Bailouts to the banks were closer to $16 trillion.

[Beriallord]

http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3

 

Also here is the page of the GAO report that gets right to the good stuff:

 

(You need adobe acrobat to view this)

 

http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144

 

 

Citigroup – $2.513 trillion

Morgan Stanley – $2.041 trillion

Merrill Lynch – $1.949 trillion

Bank of America – $1.344 trillion

Barclays PLC – $868 billion

Bear Sterns – $853 billion

Goldman Sachs – $814 billion

Royal Bank of Scotland – $541 billion

JP Morgan Chase – $391 billion

Deutsche Bank – $354 billion

UBS – $287 billion

Credit Suisse – $262 billion

Lehman Brothers – $183 billion

Bank of Scotland – $181 billion

BNP Paribas – $175 billion

Wells Fargo – $159 billion

Dexia – $159 billion

Wachovia – $142 billion

Dresdner Bank – $135 billion

Societe Generale – $124 billion

“All Other Borrowers” – $2.639 trillion

 

This is going to catch up eventually, and when it does, its not gonna be pretty. And this started in 2007 under Bush's watch, and was continued by Obama.

 

This is why we need to just get rid of the damn banks. I would rather see private sector banking put out of business and Nationalized than see this.

Edited December 7, 2011 by Beriallord

[HeyYou]

Oh, I have no doubt we are headed for a major economic collapse. Greece, Spain, Ireland, Portugal... The writing is on the wall. The US is not real far behind these assorted EU countries, and if our economy doesn't collapse of it's own weight, the domino effect of others will eventually get us, and when we go, a world of hurt is going to come down. Given the current climate in politics, and economic policy, the fact that the 'super committee' accomplished nothing at all, the continued battle between the left, and right, toss in the Norquist concordance, and you have a recipe for disaster. Many can see it, some even have solutions. Unfortunately, what they don't have is the ability to be heard. Well, ok, folks "hear" them, but, apparently, the government isn't listening. Government would prefer to bury their collective head in the, erm... sand..... and pretend it is all the other sides fault.

 

We are so screwed up now, I begin to think a collapse might be the best LONG TERM solution..... Short term, yeah, it's gonna suck right out loud.

[Dwight Darkmoon]

These are the true entities in power. They are the ones controlling almost every governments in the industrialized world. I started following American and international politics about 18 months ago. The night when i discovered how they robed the american people, i couldn't sleep. I was so upset i was almost shaking in front of my monitor.

 

I also discovered in the following weeks that reality is much worst than fiction. That most of the conspiracy theories of the 90s are not only true but the reality is much much worst than i ever thought it would be.

 

What got me searching for answers is that the actions of the politicians have nothing to do with what they say. I started listening closely to what they say and what kind of bills they were trying to pass. If you look at the kind of bills they are pushing forward in the USA since the Bush era, you will start to think that there is a special interest group that is trying to shift the USA into a electronic dictatorial police state. They kill competition and they don't like capitalism or the free market. They use mainstream media for propaganda and they installed backdoors on every gadget, bits of technology or services that everyone loves. Most of this information can be found pretty easy on the net. Almost nothing is top secret. People just don't give a s*** anymore or are willfully ignoring it.

 

The only thing preventing them from taking over the world is the american middle class. If people don't wake up, the american middle class will disappear and the rest of the free world will follow.

[Harbringe]

Onto that 16 trillion you can add the following.

 

http://www.youtube.com/watch?v=oUpXDZFtEHw

 

Its interesting to note that this was done in secret and that literally winners and losers were chosen , which has nothing to do with free enterprise or free markets or any of that so called capitalism stuff ,though it does bear a striking resemblance to Soviet style central planning , because that's what they used to do pick and choose winners and losers. But that's not even the worst of it

 

Try this on for size.

 

http://www.youtube.com/watch?v=N_XtXhiekQk

 

Now this report may not be totally correct , the report I read when this first broke was that Bank of America was keeping 25 trillion of it on a regular derivative type account and was only transferring 50 trillion ( yeesh only) of it over to a FDIC account , why ,well 25 trillion of it they consider to be good , as in can still make money off of it and 50 trillion of it they consider to be toxic , as in its gonna go bad and they can't make any money off that and they sure don't want to be caught holding it .This amounts to privatized profits and socialized losses , strange how socialism for the rich seems to be good but not for anyone else , strange indeed.

 

