A hot report on Bloomberg.com reveals the enormous amount of money that Americans were (are) held liable for, $1.2 Trillion, that was loaned out across the world during the crash of 2008 to keep ‘the system’ from crashing hard.
Shockingly, nearly the same amount of money that U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages, was loaned to banks and other companies. $1,200,000,000,000.00.
Bank of America and Morgan Stanley took nearly 10 percent of the ‘take’.
Another stunner, almost half of the Top-30 borrowers from the US Fed bailout were European firms.
While the deputy director of the Fed’s division of monetary affairs in Washington, James Clouse, said “We have incurred no losses and expect no losses”, one wonders how the average American citizen can be put in the position of being accountable for loaning such vasts amounts of money beyond borders. 1.2 Trillion Dollars? Did we get a vote on that?
What about the next bailout? How many more Trillions will be added to the debt burden, or risk of non-payment, or further devaluation of the dollar for the the American or for others in ‘dollars’?
A question that many Americans are asking, reflected by a quote from a U.S. Representative Walter B. Jones of North Carolina, “Why in hell does the Federal Reserve seem to be able to find the way to help these entities that are gigantic?”
Read the bombshell report filled with many more details here,
Wall Street Aristocracy Got $1.2T in Loans.
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