The Fed’s “Emergency” Actions this Week Were Dated 48 Days Earlier.
"A critical consideration in taking the Federal Reserve and/or the New York Fed at their word about what is really going on is that these are the folks who secretly funneled revolving loans cumulatively totaling an astronomical $29 trillion into Wall Street banks and their foreign bank derivative counterparties from December 2007 to at least the middle of 2010. These operations were secret from both Congress and the American people. The Fed justified its actions after they were exposed as a result of legislation and a court action by saying that its emergency lending authority under the Federal Reserve Act gave it this power.
In the meantime, don’t expect to get any honest answers about what is really going on from the Fed. Americans will remain in the dark until a whistleblower on one or more trading desks on Wall Street decides to leak the truth."
Comments