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View Diary: Fed Audit: $16T in secret loans (228 comments)

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  •  There are 3 diaries on the subject, all sourcing (2+ / 0-)
    Recommended by:
    Betty Pinson, Creosote

    this to Bernie Sanders. Are we mistaken in thinking Sanders thinks there was wrong doing or does Sanders mistakenly think there was wrong doing?

    Ds see human suffering and wonder what they can do to relieve it. Rs see human suffering and wonder how they can profit from it.

    by JTinDC on Thu Jul 21, 2011 at 02:58:17 PM PDT

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    •  Does Sanders say there was wrongdoing? (6+ / 0-)

      I don't see it: I think he's saying that if there's a Fed Reserve ability to maintain our banking system, there should be an institution able to maintain something else.

      I don't see him saying, "get rid of the fed".  At least, I hope not.

      Avg. Medicaid cost to New Jersey: $1936 per child per year. Avg cost of helicopter commute for Governor: $2300 per hour. Guess which one Christie wants to cut back on?

      by Inland on Thu Jul 21, 2011 at 03:12:54 PM PDT

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      •  I think he's calling for oversight, at least. (0+ / 0-)

        Some serious cronyism in the no-bid AIG bailout contract, not to mention the CEO of JP Morgan Chase's conflict-of-interest.

        Happy little moron, Lucky little man.
        I wish I was a moron, MY GOD, Perhaps I am!
        -Spike Milligan

        by polecat on Fri Jul 22, 2011 at 07:12:05 AM PDT

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    •  Bernie is outraged but I didn't see any claim (2+ / 0-)
      Recommended by:
      Onomastic, Roadbed Guy

      of illegal activity, as of yet.  Makes for a great headline and news clip that politicians love.  

      Preemptive war is like committing suicide for fear of death

      by thestructureguy on Thu Jul 21, 2011 at 03:17:03 PM PDT

      [ Parent ]

    •  Bernie Sanders is a politician. (1+ / 0-)
      Recommended by:
      outragedinSF

      Like any politician, he makes statements sometimes designed to inflame his base and make them feel favorable toward him. This is very ordinary politics. We see this all the time. Sanders in not immune, in fact he does this fairly frequently.

      There is no wrong doing in loaning $16T, nor does Sanders say that there is. He is simply making a statement illustrating the size of the economy. Since the diarist's link to Sanders' statement is dead, we have no way of finding out what this diary is actually based on.

      I have not read the 266 pages of the audit, nor has anyone else on here. Therefore none of these commenters know whereof they speak.

      This diary does not say over what period of time this $16T was loaned. Since the creation of the Fed? Last week? This hour?

      The Fed loans money to banks to increase the money supply, making it possible for them to loan even more money. This is a good thing, and is necessary when the country is running a deficit.

      Sanders does seem to think there is some conflict of interest involved. I think it reasonable to wait for an investigation before setting our hair on fire.

      Corruption is what keeps us safe and warm. Corruption is why we win. -Syriana

      by CarbonFiberBoy on Thu Jul 21, 2011 at 09:54:12 PM PDT

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      •  re: Conflict of interest. Sanders points out (1+ / 0-)
        Recommended by:
        JTinDC

        that October 18th is the date for the conflict-of-interest portion of the audit.

        Mentioned and quoted in the diary.  Ahem.

        Happy little moron, Lucky little man.
        I wish I was a moron, MY GOD, Perhaps I am!
        -Spike Milligan

        by polecat on Fri Jul 22, 2011 at 07:13:25 AM PDT

        [ Parent ]

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