Remember, in November 2011, Bloomberg News reported that between 2007 - 2008 the Bush/Cheney Administration had their Federal Reserve Chair, Ben Bernanke, give over $7.7 Trillion Dollars in Secret Loans to Wall Street Bankers which enabled Wall Street Bankers to profit $13 Billion Dollars.
Meaning: In one year Bush/Cheney spent $7.7 Trillion Dollars secretly -- where is the rightwing outrage?
The $7.7 Trillion Dollar secret loan was given to Bankers so they could profit $13 Billion and to give the "illusion" that the economy was not about to melt-down. According to Bloomberg News, Bush/Cheney's Fed officials claim some of the money was paid back.
In 2011 Bloomberg wrote:
The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret.
Details [of the secret loan] suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.
~Bloomberg News, Nov 2011
Wall Street Bankers wanted to take "the People's" $7.7 Trillion Dollars but did not think "the People" should which Bankers got the money. Bloomberg reported:
Bush/Cheney's "Fed Chairman Ben S. Bernanke, argued that revealing borrower details [Wall Street Bankers by name] would create a stigma -- investors and counterparties would shun firms that used the central bank as lender of last resort -- and that needy institutions would be reluctant to borrow in the next crisis."
~Bloomberg News, Nov 2011
It would be nice if Mitt Romney did an Ad starting with:
In one year, Bush/Cheney spent $7.7 Trillion Dollars so the rightwing should stop bitching about President Obama spending a measly $700 Billion to Stimulate the US Economy after Bush/Cheney Melted Down the US Economy.
Mitt's Ad should explain:
Mitt Romney's Economic Adviser's put this country in such dire Economic straits when they worked for Bush/Cheney, that Bush/Cheney secretly spent $7.7Trillion Dollars in one year to prop-up banks and so Romney's big banker friends could profit more than $13 Billion off of the backs of American Workers.
Mitt's Ad should include:
Bush/Cheney sent Secretary of the Treasury Henry Paulson to Congress with a 3-page Bill allowing Paulson to give Wall Street Bankers $700 Billion and neither Congress, the President, nor any Court could ever review any 'decisions' made by Paulson:
From Bush/Cheney's Draft Legislation
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Mitt's Ad should also include:
Because of Romney's Economic Adviser's failure, when they worked for Bush/Cheney the entire US Economy was collapsing and
American Workers were forced to pay for:
- $7.7 Trillion Dollars in Secret Loans to Wall Street Bankers;
- $30 Billion to JP Morgan so they could buy Bear Stearn for $236 Million;
(hmmm..... notice BILLIONS in taxpayer money lost on that sale.)
- $85 Billion dollar Credit Line to American International Group (AIG) Initially;
- $70 Billion additional to AIG;
- $100 Billion additional to AIG;
- $700 Billion (TARP) give to Wall Street Bankers;
- $8.7 Billion of "lost funds" withdrawn in 2004 from Development Fund for Iraq (DFI);
- $549.7 Million worth of missing spare parts shipped to Iraq in 2004 to US Contractors;
- $6.6 Billion of U.S. taxpayers' money "lost" but earmarked for Iraq reconstruction;
- $1 Billion "lost" earmarked for equipment and services provided to Iraq security forces;
- $1.4 Billion in overpayment to Halliburton;
- $17 Billion in "missing" Iraq Oil Money sent, as cash, to Iraq via Halliburton.
Mitt's Ad should also include:
The same Banks who got $7.7 Trillion Dollars in one year from Bush/Cheney not only profited $13 Billion but they had no mercy on American Families when it came to Foreclosing on their homes and they are the same banks who melted down the US Economy and caused a near US Economic Depression.
Mitt's Ad should stress:
Bankers who were derelict in their fiduciary duties of whom got Trillions in Taxpayer Dollars were not forced, coerced nor did they even offer to help out American families who were struggling to just eat.
Mitt's Ad should Conclude:
Because of Mitt Romney's Economic/Foreign Policy Advisers Failed Advice when they worked for Bush/Cheney, American Taxpayers gave multi-Trillions of dollars to Bankers and Trillions of Taxpayer money was "lost" in Iraq. Romney's Economic Advisers were so incompetent and inept when they worked for Bush/Cheney that they failed to freeze the Bush/Cheney Tax Cuts and as a result America borrow money from China to pay for Two Wars which caused America's Debt to Skyrocket.
Mitt Could say the following at the end of his Ad:
"Bush/Cheney gave America the worst economy since the Great Depression. The cost of Two Wars were intentionally kept out of the Budget to give the false illusion that Two Wars are Free. Trillions of Taxpayer money was "lost" in Iraq. In one year, between 2007-2008 Bush/Cheney gave $7.7 Trillion Dollars in Secret Loans to Banks as America's Economy began to collapse where the Bankers reaped $13 Billion Dollars in profits off of the backs of Working Americans. In 2008 America was losing over 750,000 jobs per month. Any thinking American would agree: Mitt Romney's Economic Advisers, who were also Bush/Cheney's Economic Advisers, failed America and should never be anywhere near the White House. I am Mitt Romney and I approve this Ad."
Scrolling across the Ad Should Be the list of Bankers who profited $13 Billion from $7.7Trillion Dollar Secret Loan:
JPMorgan Chase
Bank of America
Citigroup
Royal Bank of Scotland
Wells Fargo
P.S. Given the fact that Wall Street Bankers took $7.7 Trillion secretly from Taxpayers so they could profit $13 Billion --- it makes me wounder how many Taxpayer-backed Billions of Dollars Jamie Dimon's JPMorgan Chase
really lost.