Tuesday, December 6, 2011

7.77 Trillion - Turn It Up To Eleven

I am still trying to get my head wrapped around this one. Many Americans hated the $700 billion TARP bank bail out, which all got paid back (with interest) by the banks to whom the Federal Reserve gave money.  But up to March 2009, the Federal Reserve, through it's "Discount Window" loaned money virtually for free (0.01%... just try to get a car or home or business loan for 0.01% ANYWHERE) to the tune of TARP X 11.  $7.77 Trillion (with a "T") of imaginary money was poured out to US and foreign banks up in the form of 21,000 transactions (link here to Bloomberg), to keep the biggest banks solvent while FDIC went around closing down dozens of insolvent small banks who didn't have Tim Geithner on speed dial.

And then, these evil, evil, despicable F-tards from the biggest banks patted themselves on the back and gave giant bonuses in 2009 & 2010 to their "smartest & best" executives - bonuses stolen from the American Tax Payers' pockets without them even knowing it.  Their artificially inflated system of imaginary wealth comes crashing down around them, and they not only have the gaul to come to the US Federal Reserve for loans to bail them out at 0%, but then they give themselves bonuses to boot?

Yeah, it makes no sense why anyone in America who is not part of the 1% is angry and ready to grab pitch forks and torches.

And now, the European Central Bank is looking at doing the same thing for their PIGS (Portugal, Italy, Greece, Spain)... but unlike the Federal Reserve, they can't just print money out of thin air in imaginary credit default swap / collateral debt obligation BS land, where up is down, merde is pleasingly aromatic, and the rich get insanely richer.

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