Trillions for the poor!!!

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    Dec 03, 2010 11:58 AM GMT
    Yeah, I lied- it is actually Trillions for banks.

    I keep reading that the Republicans are wrecking the economy or that the Democrats are ruining the country. I thought that I would post a couple of interesting things to come out over the last few days. I know that people stuck in their political beliefs will blame one party of the other for the fact that a group of banks gets to give trillions to banks and friends (apparently Micheal Dell of Dell computers was a recipient of the FEDs generosity.)

    The Federal Reserve (a bunch of private banks who get to print money and are not really responsible to government) has finally published some numbers that they really did not want to.

    First, from CNN is the fact that they made 9 TRILLION in emergency overnight loans for the crisis.

    The second interesting set of numbers to come out were the recipients of 3.3 TRILLION in emergency lending. (From Bloomberg)

    The Fed gave (or, if you would prefer, lent at very low interest rates) loads of cash to US subsidiaries of foreign banks (UBS, Dexia etc) There is all sorts of very interesting information in this one, if anybody cares to read it.

    You may notice that there are no individual home owners or people down on their luck on that list- only companies who pay their CEO's millions in bonuses alone (and millionaires...) I know, if only there were a Republican (or Democrat) in power this would never have been allowed to happen.

    As a final thought- I am not saying that this was not necessary to help the economy- I am saying that there is a VERY select group of people who got direct help while the majority of Americans received foreclosure notices and lay-offs along with tax increases... kind of makes you question what role politicians play when the banks print the currency.

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    Dec 03, 2010 2:53 PM GMT
    I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
    ...Thomas Jefferson

    “I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the Republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war.” –
    ...Abraham Lincoln - In a letter written to William Elkin