We knew the last bailout from the Federal Reserve was pretty big, but not until now did we have statistics on the actually tally. If you thought that the $700 billion bailout for TARP was big, get a load of this.
Just exactly how big was the Federal Reserve’s bailout of the banks between the years of 2008 and 2010? Thanks to a Federal Request of Information Act gone fulfilled, America now knows the truth behind a colossal cover-up: almost $8 trillion.
While the banks kept the bailout a secret from Congress, they lobbied to the Legislative Branch to imply more lax governmental regulations on the industry, something that would haven arguably been near impossible had the truth surfaced at the time.
The website Naked Capitalism explains it pretty clearly in not so many words: “The bottom line is everybody close to the process lied like crazy.”