I am starting to think I am going crazy. I did a search for this and saw a few posts made about it in the old debt ceiling thread, but otherwise nobody seems to be talking about this.
The federal reserve was revealed in an audit to have given out 16 Trillion dollars in bailouts to a wide range of banks, including foreign ones, between 2007 and July of 2011.
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
The full GAO report can be found here http://www.scribd.com/doc/60553686/GAO-Fed-Investigation#outer_page_144
or here http://sanders.senate.gov/imo/media/doc/GAO Fed Investigation.pdf
So like, what gives? Has this been debunked somewhere? Is this not as big a deal as it seems? Is there something I am missing that leads to people not completely flipping their shit over this, if for nothing else, the bailouts given to the foreign banks? Why is it that I didn't hear about this, which was published in July, until yesterday reading reddit? And I guess lastly, "A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18," Which should make for some interesting stuff.
And just to be clear, I am not in the "Abolish the reserve!" camp. I am honestly baffled that nobody is talking about this.