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The Fed Is Offering $100 Billion a Day in Emergency Loans to Unnamed Banks and Congress Is Not Curious Enough to Hold a Hearing

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By Pam Martens and Russ Martens: September 27, 2019 ~

New York Fed Headquarters Building in Lower Manhattan

New York Fed Headquarters Building in Lower Manhattan

The Federal Reserve Bank of New York first initiated its emergency overnight loans to Wall Street this year on Tuesday, September 17, starting off at the rate of $75 billion daily. It then increased its loans by adding, in addition to the $75 billion daily, 14-day term loans in the amount of $30 billion to be offered three times this past week. But after the demand for the first 14-day loan was more than double the $30 billion offered, the New York Fed boosted the next term loans to $60 billion and increased its overnight loans to $100 billion.

What will next week bring? When Wall Street can get super cheap loans from the Fed in the tens of billions of dollars with no questions asked by Congress, it will continue upping its demands until the Fed is once again secretly shelling out trillions of dollars while Congress willfully remains in the dark – in other words, a replay of the 2007-2010 financial crisis.

The New York Fed is only allowed to engage in these repo transactions with its 24 primary dealers. That list of 24 primary dealers includes the securities units of big U.S. banks like JPMorgan Chase, Citigroup, Bank of America and Wells Fargo, but it also includes the U.S. based securities units of troubled foreign banks like Deutsche Bank, Credit Suisse, and Societe Generale (SocGen).

Because the New York Fed is not announcing which banks are drawing down the bulk of its loans, neither Congress nor the American people know if the money is flowing to U.S. banks or foreign bank subsidiaries in the U.S. Propping up troubled foreign banks is not what most Americans want their central bank to be doing. More

A worthy observation

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We now live in a nation where doctors destroy health, lawyers destroy justice, universities destroy knowledge, governments destroy freedom, the press destroys information, religions destroy morals, and our banks destroy the economy.
Chris Hedges…Journalist and author

DT

The fleecing of America: The United States Covered Bond Act of 2011

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Marti Oakley(C) copyright 2011 All Rights Reserved

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Occasionally, amid the mountains of mindless legislation produced by those fools in congress, one or two really stellar examples of “what the hell were you thinking?” surfaces and leaves us wanting to bang our heads against the wall repeatedly out of frustration at the sheer stupidity of what is offered as necessary legislation.  Never has this been quite as extraordinary as it is in the Covered Bond Act of 2011, a bill that is intended to avoid the hassle and exposure of public debate over bailing out the criminals while leaving the country twisting in the wind.  Of course this will be supported by the full faith and credit (me & you) of the United States.

 Avery Goodman at www.seekingalpha.com makes this observation:

“So long as the Federal Reserve exists and/or other financial regulatory agencies continue to be run by a revolving door staff that moves in and out of industry and government, crony capitalism will be alive and well in America. No amount of Dodd-Frank or Volcker rule legislation will ever protect savers, taxpayers or the American people. Profits will continue to be privatized and losses socialized.”

This bill will just confirm the practice of privatizing profits while nationalizing the losses, as a legal response to criminal activity.

From the folks over at Patrick.net:

“The United States Covered Bond Act of 2011 is designed to allow bundling of any kind of debt including derivatives, into marketable securities guaranteed at full face value by the FDIC.”

Derivatives?  Weren’t those instruments the same ones that caused the near collapse of the system?  So what are they, exactly? More

Sharia Law? Just a constitutional minute!

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 Lolly Madison (c)copyright 2011 All Rights Reserved

 

JUST A CONSTITUTIONAL MINUTE…

In consideration of the sanctity of the United States Constitution—the bible of our Republic—my research has gravitated to obtaining an in depth comprehension of the forces from without our national borders to those crouching within, of the seditious threats we are now faced with.  More

VeriChip: One Mainframe To Rule Them All

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Keeping track of individuals, locations of houses, groups, payments, railroads, banking, employment, warehousing, inventories and much more.  Meet the new IBM punchcard: VeriChip.  And they want to plant one in you!

One Mainframe To Rule Them All

by: noverichip

Parts 3-4-5 here: More

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