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Fed Audit Findings

socialpinko
Posts: 10,458
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9/2/2012 4:11:01 PM
Posted: 4 years ago
So the results of the audit on the Federal Reserve apparently came out recently. It's so bitter sweet. On the one hand it's becoming harder and harder to honestly deny that this is a corrupt and unaccountable institution. On the other hand, the stuff they did REALLY REALLY sucks.

http://www.sanders.senate.gov...

>>Unilateral, secret, interest free massive loans to foreign banks and corporations
>>Existence of a larger bailout then was even previously claimed
>>Total bailout equaling more then the entire U.S. debt
>>Conflict of interest contracts allowing employees to financially exploit the bailing out of large corporations and banks
>>High level members of the Fed investing in banks at the same time they were being bailed out
: At 9/29/2014 10:55:59 AM, imabench wrote:
: : At 9/29/2014 9:43:46 AM, kbub wrote:
: :
: : DDO should discredit support of sexual violence at any time and in every way.
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: I disagree.
Frederick53
Posts: 1,037
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9/2/2012 5:28:51 PM
Posted: 4 years ago
And this doesn't even get into all of the hidden money funneled from questionable sources through the CIA and into illegal covert operations. But this is still plenty to be angry about.
In 1975, the Second Vietnam War began -1Historygenius

Like no wonder that indian dude rejected you.- Darkkermit to royalpaladin

Social Darwinism is a justification- 1Historygenius

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JaxsonRaine
Posts: 3,606
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9/2/2012 6:59:44 PM
Posted: 4 years ago
At 9/2/2012 4:11:01 PM, socialpinko wrote:
So the results of the audit on the Federal Reserve apparently came out recently. It's so bitter sweet. On the one hand it's becoming harder and harder to honestly deny that this is a corrupt and unaccountable institution. On the other hand, the stuff they did REALLY REALLY sucks.

http://www.sanders.senate.gov...

>>Unilateral, secret, interest free massive loans to foreign banks and corporations
>>Existence of a larger bailout then was even previously claimed
>>Total bailout equaling more then the entire U.S. debt
>>Conflict of interest contracts allowing employees to financially exploit the bailing out of large corporations and banks
>>High level members of the Fed investing in banks at the same time they were being bailed out

Calling it a $16 trillion bailout is disingenious. They count the money each time it is re-loaned, so loaning $10 billion overnight every night for a month counts as a $300 bilion loan.

Going to have to read through this though.
twocupcakes: 15 = 13
Frederick53
Posts: 1,037
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9/2/2012 7:12:55 PM
Posted: 4 years ago
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

But then the CIA would overthrow our government because we stopped foreign countries from taking advantage of one of our institutions by nationalizing it... oh wait, we ARE the US. Never mind.
In 1975, the Second Vietnam War began -1Historygenius

Like no wonder that indian dude rejected you.- Darkkermit to royalpaladin

Social Darwinism is a justification- 1Historygenius

Equal opportunity exists, so there is no problem- EvanK
Wallstreetatheist
Posts: 7,132
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9/2/2012 7:13:47 PM
Posted: 4 years ago
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?
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TheBossToss
Posts: 154
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9/2/2012 7:16:20 PM
Posted: 4 years ago
It's ridiculous. We have to make the Federal Reserve accountable. And that conflict of interest bullsh!t is, well, bullsh!t.
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That was real intellectual property theft. They used her idea for their own profit and fame. When I pirate, I am usually downloading textbooks that I cannot afford to purchase on my own and that I do not want my parents to spend money on.
-royalpaladin
FREEDO
Posts: 21,057
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9/2/2012 7:17:52 PM
Posted: 4 years ago
At 9/2/2012 7:13:47 PM, Wallstreetatheist wrote:
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?

Banking is the short circuit of the free-market. The place where the profit motive does itself in. They have always been at the heart of economic downturns.
GRAND POOBAH OF DDO

fnord
Wnope
Posts: 6,924
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9/2/2012 7:22:36 PM
Posted: 4 years ago
At 9/2/2012 7:17:52 PM, FREEDO wrote:
At 9/2/2012 7:13:47 PM, Wallstreetatheist wrote:
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?

Banking is the short circuit of the free-market. The place where the profit motive does itself in. They have always been at the heart of economic downturns.

We're worried about inefficiences and greed....so we should let the government do it?

Regulation and contracting third parties is one thing, but governments are notoriously sh!tty at any hands-on work.
Lordknukle
Posts: 12,788
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9/2/2012 7:28:08 PM
Posted: 4 years ago
At 9/2/2012 7:17:52 PM, FREEDO wrote:
At 9/2/2012 7:13:47 PM, Wallstreetatheist wrote:
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?

Banking is the short circuit of the free-market. The place where the profit motive does itself in. They have always been at the heart of economic downturns.

Funny thing is that most, if not all, of the banking crashes in the past century weren't actually caused because of greed, but were usually created because of the Fed or other extraneous circumstances which the banks have no control over.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
DetectableNinja
Posts: 6,043
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9/2/2012 7:29:27 PM
Posted: 4 years ago
At 9/2/2012 7:28:08 PM, Lordknukle wrote:
At 9/2/2012 7:17:52 PM, FREEDO wrote:
At 9/2/2012 7:13:47 PM, Wallstreetatheist wrote:
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?

Banking is the short circuit of the free-market. The place where the profit motive does itself in. They have always been at the heart of economic downturns.

Funny thing is that most, if not all, of the banking crashes in the past century weren't actually caused because of greed, but were usually created because of the Fed or other extraneous circumstances which the banks have no control over.

Well, and fiscal irresponsibility on the part of many consumers.
Think'st thou heaven is such a glorious thing?
I tell thee, 'tis not half so fair as thou
Or any man that breathes on earth.

- Christopher Marlowe, Doctor Faustus
Lordknukle
Posts: 12,788
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9/2/2012 7:33:50 PM
Posted: 4 years ago
At 9/2/2012 7:29:27 PM, DetectableNinja wrote:
At 9/2/2012 7:28:08 PM, Lordknukle wrote:
At 9/2/2012 7:17:52 PM, FREEDO wrote:
At 9/2/2012 7:13:47 PM, Wallstreetatheist wrote:
At 9/2/2012 7:07:18 PM, FREEDO wrote:
Nationalize the banks.

Are you joking?

Banking is the short circuit of the free-market. The place where the profit motive does itself in. They have always been at the heart of economic downturns.

Funny thing is that most, if not all, of the banking crashes in the past century weren't actually caused because of greed, but were usually created because of the Fed or other extraneous circumstances which the banks have no control over.

Well, and fiscal irresponsibility on the part of many consumers.

Hence extraneous factors.
"Easy is the descent to Avernus, for the door to the Underworld lies upon both day and night. But to retrace your steps and return to the breezes above- that's the task, that's the toil."
FREEDO
Posts: 21,057
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9/2/2012 7:45:08 PM
Posted: 4 years ago
At 9/2/2012 7:28:08 PM, Lordknukle wrote:
Funny thing is that most, if not all, of the banking crashes in the past century weren't actually caused because of greed, but were usually created because of the Fed or other extraneous circumstances which the banks have no control over.

That's not what the economic record suggests. And not what most economists would accept.
GRAND POOBAH OF DDO

fnord