There’s another piece of this puzzle that is also borderline illegal, which is that in addition to the $700 billion that we are discussing, the $700 billion bailout, there’s another $2 trillion that’s been handed out by the Federal Reserve in emergency loans to financial institutions, to banks, that actually we don’t really know who they’re handing the money out to, because, apparently, it’s a secret. They could be handing it out to a range of other corporations—I think they are—but they’re saying that they won’t disclose who has received these taxpayer loans, because it could cause a run on the banks, it could cause the market to lose confidence in the institutions that have taken these loans. Once again, that represents an additional $2 trillion. - Naomi Klein
Democracy Now
This is the $2-Trillion EXTRA SECRET EMERGENCY LOANS
Watch the first 20 minutes of Zeitgeist Addendum
Then realize that $2.85-Trillion becomes $28.5-TRILLION and 2007 US-GDP was less than $14-Trllion. Which means this time next year your dollars will be work about 33-cents each.
Total Fed lending topped $2 trillion for the first time last week and has risen by 140 percent, or $1.172 trillion, in the seven weeks since Fed governors relaxed the collateral standards on Sept. 14.
As of yet I've not seen any reports of this on the major news networks (only FOXbusiness.com FOX USIN' FOIA!), even NPR hasn't covered it.
Man the lifeboats.
