Alan’s recent article excerpts:
If you do that math, you'll see that when the Fed gave Citigroup the money for a $200,000 mortgage, at 0.01 percent, Citigroup had to pay less than $2 each month for that money. Citigroup then lent that money to you -- if it deigned to lend you anything -- for maybe $1,000 a month, maybe more.
Citigroup fell into such a deep hole that it had to borrow a "term-adjusted" $58,000,000,000 from the Fed, according to Page 132 of the GAO's audit report.
And what would you get from the Fed, if you fell into a deep hole? Nothing. Nada. Zilch. Zip. Diddly-squat. Zero.
You wouldn't get jack
If you lose your home, you can sleep in your car. If you lose your car, you can sleep under a bridge. Unless, of course, you're a Wall Street banker.
NOTE: Thank you ex-Congressman Alan Grayson. WE knew the bailouts were bad, but the way you broke this down has literally blown my mind. In addition to the havoc wrecked and monies spent to fix up the decay brought on by the recession and by banks fraud. We now have to live live with the knowledge that we really blew it. OUR lack of PEOPLE running the government. the timidity of people stepping up to the plate to blow the whistle, of not holding leaders accountable, our weakness in not suing bankers and throwing corrupt judges in jail – has ruined our country in a way that may not be fixable. During the depression some threw bricks at officials when they came to evict. Today we are politically correct and leave our homes so as not to cause trouble. Likntry e weak little mice we have allowed our political leaders and BANKS to lead people further into enslavement of debt.
We have failed to address corruption out of fear. Oh it is popular to support the jailing of Maddoff but generally we don’t demand blood for fraud. We ARE the government (supposedly) and the dollar hole is just too large to fathom. How can a bank borrow so much money, with the FRAUD that they wee participating in? Forgive me, I need more coffee to handle reading about this in the morning light. Can someone send me 58 BILLION to cover the coffee costs needed to grapple with this information????