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Reply #4: Actually, this was kind of known at the time, though not the amount. [View All]

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caseymoz Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 02:22 PM
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4. Actually, this was kind of known at the time, though not the amount.

The Fed did admit to reporters that it was engaged in "experimental processes" to keep the banks afloat during the crisis, and that was understood (by the commentator) to mean the Fed was doing hocus pocus paperwork tricks to slip the banks astronomical amounts of money. It's why whenever anybody tells me the banks paid back the TARP funds, I laugh. They paid back the government funds we were told about using the government funds we weren't told about, but the real punch line is: the banks aren't repaired even after that. Take away all the welfare, and they will collapse in a day.

Telling you the truth, I'm skeptical that amount this low.

Really, all they really needed to do to solve the problem was bail out the homeowners instead of the banks. Cut them checks to pay the banks with. How many houses does $14 trillion dollars buy? But they weren't going to do that, because unlike rich bankers, the poor weren't deemed worthy of it! Meanwhile, the people directly responsible for the disaster got to keep their salaries- - with bonuses, remember?
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