Pam and Russ Martens: NYTimes ignores new Wall Street bailout


By Pam and Russ Martens
Wall Street on Parade
Tuesday, December 20, 2019

Last Thursday U.S. Treasury Secretary Steve Mnuchin was the sole witness called before the House Financial Services Committee to answer questions on the state of financial stability in the U.S. Under the Dodd-Frank financial reform legislation of 2010, the U.S. Treasury Secretary also heads the Financial Stability Oversight Council (F-SOC) which is charged with monitoring threats to the stability of the U.S. financial system to prevent a replay of the epic financial crash of 2008 and attendant devastation to the U.S. economy.

During the hearing Mnuchin was grilled time and again by numerous Republicans and Democrats on what is necessitating the Federal Reserve Bank of New York to be pumping out hundreds of billions of dollars per week to Wall Street trading houses via the repurchase agreement (repo loan) market.

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But instead of reporting on that critical line of questioning and Mnuchin's lack of meaningful answers, when the New York Times reported on the hearing it focused instead on a tiny aspect of the hearing. Its headline read: “U.S. Objects to World Bank's Lending Plans for China.” The Times made no mention of the still-unexplained but ongoing repo crisis on Wall Street.

Since the repo lending crisis started on September 17, when major Wall Street banks simply backed away from overnight lending to some financial institutions, forcing loan rates to spike to 10 percent from approximately 2 percent, the Times has written exactly one article on this new financial crisis. Wall Street On Parade has written more than three dozen articles on this critical topic. ...

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