loan recipients. The program peaked at $110.7 billion in October 2008." Since today’s information relates to aid from Dec. 1, 2007,
through July 21, 2010, there will be enough information to satisfy the most detail-oriented forensic reverse engineers.
More from Bloomberg:
“We see this not as the end of a process but really a significant step forward in opening the veil of secrecy that exists in one of the most powerful agencies in government,” Senator Bernard Sanders, the Vermont Independent who wrote the provision on Fed disclosure, said to reporters Nov. 17.
U.S. central bankers stepped outside of their traditional role as a lender of last resort to banks as credit markets nearly ground to a halt in the wake of Lehman’s bankruptcy on Sept. 15, 2008. Bernanke pushed the boundaries of the Fed’s powers, using section 13(3) of the Federal Reserve Act, which allowed the central bank to aid non-banks under “unusual and exigent circumstances.”
No matter how this is spun it will not be beneficial to banks, as it will merely reinforce public anger as the media circuit discusses how the public provided $3.3 trillion in aid to a banking system which as we reported previously is about to experience another surging bonus season.
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Which makes sense as to why the futures are in rally mode. I'll bet they have their entire PD network buying options and SPY futures hand over fist. Pump up the good news of the markets to cover up the bad news in this report...
+1
you know....the peasants were never supposed to see this.
so...because the government let Ben down and is forcing the reveal....he's not to blame.
yeah, yeah, they stole three trillion bucks (much more truthfully).....but its not Ben's fault cause no peasant was ever supposed to see this stuff.....
+1
Public anger? Skynet does not compute such data.
TSA is groping the crotch of my Public Anger. Et tu, pupae?
TSA is groping the crotch of my Public Anger. Et tu, pupae?
Why do I get a wiki-leak like feeling here?
Massaged data does not make truth. Selective disclosure only increases mystery.
Sham!
ORI
http://aadivaahan.wordpress.com/2010/12/01/of-leaking-wikis-and-true-lies/
Don't expect any truth. As with wikileaks, anyone divulging the truth will be prosecuted with the full force of the law!
YOU SIR ARE ON A NEED TO KNOW BASIS!!
JUST LIKE THE 99.9999999999999999999999999999999999999999999999999% OF THE REST OF THE POPULATION!
." Not all data will be available, however: all important discount window information will not be included as part of this package: "
Thats where the bodies lay
You are so right. Are there any hackers out there who can find this info out for us? :-)
I am sure the information is on non-networked computers if at all.
You guys are funny. I keep telling you that all this information was tapped, stolen & acquired long ago by the respective intelligence agencies, both foreign and domestic.
The reason they don't divulge their caches is very simple: they currently benefit from the existing monetary regime. Who do you think pays their salaries, buys all their fancy toys, and basically lets them have a pretty good time, all on someone else's dime?
No, nothing is going to happen until a crack appears that divorces the ying/yang symetry. That crack is reduced per capita net energy consumption. Like no tickie:no washie, no energy consumption growth, no economic growth. No economic growth, no ability to service the Ponzi.
Everything has been directed towards kicking the can until a miracle appears. No miracle, then all deals are off as the MIC executes Plan 9 to protect & preserve the interests of the US empire. (And please don't confuse these with anything approaching national defense.)
EXACTLY!
They'll never release DW info because it would be a Full Ponzi Exposition! Not gonna happen.
Turd -
love ur sight and insghts...enjoy the takedown of both metals this morning right at the open n NY??? how obivious does it get....Cheers
http://www.frbdiscountwindow.org/DWdisclosure_08062010.cfm?hdrID=14&dtlI...
Dodd-Frank the antonym of Glass-Steagall
Eat something sweet for lunch...as you are probably going to puke it up after this is released...
I was wondering what they were going to do to cheapen the dollar, now that those pesky Europeans have managed to undercut us.
But $3.3 Trillion? Wow. I didn't think Bernake was that desperate or dumb. Amazing.
Yet remember, that is $3.3 trillion and perhaps used to fractionally reserve and thus multiply it by at least a factor of 9 perhaps.
Of course Bernanke wants a ZERO RESERVE system:
"Given the very high level of reserve balances currently in the banking system, the Federal Reserve has ample time to consider the best long-run framework for policy implementation. The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system" -- Federal Reserve February 10, 2010
www.federalreserve.gov/newsevents/testimony/bernanke20100210a.htm#fn9
The most important part of the spin factor is controlling the conversation. By releasing what they wish to release, they will control what is discussed.
As I always say, what's not said is often much more important than what is said. They want us to concentrate on what they are saying. Thus they control the questions and by extension the answers. Don't fall into this trap.
Bernanke just needed something to tank the dollar, pesky falling Euro was strengthening it too much. Wealth effect must happen.
SDO, if they tank the dollar, they spike gold/silver.
Are you saying the FED is on our side now? Or is there a counter-counter play?
