Contrary to the many many (many) lies told by the Federal Reserve the facts finally got out today - only because the independent Senator Bernie Sanders from Vermont inserted an audit into the bill Wall Street wrote for itself known as Dodd-Frank. Without Senator Sanders' insistence this information would never have gotten out.
During the course of the financial crisis, the Fed launched a host of emergency programs that added $3 trillion of liquidity to the markets.
That's trillion with a T and its U.S taxpayer money and credit.
Many were also surprised to learn today that the U.S would help with the European bailout via the IMF. But what is even more surprising is during the crisis of 2008 foreign banks snaked some of that U.S taxpayer money too, first from the Commercial Paper Funding Facility:
Six European banks were among the top 11 companies that sold the most debt overall to the the Commercial Paper Funding Facility. They sold a combined $274.1 billion, according to data made public today by the U.S. central bank. UBS sold $74.5 billion, the most among all borrowers. The largest U.S.-based user was insurer American International Group, selling $60.2 billion.
Then from the Term Auction Facility:
A initial review of information released by the Federal Reserve shows that foreign banks such as Royal Bank of Scotland Barclay's PLC, Dresdner and Society Generale borrowed heavily from the Fed's Term Auction Facility (TAF) during the initial days of the financial crisis.
So let's get this straight:
- Wall Street Banksters who created the problem get a bailout from the U.S taxpayer.
- Foreign bankers who also contributed to the problem get a bailout from the U.S taxpayer.
- But the U.S homeowner who is a U.S taxpayer and got caught in this Wall Street manufactured crisis gets...to lose their house through rocket dockets!
Just in case you thought you were living in a democracy, don't. You are not equal. You only exist to serve the (apparently international) moneyed interests, enjoy poverty while Wall Street and friends get higher bonuses this year.
Welcome to the new feudalism, Serfs Up!