It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.Plus, over the last few years, the Fed and the Big Banks have been fighting to keep it hidden from the Public. In fact 3 years ago today Decemeber 5th 2008, the Federal Reserve allocated $1.2 Trillion to the Too-Big-To-Fail Banks.
Bankers didn’t disclose the extent of their borrowing.$7.77 Trillion USC. This ridiculous sham is the Free Market? They call this massive amounts of Taxpayer Welfare Capitalism? The Banks then had the temerity to foreclose on injured veterans? The Bankers continued to claim that poor borrowers were the problem? And as the best and brightest these 'Job Creators' deserved the millions they've gotten as bonuses? Of course, the shameless Banks and their Criminal CEOs turned around and fought any and every effort to place any regulations upon them. American Capitalism is Feudalism.
A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details 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.The US Government has been transformed into the private slush fund of the Plutocracy. The 1% are not bought off anymore with the mere raiding of foreign lands, they want it all. And thanks to the tireless efforts of the Republicon Party and Corporate-Friendly Democrats they are going to steal the entire wealth of the United States.