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Another big month at Geithner’s whorehouse bank
The Federal Financing Bank (FFB) has released its August report. This is the bank that has provided the $500mm to Solyndra. Under normal conditions this monthly report would go unnoticed (except by folks like me). This time might be different. I would expect that a few Republicans are going to jump all over this. They should. The FFB is continuing to lend taxpayer money with virtually no oversight.
From the report:
Net holdings of government-guaranteed loans increased by $757.4 million.
Another ¾ of a billion out the door. Who got this money? Answer: The same characters that have gotten the "Free Money" since O/Timmy G. took control. The breakdown of the DOE advances and the pricing:
At the top of the list is a modest $3mm to our pals at Solyndra. Note that this was done on 7/15; just six-weeks before the lights went out at SOL. How about the % rate? 0.89%. We will never see a dime of the interest or principal on this advance. Nothing short of a joke; a bad one at that.
There was a total of $89,500,000 of other new loans to solar related projects. The DOE guaranteed loans now total a tidy $6 billion. That number will surely rise next month.
Ford gets another $163 million. Just what is it we are doing with Ford that requires this much money?
Unrelated to the DOE and the solar loans are the HOPE NOW BONDS. This is the money that will be used to facilitate a mortgage ReFi that I anticipate a formal announcement on in a matter of days. Note that the $491mm was rolled over at a rate of 0.01%. Nearly half a billion dollars is outstanding. The cost is only $4,100 per month.
The Federal Reserve has recently announced that it will be increasing its surveillance of blogs. (They are already doing this in a big way) See FTAlphaville and Zero Hedge.
I have no doubt but that the Treasury Department is already doing the same. I have a message for those folks who are looking at the alternative press and the information they keep coming up with.
You’re Not Watching Us. We’re Watching You!
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I know, right! This *royally* pisses me off. From now on, no more major domestic auto manufacturers.
No to GM, Ford, and Chrysler, etc.
Very disappointed. Spread the word.
..P.S. WTF?
Remember, the key to happiness is lowered expectations.
Honestly, given a century of global central banking, you should consider any large corp a refuge for bankster games, hollowing out value and replacing it with debt.
Like when the corp. paper market imploded a few years ago. Everybody was on CNBS going on about how these businesses needed credit to make payroll (WTF?), but never mind that they were previously going on about how cash-flush these entities are ("the recovery is on the way" BS). How could they all be cash-flush yet credit-starved? Why, because they were all playing the carry trade game, as they couldn't beat the "risk-free" returns when compared to reinvesting in their own businesses.
At that point the productivity peak was obvious. Today, survivors like Ford are limping along, consuming capital, while creating products with little demand, with entities like the FFB giving them a little charity to keep the facade functional for another day, while the looters go after what's left.
..... i went car shopping less than 18 months ago. when i found that i could purchase a used LEXUS with just 1,600 miles on it for LESS MONEY than a brand new TAURUS ..... i walked away from FORD
@ lynnybee,
I am very happy with the two Lexus SUVs I have owned. The first I drove 96,000 miles and decided it was time for a change! The one I have now has had an easy life compared to my first one. I got it almost 3 years ago, and it is a gem.
You will probably be very happy with you Lexus! Great cars, reliable and quiet.
not a car blog but since it was brought up
the 5L Hyundai Genesis sedan with the wing logo (Korea) is without doubt best value and best looking in its class somewhere between an S Class and E class or an LS
http://www.autoguide.com/auto-news/2010/11/hyundai-genesis-5-0-liter-to-...
Gee, Japanese auto workers make more than American auto workers on average. A Taurus in Japan would sell for $65K. Think there's any unfair trading going on? You think our politicians aren't paid well by Japan, Inc. and China, Inc?
Because MI has more unions than TN.
I bet you can't wait until you can buy a car for $10k made by Chinese slaves to Wal-Mart to buy cheap crap, made by Chinese slaves!
To be bought by merican slaves. Man is this progress or what. Hot damn. Milestones
and that's with a whopping 15% import tax on foreign cars...wit's tough to compete when an auto worker in asia makes $6 a day and GM union workers just got a taxpayer signing bonus of $5,000....something has to give...
It's called globalization...thank Clinton for that.
It's called competitive currency devaluation...thank the Jekyll Island Coup plotters for that.