Monday, August 22, 2011

Newsdome: The Fed secretly gave Wall Street $1.2 trillion bailout

Posted By on Mon, Aug 22, 2011 at 11:08 AM

Wall Street has reason to be patriotic
  • Wikimedia
  • Wall Street has reason to be patriotic
>> Remember when the Federal Reserve bailed out Wall Street for $160 billion? That's pocket change compared to the actual $1.2 trillion the Fed gave Wall Street institutions, secret until now. Bloomberg calculates the amount was "almost three times the size of the U.S. federal budget deficit that year" and according to a former IMF economic chief, the money allowed Wall Street to "engage in excessive risk-taking with borrowed money." Maybe that's why the Fed's financial boost to be announced next Friday seems quite small. (Bloomberg, the New York Times)

>> This past weekend VP Joe Biden visited China, the U.S.'s largest foreign creditor with more than $1 trillion in debt holdings, to ensure the health of the U.S. economy. Chinese leaders expressed confidence in Biden's message, but 93 percent of the 13,000 Chinese polled said that Biden's visit did not make them optimistic. Told you the Chinese were smart. (Voice of America)

>> Libyan insurgents claim they control 80 percent of Tripoli despite fierce fighting in many pockets of the city as Qaddafi remains in hiding. Qaddafi's son, Saif al-Islam, has also been captured. Party-time in London! (LA Times, Bloomberg)

>> First, Gaza-based militants killed eight Israelis near the resort town of Eilat on Thursday. Then an Israeli warplane raided on suspected militants, killing three Egyptian soldiers. Things were set to escalate very quickly with Egypt recalling its ambassador from Tel Aviv, but Israel released a rare apology and Egyptian TV announced the crisis was averted. Aw, Israel and Egypt are maturing. (the New York Times)

>> And finally: Though Chicago, New York and Dallas expressed interest in hosting the games, the U.S. Olympic Committee will not submit any bids to host the 2020 Olympics. From a city that hosted them: it's not all it's cracked up to be. (Houston Chronicle)

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