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Bloomberg won their FOIA lawsuit and the Fed has complied. Here is a link to the raw data if you want to review it yourself. It is confirmed we gave loans to foreign banks that did not operate in the U.S.
Raw Data Link
It doesn't matter if the loans were paid off or not. This is a common mistake and error made by people who support the bailouts.
The money is printed out of thin air and issued by the Treasury Department into circulation. Thus, the inflation of the monetary supply and devaluation of the currency is not taken into account.
You can pay back all the loans you want, but the fact that you essentially defaulted by issuing new currency to which its value is lessen is an insideous crime. Once that money returns to the country, consumer prices go up which directly makes the middle and working classes poorer as our purchasing power is taken from us.
Furthermore fixed income and salaries, as well as annual adjustments, are always paid out after inflation has taken place. Therefore you never stay ahead of the curve.
The Federal Reserve and Treasury Department are guilty of terrible crimes - these politicies contribute to swings in the economy to which people have lost their jobs and homes.
It is confirmed we gave loans to foreign banks that did not operate in the U.S.
Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
what pisses me off is that middle class America is bailing these banks out but when a small business man(me) wants to borrow money to expand their business($40K) (which in turn leads to a couple of new jobs) the banks want to to charge 18-21% interest which is insane because I have a excellent credit score and my small business has grown 150% in 8 yrs
Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
Dontcha just love it when uninformed people try to stir a non boiling pot? Good post.
what pisses me off is that middle class America is bailing these banks out but when a small business man(me) wants to borrow money to expand their business (which in turn leads to a couple of new jobs) the banks want to to charge 18-21% interest which is insane because I have a excellent credit score and my small business has grown 150% in 8 yrs
To me that simply shows the stupidity of banks. Why restrict a growing business by essentially denying it a loan?
The money is printed out of thin air and issued by the Treasury Department into circulation. Thus, the inflation of the monetary supply and devaluation of the currency is not taken into account.
When you surrender your credit cards and move out of your home into an apartment on a bus-line so you can get to work (because you don't have a car), I'll take you seriously.
Quote:
Originally Posted by slackjaw
Its duties today, according to official Federal Reserve documentation, are to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
Oh, please, facts are irrelevant.
Quote:
Originally Posted by just anotherguy
what pisses me off is that middle class America is bailing these banks out but when a small business man(me) wants to borrow money to expand their business($40K) (which in turn leads to a couple of new jobs) the banks want to to charge 18-21% interest which is insane because I have a excellent credit score and my small business has grown 150% in 8 yrs
hey Mr. Buffet, give me a call would you
Uh, you should be doing the calling. There's venture capital, and you're certainly free to network for additional money from investors. What's wrong with promissory notes?
Quote:
Originally Posted by Tek_Freek
Dontcha just love it when uninformed people try to stir a non boiling pot? Good post.
No.
That's part and parcel of a systemic problem. The majority of the electorate doesn't understand how their own government works, much less how their economy functions.
Quote:
Originally Posted by Tek_Freek
To me that simply shows the stupidity of banks. Why restrict a growing business by essentially denying it a loan?
I don't know. We don't have all the facts to make a good assessment. Perhaps the business plan he presented to the bank was FUBAR, or perhaps there is no growth potential in that market for his services or products. Maybe the loan officer got the impression that he doesn't have the skills to take the business to the next level and indicated that he refuses to bring in people to help him accomplish that. Maybe he had a good plan, but the loan officer just didn't get it.
what pisses me off is that middle class America is bailing these banks out but when a small business man(me) wants to borrow money to expand their business($40K) (which in turn leads to a couple of new jobs) the banks want to to charge 18-21% interest which is insane because I have a excellent credit score and my small business has grown 150% in 8 yrs
hey Mr. Buffet, give me a call would you
Hi anotherguy,
Another dirty little secrete is that the banks never operated in this market. They typically lent funds for short term, circulating capital, not productive capital. That has historically been funded by the bond market. Banks do not fund innovation.
It doesn't matter if the loans were paid off or not. This is a common mistake and error made by people who support the bailouts.
The money is printed out of thin air and issued by the Treasury Department into circulation. Thus, the inflation of the monetary supply and devaluation of the currency is not taken into account.
Hi godfather3289,
I wish this is how all our money was created. The idea that banks can do any better by speculatively creating money with interest expenses should be completely rejected by now. Most of the time, they just monetize your crap at interest via secured loans. When this goes wrong, because of their own out of control ways, they are bailed out. That's just counterfeiting by then. Now when we feel the urge to burn up all the counterfeit paper, it all locks up because agreed sums are in the nominal terms of the day, aka we get depression economy. They provide no value at all.
Da guberment should just issue currency or tax it back in to maintain an approximate 2-3% inflation rate. The capital and bond markets are all the speculation we need.
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