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Pam and Russ Martens: Mega-banks are tanking, the same ones Fed rescued in 2019
By Pam and Russ Martens
Wall Street on Parade
Wednesday, April 27, 2022
As long-term readers of Wall Street On Parade know well, we have regularly warned that the failure of Congress to meaningfully reform Wall Street by restoring the Glass-Steagall Act poses a security threat to our nation in times of crisis.
Instead of meaningful reform, Congress has stood by and watched the Fed bail out the global banks repeatedly since 2008 -- either with direct loans or by keeping interest rates artificially low ("administered rates") or through trillions of dollars in asset purchases from the banks (what the Fed prefers to call "quantitative easing").
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The Fed's balance sheet has ballooned from less than $1 trillion before the financial crisis in 2008 to $9 trillion today as a result of its willingness to perpetually bail out Wall Street. American taxpayers are on the hook for 98% of the Fed's balance sheet and thus have a critical interest in demanding both transparency and accountability from the Fed. ...
... For the remainder of the analysis:
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