[quote=DomoArigato][quote=ucodegen]
Considering that our current national debt stands at $14 trillion (total for all presidents past and present), how do you come up with $16 trillion being given to the banks? Any facts or referring documents to back up your contention? Do these numbers factor in money that was paid back to the fed?[/quote]
No one else who screwed up got anywhere near this kind of bailout. All of that $16 trillion went to Obama’s criminal bankster buddies like Lloyd Bankfiend (CEO of Government Sachs) and Jamie Dimon (CEO of JPM).
But quoting from the link you provided states:
Among the investigation’s key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. “No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.
There is nothing stating that there was a conspiracy of this current administration to pay of the bad bankers. AND if you read through your own reference and the GAO findings (From an audit of the Fed done because of Frank-Dodd legislation passed during this admin) you will find that many of the statements of Ron Paul may just be right.. effectively that the Federal Reserve is outside of governmental jurisdiction and that it may be running amok. I may be a Republican who may not like Obama being president as well as this current administration, but I am not going to pillory him for something he did not do.
[quote=DomoArigato]To put the size of the bailouts in perspective, JPM received a $390 billion bailout. That is almost 3 times their current market cap. Could you imagine if all homeowners received a bailout that equaled three times the cost of their house? There would be so many cries of socialism from the hypocrites in the criminal bankster class that you wouldn’t be able to hear yourself think.[/quote] Sounds like you don’t understand fractional reserve banking and how it might relate to market cap. Remember that for a bank to make a loan, it often has to borrow money itself. In some cases that money may be your own bank account. In order to pay you interest, it has to generate money from it somehow. It does this by lending the money out. When things went south, the money that the bank borrowed had to be paid back.. Basically the market cap is related to Assets – Liabilities (it is not pure assets). The Fed money was to help plump up the Assets because house values (or effectively the loans face value) dropped like a stone.
