Democratic Underground - The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies

Reply #45: The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies [View All]

Octafish

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Sat Dec-03-11 09:58 AM
Response to Reply #34

45. The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies

From our good friends at Crooks & Liars:

The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies

by Richard R.J. Eskow
CrooksandLiars.com

It took the journalists at Bloomberg News two years - and presumably lots of legal fees - to pry information out of the Federal Reserve that should have been made public long ago. We now know that the Fed's secret $7.7 trillion lending program wasn't just the most massive bank bailout ever seen, and it wasn't just free money for mega-bankers - though it was certainly both of those things. It was also the greatest hoax in stock market history.

SNIP...

Here's the first one: The banks paid back all the money back that they were given. No, they didn't. They paid back the principal on these loans. But by obtaining loans at rates far below market value, we now know they received the equivalent of $13 billion in cash giveaways.

SNIP...

Washington's always telling us that bankers may have done naughty things, but they weren't illegal things. That gets us to our next lie: There's no evidence that bank executives have committed crimes. Thanks to Massachusetts Attorney General Martha Coakley, we may be about to discover whether that's true regarding foreclosures and mortgage filings. But when it comes to stock fraud, the evidence is already piling up.

SNIP...

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-6 Shocking Revelations About Wall Street's ''Secret Government''	Octafish	Dec-01-11 04:25 PM	#0
- "...that people who know the markets should handle these decisions..."	Hell Hath No Fury	Dec-01-11 04:36 PM	#1
- Geithner is a special friend of Big Money.	Octafish	Dec-01-11 05:33 PM	#2
- kr	Huey P. Long	Dec-01-11 05:39 PM	#3
- William K. Black would be my nominee for Secretary of Treasury...	Octafish	Dec-01-11 08:26 PM	#9
- Interesting times, yes...	tex-wyo-dem	Dec-01-11 06:30 PM	#4
- I'm old, so I remember Good Times.	Octafish	Dec-01-11 08:31 PM	#10
- It all makes sense now, doesn't it? No wonder TPTB hate OWS.	freshwest	Dec-01-11 06:35 PM	#5
- Dr. Black is on to the gangsters...	Octafish	Dec-01-11 09:00 PM	#12
- Sneaky bastards.	Blue_In_AK	Dec-01-11 06:37 PM	#6
- The remedy is putting the crooks and traitors behind bars...	Octafish	Dec-01-11 09:11 PM	#13
- Yeah, K&R for the truth that needs to be told	Trailrider1951	Dec-01-11 07:37 PM	#7
- Here's someone my family in Texas wonders about...	Octafish	Dec-02-11 07:30 AM	#18
- THANK GOD IT WAS A SECRET!!!	Safetykitten	Dec-01-11 07:44 PM	#8
- And without Bernie Sanders it would have stayed that way...	Octafish	Dec-02-11 07:43 AM	#19
- +1 -- We are fortunate to have Sen. Bernie Sanders --	defendandprotect	Dec-02-11 01:18 PM	#23
- One of the few leftists who are left. nt	SteveM	Dec-02-11 01:37 PM	#27
- k&r! nt	wildbilln864	Dec-01-11 08:36 PM	#11
- ''Wall Street is a clear and present danger to democracy. ''	Octafish	Dec-02-11 01:15 PM	#22
- $13 b in profits - enough to hire 325,000 teachers or 32 Hedge Fund Managers.	leveymg	Dec-01-11 09:26 PM	#14
- Or... 59 Wall Street Housewives	Octafish	Dec-02-11 06:21 AM	#17
- Remember when Paulsen got	femrap	Dec-02-11 01:28 PM	#26
- He didnt exactly "beg".	bvar22	Dec-02-11 03:11 PM	#35
- K & R	Quantess	Dec-02-11 04:00 AM	#15
- ''Wall Street’s secret government protects its own.''	Octafish	Dec-02-11 01:20 PM	#24
- kr	Norrin Radd	Dec-02-11 05:00 AM	#16
- ''The bigger Wall Street becomes, the more government it can buy.''	Octafish	Dec-02-11 01:28 PM	#25
- K&R (n/t)	a2liberal	Dec-02-11 12:35 PM	#20
- James K Galbraith: Wall Street so riddled with fraud, it’s beyond repair	Octafish	Dec-02-11 01:41 PM	#28
- What? None of the Usual Suspects want to come in this thread	Rex	Dec-02-11 12:40 PM	#21
- K&R!	AntiFascist	Dec-02-11 01:51 PM	#29
- Thanks Octafish. Thanks Bernie Sanders...	russspeakeasy	Dec-02-11 02:02 PM	#30
- Thanks, Octafish, K&R.	JDPriestly	Dec-02-11 02:17 PM	#31
- HUGE K&R	Auggie	Dec-02-11 02:46 PM	#32
- K&R!	KoKo	Dec-02-11 02:49 PM	#33
- This ,now fact, for which many of us were railed against	ooglymoogly	Dec-02-11 03:07 PM	#34
- The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies	Octafish	Dec-03-11 09:58 AM	#45
- Big time KR nt	ooglymoogly	Dec-02-11 03:20 PM	#36
- Thanks for starting this timely thread Sir! K&R Btw, many of US have been targeted by tptb	bobthedrummer	Dec-02-11 03:32 PM	#37
- So? There's only something between appx. $2 - $660 Trillion in banks' PRIVATE losses out there to	patrice	Dec-02-11 03:44 PM	#38
- I have no doubt it has been this way at least since the Gilded Age.	robertpaulsen	Dec-02-11 03:52 PM	#39
- k&r. . . . .. . . . . n/t	annabanana	Dec-02-11 03:55 PM	#40
- knr nt	slipslidingaway	Dec-02-11 04:28 PM	#41
- k&r	Electric Monk	Dec-02-11 05:13 PM	#42
- Occupy for change. nt	Zorra	Dec-02-11 05:17 PM	#43
- Kick	Scurrilous	Dec-02-11 06:53 PM	#44
- Too late to rec.	City Lights	Dec-03-11 10:08 AM	#46
- thanks nt	G_j	Dec-03-11 10:08 AM	#47

Reply #45: The Greatest Hoax in the History of Money: The Fed, The Banks, The Lies [View All]