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Congress Loaned Banks $7.7 Trillion In Secret (Classified) Loans At No Interest AND Borrowed It Back At Interest!

9/1/2013

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Background:
Fox News's "Hypnosis" - Using "Echo-Chambers" To Spread Misinformation 5
Fox News's "Hypnosis" - Using "Echo-Chambers" To Spread Misinformation 6
Congress's "Hypnosis" - Making Insider Trading Legal For JUST Themselves 1
Congress's "Hypnosis" - Making Insider Trading Legal For JUST Themselves 2
A Bloomberg report reveals that the U.S. government loaned banks $7.7 trillion in secret bailout funds at no interest and then borrowed the money back at interest. 

The Daily Show with Jon Stewart
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The Bloomberg Report:

Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.

A fresh narrative of the financial crisis of 2007 to 2009 emerges from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions. While Fed officials say that almost all of the loans were repaid and there have been no losses, details suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.

‘Change Their Votes’

“When you see the dollars the banks got, it’s hard to make the case these were successful institutions,” says Sherrod Brown, a Democratic Senator from Ohio who in 2010 introduced an unsuccessful bill to limit bank size. “This is an issue that can unite the Tea Party and Occupy Wall Street. There are lawmakers in both parties who would change their votes now.”

The size of the bailout came to light after Bloomberg LP, the parent of Bloomberg News, won a court case against the Fed and a group of the biggest U.S. banks called Clearing House Association LLC to force lending details into the open.

The Fed, headed by Chairman Ben S. Bernanke, argued that revealing borrower details would create a stigma -- investors and counterparties would shun firms that used the central bank as lender of last resort -- and that needy institutions would be reluctant to borrow in the next crisis. Clearing House Association fought Bloomberg’s lawsuit up to the U.S. Supreme Court, which declined to hear the banks’ appeal in March 2011.

$7.77 Trillion

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

Fortunately, Congress Solved That Problem...

Faced with the grim prospect of being held financially accountable, lawmakers come together and cripple a bill aimed at more transparent government...    

The Daily Show with Jon Stewart
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Related?

From The Guardian
: When this financial crisis began nearly four years ago the story seemed simple. The banks were broke and they told our leaders that unless the taxpayers bailed them out and took their private debts on to the public account, then the world would end. Our politicians believed them. We took on huge debts and bailed out the banks. Right or wrong, at least the story seemed straightforward: they owed us huge sums of money. Then as the crisis continued, a new group most of us had never heard of appeared – the bond holders. It turned out the banks owed huge sums to the bond holders too, and so did we. The story of who owed whom began to change.

Gradually the story became less about the banks owing us money and more about owing the bond holders.

It seems to me that our governments and their financial advisers from the banks have a double standard when it comes to debt and its repayment; one which greatly benefits the financial world and punishes the taxpayer.

On the one hand, the debts of private banks and those who own that debt, the bond holders, are being protected from any losses by the publicly funded bailouts. Public debt, on the other hand, at the insistence of the same banks and bond holders we have bailed out, is being paid down at breakneck speed, no matter what the cost in unemployment and the destruction of social services.


Current "Legend" Series Position {Began here/here}...
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Case Study: Sweden's "Evil" Socialism & It's Broken Economy 2

8/31/2013

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Background:
GOP & Libertarian "Hypnosis" - "Socialism" The Real Red Herring 1
GOP & Libertarian "Hypnosis" - "Socialism" The Real Red Herring 2
Case Study: Sweden's "Evil" Socialism & It's Broken Economy 1

The Stockholm Syndrome Pt. 1 -  Wyatt Cenac travels to Sweden to wake up their hauntingly thin citizens from their socialist nightmare.  (04:38) :

The Daily Show with Jon Stewart
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The Stockholm Syndrome Pt. 2 - The Swedes simply will not apologize to Wyatt Cenac for socialism.  (05:08) :

The Daily Show with Jon Stewart
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Current "Legend" Series Position {Began here/here}...
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Fox News's Class Warfare "Hypnosis" 2 - Taxing The Poor i.e. Those Least Able To Afford It

8/30/2013

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Background:
Fox News's Class Warfare "Hypnosis" - Using %s & Numerical Figures Interchangeably To Fit Their Personal Agenda

World of Class Warfare - The Poor's Free Ride Is Over The government could raise $700 billion by either taking half of everything earned by the bottom 50% or by raising the marginal tax rate on the top two percent.  (06:32):

The Daily Show with Jon Stewart
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Notes:

A. "We gotta start somewhere... that's a million dollars (that we could save)" - in contrast to the 700 billion we could save to reduce the deficit from the rich and unfairly untaxed - i.e. They start with the assumption that this is the only way, so dumb uneducated people who are in love with the anchors, buy it.

B . From fox news: Dont tax the rich but 'broaden the tax base'. Or in other words, don't inconvenience me with a 2% tax increase, make the poor suffer by increasing their tax burden.

C. Taxing the majority (poor) instead of taxing the minority (super rich by comparison) this is the very definition of despotism.

D. Heritage institute (Koch Brother funded) are trying to create the image of poor being wealthy cause they have normal second world amenities, it's not even first world anymore! (i.e. this will lower standard of living in the USA even further).

E. Demonizing (ex. irresponsible animals) the part of society that is suffering from the excess and scamming of certain individuals on wall street etc.

Current "Legend" Series Position {Began here/here}...
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Fox News's Class Warfare "Hypnosis" - Using %s & Numerical Figures Interchangeably To Fit Their Personal Agenda

8/30/2013

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Background:
Judge Andrew Napolitano's "Hypnosis": Getting His Sheeple To Believe 2 Contradictory Things About Contracts
Koch Brothers Funded "Americans For Prosperity" PAC Does Electoral Fraud - The Colbert Report
Voter ID Laws Create Problems For Poor Citizens In The Short Run (Till Something IS Done To Solve That Problem)
BREAKING: Chief Justice Roberts Knows That The South Doesn't Need To be Babysat Anymore
Sarcasm: As Greedy Public Workers Bankrupt States, US Makes It Harder For Corporations To Create Jobs
Daily Show: Republican Governors & Their States Go From Cool New Boyfriend To Psychotic Stepdad
Ronald Reagan: Where Free Unions & Collective Bargaining Are Forbidden, Freedom Is Lost
World of Class Warfare - Warren Buffett vs. Wealthy Conservatives Warren Buffett's op-ed is a thoughtful treatise on the advantages the super-wealthy currently enjoy at the hands of the tax code, or to put it another way, "class warfare."  (04:48): 

The Daily Show with Jon Stewart
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Note: Fox News/New Repubs talk of percentages for the minority group they protect (very rich guys/Koch brothers) but numerical figures with examples of piles of money when attacking majority interests (too make "we the people" seem like the problem rather than a few fat cats).

Current "Legend" Series Position {Began here/here}...
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