ORI
more lawsuits coming, trial lawyers and retired judges need new Bently's,
Fed trying to get in front of Wiki?
E-mail these Guy's and let them know that thr fed is not a Govt agency, I did.
slanman@bloomberg.net; Craig Torres in Washington at ctorres3@bloomberg.net.
Editor cwellisz@bloomberg.net.
TD, typo in the last para: 3.3 billion -> trillion
Guess we've all gotten used to using the word 'billion' lately... I anticipate that we'll see 'trillion' much more in the coming months.
...wait till we all see how much Ben has printed up and handed to BAC.....
that will be the end...he will never get another bailout for them, and the stock will crater....
its over.
If the fed borrowed the money $3.3 trillion over and beyond the $700 billion congress authorizied are the US Taxpayers expected to foot the bill on what was authorized by neither the CON-gress nor the citizens? If the number of $3.3 trillion is thrown out there how much more was given on top of what is being admitted here? CNBC talked $13.7 trillion about a year ago.
At what point can the people dissove the government and form a new one that will serve the people?
At what point can the people outlaw the creation of credit or forgive the repayment thereof?
At what point can the people have a say what happens to them, rather than being told what is going to happen to them by the people elected by them to be their PUBLIC SERVANTS.
Ahhm, only when they are willing to take arms. Good luck with that one here in the US. Revolutions cut into DWTS and Fear Factor time. Of course, if you let people know they can always TiVO them....
"...there will be enough information to satisfy the most detail-oriented forensic reverse engineers..."
"Yes Officer Obie,I cannot tell a lie, I buried that piece of paper underneath a half a ton of garbage."
THE GLOBAL CRIDIT CRISIS IS JUST LIKE A FUNNY SCARY MOVIE
http://ilfinanziario.blogspot.com/2010/11/global-debt-crisis-is-just-like-funny.html
THX ZERO HEDGE... YOU ARE GREAT!!!
All I want for Christmas is a Wiki-mega-leak from the Fed. And silver bullion.
Maybe Julian Asage can get his hands on the Discount Window information. FUCK THE BANKS!!!!
Clearly the Fed hit a home run by avoiding a systemic failure and ended up with no (1) failures. They magically turned an incredibly bad situation into a perfectly normal market. And, who knows, maybe they were doing God's work....
This should be interesting to see how the Fed responds to these pesky requests by commoners. Maybe something along the lines of, "Nothing to see here, move along"?
They did hit a home run but we are only in the third inning. The debt created to patch up the issue will still come due again and will have compounded interest added on.
Sorry about that. Forgot to hit. this. button. here. <sarcasm/off>
"Clearly the Fed hit a home run by avoiding a systemic failure and ended up with no (1) failures. They magically turned an incredibly bad situation into a perfectly normal market"
Waylon, buddy, going from there to here is slightly more complicated than you imply. The Fed deserves credit only for making things even worse when it finally all ends.
"Shut up," they explained.
Wish I was computer savvy enough to hack. Damn!
Crash pad is being put into place...how unusual.
Another $3 trillion that will never be lent out and used to prop up the market? Or are these "credits" already in the banking system?
Insanity either way.
http://seekingalpha.com/article/162995-defaulting-in-plain-sight
Other than default, how else can you characterize $24 trillion in Fed and U.S. Treasury economic backstopping? Remember, this is in the U.S. alone. Had this backstopping, equivalent to 1.5 times U.S. GDP, not been set in place, the economy of the world would have collapsed.
Question: is this $24 trillion in new currency, $24 trillion in new debt, or something else? Is it a promise? Does it exist only in our minds, perhaps only in our hopes? Is it a lie, or is it true? Remember, had it not been done (so they say), we'd be riding bicycles and cooking rats over burning automobiles. So does it exist, or doesn't it?
So, I wish to revisit the $24 trillion. Do any of you honestly believe they wouldn't print it if they had to? Are we reduced to merely arguing whether or not it will be necessary? In my opinion an argument can be made that they've already printed it, merely by suggesting they would do so if they had to. By their admission, it was urgently necessary for them to announce its possible creation; again, does it exist or doesn't it?
If it exists, the currency has been debased; if it doesn't, then break out the bicycles. Mass realization of this fact has been stalled by a massive misinformation campaign and massive vested interest in the status quo. Which financial players (bankers, economists, accountants, politicians, central banks, etc) are willing to go to bat for reality?
The answer is the same as to the question of who is willing to step outside the two-party political paradigm: almost no one. They all earn their living from the (old) system. They can be counted on to continue supporting the lie.
The Bernank buys up the used toilet paper from Blankfeins bathroom; Lloyd takes the (electronic) money so that his balance sheet appears whole and his creditors don't call his loans.
Lloyd declares bonuses all around. After all, these guys masterminded the greatest theft in history. Why wouldn't they declare bonuses from the ill-gotten loot ?
