Fed reveals absurd numbers on bailout

The Fed, in compliance with orders from Congress, today named recipients of $3.3 trillion in emergency aid. Among them were U.S. branches of overseas banks, including Switzerland’s UBS AG; corporations such as General Electric Co. and McDonald’s Corp.; and investors like Pacific Investment Management Co. and computer executive Michael Dell
Lawmakers demanded disclosure, over the Fed’s initial objections, as U.S. central bankers pushed beyond their traditional role of backstopping banks to stem the worst financial panic since the Great Depression. The Fed posted the data on its website to comply with a provision in July’s Dodd- Frank law overhauling financial regulation.  Read the full Story here at Bloomberg. 

It amazes me that nearly every large corporation that wanted to have free money from the fed was able to have access to it repeatedly.  It wasn't just the banks either.  You can see it was GE, MCD, PIC and even Dell. 
I have to say that until this point I was mildly angry about the situation with the banks and how they were relived of any consequences that resulted from their very poor business planning and procedures.  It was a massive transfer of wealth to the majority of players who were responsible for the crisis.  There is no longer any need to say that we think the bankers and Wall Street investment houses were likely responsible because it is well documented that they created a system that was destined to fail. 
It is even more upsetting that the rest of us have had to spend our hard earned money with little or no access to banks funds.   The credit crunch applied to everyone except the large institutions. The capitalist free market idea was completely put aside as the the government tried to sell the bailouts as necessary for the country.  What a complete joke.

I read an article today that the author said the fed saved the country by bailing out the financial system.  This is a statement that can not be proven of course but pure logic says that the it would have been highly unlikely that the entire system would have failed.  The process could have been just as orderly as the Friday bank closings and the process could have started before the Tarp. 
The tarp funds should have been used to close the banks who were grossly over leveraged and put their institutions in jeopardy by leveraging to a 9 to 1 ratio.  If any regulator had made the effort to see what was going on in the CDS , and rmbs markets,  they would have seen a sea of red flags. 
the corrupt nature of Wall Street and the big Banks is common knowledge and now you can throw the fed into the barrel as well.  Hank Paulson committed some of the most egregious acts of nepotism imaginable.

It was so easy for the big players to put themselves first when the crisis broke. They main concern was their cronies and the preached about the devastation to follow if we didn't save the banks and their billion dollars in bonuses they would soon pay out. 

I have a hard time believing this is The United States of America as I learn more and more about the recklessness of Wall Street.  Everything was buzzing about the free market and capitalism as the greatest thing since sliced bread.  While in the background the players were setting the taxpayer of for the biggest fleecing ever. 

Now that it is documented just how self serving the bailouts were for Wall Street I am more angry.  Anyone who is not angry needs to take a closer look at the "structured recession:".  The congress jumped into bed with Wall Street because they didn't have stones to tell  the big guys they were on their own. 

How many people could ride out the storm if they had unlimited, 0% funds?  I am sure most of the would do just find in that situation.  However, the government has seen it fit to let the home owner suffer all the losses so the banks can make more profits on the low interest wait and so they can buy time and wait for the real estate "recovery".




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