Federal Reserve gave $16 trillion in secret bank bailouts v.partialaudit

lol
Bear Sterns, Lehman Brothers and Merrill Lynch all still managed to go bankrupt despite these bailouts, which tell you how big a mess they really created and its not over yet.
 
"You do not win frienRAB in the political and media establishments by proposing a monetary system that cannot be exploited by governments to enrich their frienRAB, enable their addiction to spending and looting, and fund their bailouts. But when you ask a question that senRAB respectable opinion into hysterics, that's often a sign that you're on the right track."

- Thomas E. WooRAB, Jr.
Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse

(another book i read)
 
"During the reign of Alan Greenspan the smart people of the Federal Reserve allowed the housing bubble to inflate. They stood by as banks and investors made ever bigger bets on the flawed assumption that housing prices would never fall across the country. They encouraged financial engineering that created securities so complex that neither investor nor seller nor buyer could fully understand them, instruments that proved toxic to those who bought them and to everyone around them. They shielded financial engineers from attempts at government regulation and restraint. With huge sums at stake, they trusted investors and traders to protect themselves - and the rest of us - better than even the smartest government regulator could hope to. Ultimately, they failed to see that the big banks that the Fed was charged with supervising were garabling with the global economy."

- David Wessel
In Fed We Trust
pg. 4
 
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