TV News LIES

Tuesday, Jun 19th

Last update05:20:13 AM GMT

You are here News Economy Federal Reserve's 'astounding' report: We loaned banks trillions

Federal Reserve's 'astounding' report: We loaned banks trillions

E-mail Print PDF

Fed lent banks trillionsThe Federal Reserve offers details on the loans it gave to banks and others at the height of the financial crisis. One program alone doled out nearly $9 trillion.  The Federal Reserve has lifted its veil of secrecy regarding special lending programs during the financial crisis, responding to a mandate from Congress by revealing the specifics of transactions with firms like Goldman Sachs and Citigroup.

Critics of the Federal Reserve are poring over the data, seeking red flags regarding potential improprieties. And Congress has asked its Government Accountability Office to sift through the numbers and offer its own analysis.

At the same time, it's possible that the release of details will end up largely vindicating the Fed for the massive financial support that it gave the economy at a time of severe stress. The emergency loans, in the view of many finance experts, helped to avert a much deeper economic slump. And those loans have now been largely paid back without losses to the central bank.

The numbers are staggering, encompassing more than a dozen emergency programs set up starting in 2007 or 2008. In one program alone the Fed doled out nearly $9 trillion in funds to borrowers such as Morgan Stanley and Merrill Lynch, largely at interest rates below 1 percent. (This program involved overnight loans, so the amount of Fed credit outstanding at any single point in time was much smaller.)

Other programs, with longer-term loans also measured in the trillions of dollars.

More...


Most Recent Related Stories...


Trump orders tariffs on $200B more Chinese goods

Trump orders new tariff on China President Donald Trump on Monday raised the stakes in a growing trade dispute with China, ordering...

Renowned Economist Jeffrey Sachs Rips Trump As A Gibbering, ‘Delusional’ Threat

Jeffrey SachsAmerican economist Jeffrey Sachs has written a scathing takedown of President Donald Trump, calling him a delusional, psychopathic...

Report: Trump to Authorize $50 Billion in New Tariffs Targeting China

Trump okays $50B in tariffs on China President Donald Trump approved tariffs on about $50 billion of Chinese goods, people familiar with the...

U.S. Steel And Aluminum Tariffs Are 'Illegal,' EU Trade Commissioner Says

Cecilia Malmstrom, WTO Commissioner After U.S. tariffs on imports of European steel and aluminum took effect Friday morning, the EU's...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!