Surviving Capitalism (Not) : $1.2 Trillion to Banks, You 0

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Tuesday, August 23, 2011

$1.2 Trillion to Banks, You 0

Click here to access article by Robert Oak from The Economic Populist.

Bloomberg News has researched a bombshell story, the Federal Reserve gave $1.2 trillion in secret loans to banks during the financial crisis, from August 2007 until April 2010. This is in addition to the TARP bail outs which was publicly known.

Read also the author's first remark in the comments section.

The secret Fed-generated-taxpayer loans to banks continue to be revealed. That's okay, we can just cut back more on public services and let the government default on its debts to Social Security and Medicare Trust Funds to pick up the tab. (sarcasm)

As usual, very little coverage of this in mainstream press. After all, it is far more important to learn about the lives of celebrities and the horse races in the two ruling class political parties!