Federal Reserve Made $9 Trillion In Emergency Overnight Loans


From NEW YORK (CNNMoney.com)

— The Federal Reserve made $9 trillion in overnight loans to major banks and Wall Street firms during the financial crisis, according to newly revealed data released Wednesday.

Well, except for the public was told that this would be limited to $700 Billion, remember?

Sen. Bernie Sanders, the Vermont independent who had authored the provision of the financial reform law that required Wednesday’s disclosure, called the data that was released incredible and jaw-dropping.

“The $700 billion Wall Street bailout turned out to be pocket change compared to trillions and trillions of dollars in near zero interest loans and other financial arrangements that the Federal Reserve doled out to every major financial institution,” Sanders said.

I’d call it more than ‘jawdropping’ – I’d call it theft.