Via bond-flipping POMOs, looks like taxpayers will end up with worthless bonds while the usual suspects will own the entire S&P 500.
Because, so far, only about 12,263 Americans have figured it out.
12,264
I signed up last week. :>)
signed up for what? do tell.
http://www.appleseedinfo.org/
gotcha. I have already done 3 Appleseed events, they are really great weekends. good folks at those things.
Any relation to Maynard Ferguson?
Because, so far, only about 12,263 Americans have figured it out.
THAT, is the pertinent question Dave. something to do with bread & circuses, I imagine....
Because they are lazy fucks too concerned about dancing with the stars. They won't figure it out until there isn't a bag of chips for them to reach over and grab as they flip through the channels with the remote.
cuz Perky Katie Couric didn't tell me to be outraged, and I have to buy iShit for everyone I know for Xmas, and Oh That Julian and his traitorous misdeeds, and it is ALMOST College Bowl time, and I have to find new outfits for Xmas parties, and, By Golly I have already been mad about those bonuses LAST YEAR...do I need to do that again?
My friends get it. I tell others, few listen. Overcoming the MSM propaganda is difficult.
They see only spotty reports of unrest in Europe but aren't told the underlying reasons.
If they still have a job they're in denial it's coming here. Clock is ticking.
Why silence ? CNBS (GE), CNN, FOX... all beholden to the banksters.
How about too scared to look at it...
Well, the markets appear to be expecting something good, given the moves overnight, here in the UK this morning and Dow holding around 11150 and S&P heading for 1200.
Maybe I'm missing something - maybe everything really IS improving...
DavidC
Our fake USDs are being used as Viagra to keep the markets up.
The unelected, unaccountable Fed is running our crony country. They put the dick in dictate.
FED is the biggest criminal organization in the world.
Thousands of individual traders lost trillions because without any knowledge to public it pumps trillions via PD 's on daily basis. This is purely criminal act.
It really is a form of money laundering.
What if the powerful U.S. Bank Assange referred to wasn't Bank of America, or Goldman Sachs, but rather, the Federal Reserve. Dont' forget, he's a libertarian. And the Fed is a private bank. If you read his interview based on this premise, it makes much more sense that it would be a Fed document dump, rather than BoA.
Oh, Ludic, don't tease me like that. Please be right.
think about thought Turd...the fraudulent DJIA goes thru the roof n before open trading and continues higher into NY...both metals where tracing the equities until they they entered NY...ive seen that pattern many times when something negative about the equity markets is due to be released....
As much as I would love that to be the case, there is a 2009 interview with JA where he says he has 5Gb worth of data from a senior BAC executive. TPTB already released, thru their media lapdogs, that it is BAC as a form of damage control.
JP Morgan needs more $$$$ for their naked shorts.
China counters with .5% rate increase later today, touche.
Haha, it really wasn't that bad, rally on! not
This is a gift to -ES
+200 on the Dow out of the gate? What a ramp job! Somebody's nervous...
Actually im hearing bonuses arent gonna be the 100%+ they were in '09..
Depending on your {groups} actual revenue to company, im assuming theyll be in the 50-80% range this year.
Is that violins I hear?
3.3? LMAO
"The truth is always hidden in plain sight"
I will await this treasure trove of highly redacted and probably outright misleading documents with baited breath.
Not.
I Hope Ron Paul just audit the FED.
The FED is not helping Main Street.
Wall Street is Not the Main Street.
The FED are just printing money to buy debts. This is crazy.
What will happen when USD become Useless?
I think CD said it right on the other page, this window we're looking through, is the specific curtain and view the FED is revealing.
Still should be some shocking revelations in some form, but how much it brings down legally on others, I doubt if it's much.
I could see the fed filtering such info, because it's mandate, even in this, is for yada, yada and thus actually releasing info that might damage others, might damage the economy, and the fed doesn't want to shoot itself in its own foot. I think they'll take that sort of sophistric nonsense approach of saving their own skins.
But they're also idiots, so something will slip through, it seems to always be that way.
I'd like to know, what euro banks received bailouts? both direct and through other parties such; banks, insurance, other.
3.3 trillion, I wonder if they'll release all of that, or some of that. Or the 3.3 trillion is subjective, that's all we know about??? Thus maybe they'll tell us this 3.3 trillion, but not the under the table stuff.
You know you want Glass-Steagall
3.3 trillion is the biggest joke.
The Bernank & his cronies probably went through 3.3 trillion of hookers & blow.
$$$3.3 Trillion...
Buys a lot of pitch forks...
And the reasons they got the money have not changed/improved
guessing all of POMO will total 3.3T!!!
Here is a nice chart from Denninger:
http://market-ticker.org/akcs-www?get_gallerynr=566
From this article:
http://market-ticker.org/akcs-www?post=173658