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Obama's Latest No Banker Left Behind Scheme...

Obama's Latest No Banker Left Behind Scheme - by Stephen Lendman
On Wall Street, that is. So hyped by advance fanfare, Timothy Geithner unveiled his Public-Private Investment Program (PPIP) on March 23, the latest in a growing alphabet soup of handouts topping $12.5 trillion and counting - so much in so many forms, in "gov-speak" language, with so many changing and moving parts, it's hard for experts to keep up let alone the public, except to sense something is very wrong. They're being fleeced by a finance Ponzi scheme, sheer flimflam, and here's how from what we know:
-- $400 billion in taking over Fannie and Freddie;
-- $42 billion for the auto giants; billions more coming for their suppliers;
-- approaching $200 billion for AIG with more coming on request;
-- $350 billion to Citigroup in handouts and loan guarantees;
-- tens of billions to other banks, including $87 billion to JP Morgan Chase for bad Lehman Brothers trades;
-- $700 billion for TARP I; half the money released under TARP II;
-- over $200 billion and counting for the Term Asset-Backed Securities Loan Facility (TALF) to extend government-guaranteed loans for investors to buy "certain AAA-rated asset-backed securities (as a) component" of the Consumer and Business Lending Initiative (CBLI), established under the Emergency Economic Stabilization Act (EESA) of 2008;
-- the $787 billion stimulus under the American Recovery and Relief Act of 2009 (ARRA);
-- around $300 billion under the Homeowner Affordability and Stability Plan (HASP) - the so-called mortgage bailout plan;
-- $50 billion backing for short-term corporate IOUs held by money market funds - from the Exchange Stabilization Fund (ESF), a vehicle established by a provision in the 1934 Gold Reserve Act for foreign exchange intervention to stabilize the value of the dollar;
-- $500 billion for various credit market rescues;
-- $620 billion for industrial nations' currency swaps;
-- $120 billion for emerging economies' currency swaps;
-- $1.25 trillion for Fannie and Freddie mortgage backed securities;
-- $200 billion for Fannie, Freddie, and Federal Home Loan Bank bonds;
-- way more than the announced $300 billion for longer-term Treasuries (mostly with 7 - 10 year maturities); the Fed's been buying billions of them since last year;
-- Fed-expanded overnight lending to $2.4 trillion - free money at 0% interest;
-- a reported $750 billion for banks in the FY 2010 budget - yet to be voted on and appropriated;
-- a proposed $470 billion increase for the FDIC to borrow from the Treasury;
-- perhaps hundreds of billions more in unannounced or hidden handouts in amounts and to whom the Fed and Treasury won't say; on March 14, AIG named its big counterparties for the first time with firms like Goldman Sachs, Societe Generale, Deutsche Bank, and Barclays showing up prominently; and now
-- PPIP - the latest gift to Wall Street courtesy of taxpayers getting none of the gain and all the pain.

Continued on link below...


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I love the title.

I don't love public-private partnership rackets.

The article was good, but the title is great!

"Hanging a creepy poster in your window and spouting meaningless slogans is not being intellectual."

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."

-Alexis de Tocqueville

Those numbers just blow my mind.

Even my adding machine only goes to the billions place. 9,999,999,999 to be exact. Not tens of billions. Not hundreds of billions.

But it was made before these government debt/spending sprees.

Bush and Obama are not adding machine friendly. :(