The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009.
The Fed’s efforts to prop up the financial sector reached across a broad spectrum of the economy, benefiting stalwarts of American industry including General Electric and Caterpillar and household-name companies such as Verizon, Harley-Davidson and Toyota. The central bank’s aid programs also supported U.S. subsidiaries of banks based in East Asia, Europe and Canada while rescuing money-market mutual funds held by millions of Americans.
The biggest users of the Fed lending programs were some of the world’s largest banks, including Citigroup, Bank of America, Goldman Sachs, Swiss-based UBS and Britain’s Barclays, according to more than 21,000 loan records released Wednesday under new financial regulatory legislation.
The data reveal banks turning to the Fed for help almost daily in the fall of 2008 as the central bank lowered lending standards and extended relief to all kinds of institutions it had never assisted before.
Read More: By Jia Lynn Yang, Neil Irwin and David S. Hilzenrath, Washington Post
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The Creature from Jekyll Island has been raping our nation for nearly a hundred years. However, we must be happy with our plight since we persist in electing men to public office that will not reign in the mischief of the Creature. Instead the Creature divines money from thin air then uses that fiat to buy off the politicians that keep the beast operating. The Creature is the spawn of Congress, and Congress can kill it, if it has the honesty and grit to do it.
Congress won't do diddly squat about the Fed. Not one of them has the honesty to do anything to save this Republic and our Constitution. They know not the meaning of "grit."
Ah, yes, FASCISM has come to America. What more can I say? Well, the people of Italy didn't exactly let Mussolini get away with it, now, did they?
SO!! Harley is no more American than Honda.
It`s going to be very interesting to hear how the Harley Riders justify this.
Why was this allowed to happen? Also heard that obummer sent $20 MILLION to kenya so those people could learn how to wash their privates. He should be impeached for this.
Every last "corruptocrat", in this administration, their financial backers (follow the money trails) and in both houses of congress must be arrested, tried for TREASON AND CONVICTED; then confiscate all their properties, bank and brokerage accounts (anything they have of value-art works, jewelry, collectibles, etc) – -turn it over to US TREASURY – -ALL PROCEEDS TO BE APPLIED TO REDUCE OUR NATIONAL DEFICIT! THIS MUST BE DONE IMMEDIATELY – -DO NOT WAIT TILL 2011! This action should include all cabinet secretaries, directors and employees, in all agencies, who merely work in lockstep with barry soetoro!