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Pam and Russ Martens: Fed ups Wall Street bailout to $690 billion a week as media, Congress snooze
By Pam and Russ Martens
Wall Street on Parade
Thursday, October 24, 2019
Yesterday the Federal Reserve Bank of New York announced that the giant money spigot it turned on for Wall Street on September 17 would be growing exponentially beginning today.
The New York Fed will now be lavishing up to $120 billion a day in cheap overnight loans to Wall Street securities trading firms, a daily increase of $45 billion from its previously announced $75 billion a day.
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In addition, it is increasing its 14-day term loans to Wall Street, a program which also came out of the blue in September, to $45 billion. Those term loans since September have been occurring twice a week, meaning another $90 billion a week will be offered, bringing the total weekly offering to an astounding $690 billion. If the same Wall Street firms are getting these loans continuously rolled over, they are effectively permanent loans.
That's exactly what happened during the 2007-2010 Wall Street collapse: some teetering Wall Street casinos received, individually, $2 trillion in cumulative loans that were rolled over for 2 1/2 -- without the authorization or even awareness of Congress or the American people. One bank, Citigroup, received more than $2.5 trillion in Fed loans, much of them at an interest rate below 1 percent, at a time when it was insolvent and couldn't have obtained loans in the open market at even high double-digit interest rates. ...
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