This is the same thing as what I posted in this thread Welcome to the world debt slave over 10 months ago and nothing has changed , except the hole is deeper. So think of it this way . The Banks have a credit card called derivatives and have run it up to over 700 trillion dollars and people are expecting to get paid and they the Banks know they can't pay them .So what they are doing is using every dirty trick they can to plunder and take anything that's not nailed down in order to make the minimum monthly payments on their credit card at the same time looking for ways to unload their toxic derivative obligations onto anyone they can.The truth is that many of the Banks Berialord listed are already insolvent as in bankrupt and the only reason people don't know that is they keep shuffling the papers around so the mail never arrives .What is happening with Europe and their sovereign debt crises has less to do with the debts of nations such as Ireland and Greece and far more to do with the debts of banks .Take Greece for example before things started to crash (caused by others) they held a debt to GDP ratio of around 120% ie 20% larger than the total value of their GDP , the US 93% , Japan 180% etc etc .So the crises happens and in come the Bankers demanding austerity , cut services , pensions ,sell state assets (depriving the state of direct revenues) etc etc all of which will cause their economy to contract (this we know will happen because its the exact same thing many nations did back in the Great Depression) didn't work then , won't work now. And they do all this so they can get a bailout ( really another loan) that increases their debt to GDP ratio to somewhere close to 200%. So who is this supposed to help cause if they couldn't make ends meet at 120% ,how are they gonna make ends meet at 200% after having their economy smashed through austerity.Who it helps is the banks cause whatever savings is garnered through austerity is just transferred into higher interest payments to the banks.Its happened to Ireland , its happening to Greece , started to happen to Italy , Spain and Portugal are likely next ,hell even France and Germany could go down to this.All this just to keep a few bankers afloat and making the minimum payments on their derivatives credit card.

 

And in the spring of 2013 the current deal the Republicans and Democrats struck this past summer to fund the US government and avoid defaulting on its debt and a possible , no likely collapse of the US dollar will expire and all this crap will come roaring back to your shores with a vengence and it becomes your turn to make payments on the banksters derivatives credit card.

[Beriallord]

I've been thinking, and the ones doing this aren't dumb, there is a sophisticated reason they are doing this, which can only be for nefarious purposes. They must be trying to completely wreck the dollar, and then give us a reason to adopt another form of currency. What gives this away is this is mostly been getting bipartisan support from the majority of both parties, which it is directly contrary to the views they claim to represent in public. What they are doing is neither Socialist or Capitalist. A real Socialist would never just allow giving unlimited resources to the private sector banks, and neither would a real Conservative. No matter your political views, the government is doing a disservice to everybody. Edited December 8, 2011 by Beriallord

[greywaste]

It could be called quite a few things 'crony capitalism', a plutocracy etc etc.. In any case, it mixes some of the worst economic aspects of modern 'democratic' socialism and capitalism.

[zegh8578]

those are mind-melting ammounts of money...

 

i came across this "dept map", a pdf i think, probably circulating facebook. it mapped out, in a good illustrative manner (a good attempt anyway) to show the "physical size" of some of these ammounts, as much as that is even possible.

i cant find it now tho. tried... 5 minutes.. :D thats it, someone else give it a shot!

[Beriallord]

16 trillion is probably enough to bury NYC 5 feet deep in 1 dollar bills.

[Marxist ßastard]

I have been looking into the claim recently made by any number of internet sites... that the Federal Reserve made $7.77 trillion in secret loans to banks. The claim is outrageously inaccurate...

 

I contacted the reporters who prepared the Bloomberg story to try to learn some more details. They communicated to me that those who claim that the Fed provided $7.77 trillion in secret loans to banks have misinterpreted their article. Specifically, they clarified that the $7.77 trillion number was not intended to represent loans the Fed actually made, but instead refers to loans it potentially might have made, that the number refers not to loans to banks but to the broader financial sector, and that Bloomberg's use of the term "secret" in describing these loans refers not to the total amount but instead to the specific identities of the recipients.

 

The GAO went even further down the road... in adding together outstanding loan amounts that in fact were associated with different points in time... You can make this number arbitrarily large if that's your standard.

Source

 

tl;dr: I let Little Suzie Orchmann borrow $100 from me, but I'm prepared to loan her up to $250. It would be best, of course, if she paid me the very next day. But, bless her little heart, she can only manage a dollar each day. After 101 days, she pays the loan back with interest. According to GAO logic, I flat-out gave Little Suzie Orchmann $25,250.

Edited December 9, 2011 by Marxist ßastard

[HeyYou]

I have been looking into the claim recently made by any number of internet sites... that the Federal Reserve made $7.77 trillion in secret loans to banks. The claim is outrageously inaccurate...

 

I contacted the reporters who prepared the Bloomberg story to try to learn some more details. They communicated to me that those who claim that the Fed provided $7.77 trillion in secret loans to banks have misinterpreted their article. Specifically, they clarified that the $7.77 trillion number was not intended to represent loans the Fed actually made, but instead refers to loans it potentially might have made, that the number refers not to loans to banks but to the broader financial sector, and that Bloomberg's use of the term "secret" in describing these loans refers not to the total amount but instead to the specific identities of the recipients.

 

The GAO went even further down the road... in adding together outstanding loan amounts that in fact were associated with different points in time... You can make this number arbitrarily large if that's your standard.

Source

 

tl;dr: I let Little Suzie Orchmann borrow $100 from me, but I'm prepared to loan her up to $250. It would be best, of course, if she paid me the very next day. But, bless her little heart, she can only manage a dollar each day. After 101 days, she pays the loan back with interest. According to GAO logic, I flat-out gave Little Suzie Orchmann $25,250.

 

And we wonder why our country is in such financial distress......

 

 

 

Oh wait, that's right, we don't have to wonder, we already know that becoming a government employee in the legislative/executive branch makes you dumber than a box of rocks. Silly me.