The Federal Reserve gave banks a much larger bailout than the infamous TARP. A Bloomberg report with the details is broken down by Cenk Uygur of The Young Turks. Cenk also explains the relevance to the Occupy Wall Street movement.
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The Occupy Wall Street movement had its roots in the global economic crisis of 2008, which triggered a massive bailout of financial institutions by the US government. At the time, the government promised to rescue the banks and prevent a complete collapse of the economy by injecting funds into them. The Troubled Asset Relief Program, or TARP, was established to implement this rescue package.
However, in recent years, it has come to light that the TARP program was just the tip of the iceberg when it comes to the amount of taxpayer money that was pumped into the banks. According to a report by the Levy Economics Institute, the Federal Reserve bailed out the banks to the tune of $29 trillion.
This revelation is significant because it highlights the stark disparity between the way Wall Street and Main Street were treated during the crisis. While ordinary people lost their homes, jobs, and savings, the banks responsible for the crisis were propped up with an unprecedented amount of financial assistance.
The report revealed that the bailouts were broad and deep, extending to institutions that had not received public attention, including foreign banks, hedge funds, and insurance companies. Moreover, the loans were not transparent and were made with no contractual requirements for the recipient institutions to disclose how the money was spent.
One of the main demands of the Occupy Wall Street movement was to hold those responsible for the economic crisis accountable. This new information about the extent of the bailouts only reinforces that demand. It also raises questions about what else the public has yet to learn about the true scope of the crisis.
The Occupy movement was not just about protesting the excesses of Wall Street, it was about bringing attention to the systemic flaws in the economic and political systems that allowed such abuses to occur. The fact that the banking industry was rescued with such an enormous amount of public money only serves to underscore the need for meaningful change.
In conclusion, the report detailing the Federal Reserve bailouts of big banks is a stark reminder of the stark inequality in the US economic and political systems. It demonstrates that there is still a need to push for reforms that hold financial institutions and policymakers accountable and to promote transparency in governmental decision-making.
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Right or wrong, this guy gave no details on anything,,, Worthless in content,,
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And sorry poor boys&girls, you will ~never get anything much from anyone along the lines of cash and this started well before any of us were even born,,, Screaming about it will do nothing really,, Go back to your grindstone, OK?
Fed along with crooked government should go down and their profits should be given back to people
wallstreet shou'd pay for the wall
Just watched this after Dore's amazing interview with Stephanie Kelton, and the point about the interest on the T bonds paying back the QE has absolutely blown my mind. The banks didn't pay back shit; we, the taxpayer, toiled in the trenches to pay them the interest on the QE money they NEVER DESERVED. And the interest money is the reason the banks are raiding our social programs and demanding austerity. The entitlement of the parasite banking class is enough to make you vomit.
next time, get a loan app from the govt, along with a credit score. then deny them the doe or send em to some where else.
Makes me wish I was old enough where I cared to protest. I'm tired of this bullshit.
Great reporting….
Well GALL-DANG!! Sinse ya put it like that, I is heddin down to the well-fair offise TODAY! :))
P.M.S+
…Seriuslee, its amazin how manee of them "hi-up crooks" is milkin all the monee off us hard wurkin fokes. Rekkin sinse most fokes aint herd bout it, its easeer for um to take it out on the well-fair abusers insted of the reel tax abusers.
I eggspect that If fokes wood juss get thereselfs more gooder edjucatid bout how "powurfull" big banks REALEE is, an how much cuntrol thay has ovur the wurlds guvurnmints, then mabee thay wood sqwack bout it more than thay aint doin now.
I is afrade nuthin will chanje till its to late, cuz America has to manee ignurint fokes that is onlee worreed bout whose gunna win "AMERICAN IDOL" wile eatin there Big Macks.
DANG IT. 🙁
Notice how it's always the handful of people who benefited from all the bailouts constantly telling you how great things are?
This sucks but what do people expect. We promise them to bail them out by giving them FDIC insurance. So we actually kept our word and screwed ourselves. Pull the FDIC out from underneath and the whole banking would collapse. But people fear that happening as well. But we should allow it to collapse and build a more stable banking system on its ashes.
The people against the Fed
its about time we started putting criminals in jail and letting the victims out.
From 2000 to 2012 the real median household income fell by 6% and stands at about $51,000. In DC the real median household income, including all the poor people there,went up by 23% to $66,000 dollars. If you include the metro area which includes the suburbs where the government personal, lobbyist live in jumped to $88,000.
If the banks are being bail out what happens to the homes in a foreclosure? Do the banks get to keep those homes for free? The situation reminds me of this:
"On Sept 1st, 1894, we will not renew our loans under any consideration. On Sept 1st we will demand our money. We will foreclose and become mortgagees in possession. We can take two-thirds of the farms west of the Mississippi, and thousands of them east of the Mississippi as well, at our own price… Then the farmers will become tenants as in England…" — 1891 American Bankers Association as printed in the Congressional Record of April 29, 1913
corruption is not tearing apart the fabric of American society. It is the fabric of American society
the treasury department only gurantees up to 100,000 dollar guarantee on the money citizens keep in the bank as a type of insurance for our cash. Yet they gave citigroup and bank of america a 100 billion dollar insurance policy that we have to pay back..,
an,yone see the problem here
What job creaters?
If something ceases to work, don't bail them out. Let them fall into ruin and then start over rebuild new industries and ban or deny them any ability to have any association to the rebuilt industry.
Hey, GM paid their Bailout loans back.. they had to employ people and physically build cars and then sell them in a bad economic environment.. Yet, they did it, large overhead and all..
SO WHAT ABOUT THE BANKS??
Have any of the banks paid their bailout loans back???
With interest?
Not freaking likely..
Do they have any overhead.. not much..
greedy bastards..
Bankers run the government.. It doesn't matter democrat or republican..
Maybe they should have let the big corporations fail and give the bail out money to those everyday people who suffered because of their greed. But of-course not, helping thdm rich out when they stumble is fine, it's only "socialism" when the middle-class and below need the help.
You should do some research on the Federal reserve. You do not know what the crap your talking about. The fed does not, nor has it ever since it's introduction taken tax money, instead it puts money into the government general fed each year. The fed is self reliant and pretty damn good about telling people what they are going to do.
Who's the dipshit who did the subtitles? lol It's kinda like a really bad version of A Bad Lip Reading. Either they were trying to be funny or it was a really stupid foreigner who couldn't understand shit. lmfao
Oh and I offer to take over the job of the subtitles because like Paulson, Bernanke and Greenspan, they are way wrong – and making me dizzy.
Cenk thanks so much for making the bailout clear. This was an awesome analysis of Occupy Wall Street and the fallout of the GFC. Lets not forget all the money made from the property and insurance bubbles in the first place. They should have put the profit back into the federal reserve and maybe the US wouldn't have the collapse of the greenback today. The bailout bubble will be much worse.
They made money on the bad loans. Also the Federal Reserve is private – its a business so it wanted all of this to happen. The CEOs can't afford to have the yachts etc – they definietly don't live within their means… The taxpayer paid for their lifestyle.
drift – that's a good point in retrospect, but unfortunately it misses the point entirely. The banks made trillions by fraudulently spending the money that people invested in their accounts including life's savings and pensions. The banks made it easy by lying, for people to get loans that they should never have been given. It's never ok for banks to give loans to people who did not have a job or means to repay the loans.