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Bernanke's Wall Street Welfare
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 1 year 348 days ago (pragmaticprogressivedemocrat.blogspot.co...). Views: 88
Tags: housing bubble ben bernanke |
| Related Tags: credit crisis gold wall street peter schiff economics inflation banks |
"I've spent a number of years working as a lawyer in the general area of housing finance, so I believe that I understand a bit about what's going on with the recent federal actions. And I don't like it. Hundreds of billions of our tax dollars have been put at risk by the recent actions of the Federal Reserve Bank under Ben Bernanke's leadership, and nobody seems to care how the decision is justified.
1. He offered to trade $200 billion in Federal Treasury Notes for God knows how much in sub-prime loans (and how could you know being that there's no market for them?)
2. He gave a $30 billion loan guarantee to JP Morgan in order to entice it to buy Bear Stearns.
3. He's opened up the Federal Reserves's 'Discount Lending Window' to investment banks, so that these private fiefdom's of the very rich can now access our tax monies at the best possible rate -- the rate that for the last 70 years has been available only to commercial banks."
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