That Federal Bank Bailout in 2008 Was Bigger Than We Knew. A Lot Bigger

Thanks to some hard digging and a willingness to engage in litigation by Bloomberg News, we now have the benefit of their truly astonishing analysis of the scope and dimensions of the federal government's fall, 2008 bailout of the American and European banking industries. Remember the TARP, the U.S. Treasury Department's highly controversial, $ 500 billion Troubled Asset Relief Program? That was only the tip of the iceberg. Think: $ 1.2 trillion. That's right. One trillion, two hundred billion dollars as of December 5, 2008 - when Wall Street's  emergency borrowing for the federal government peaked. Turns out America actually was facing a total economic collapse. That $ 1.2 trillion total is how much cash liquidity Bloomberg estimates the Federal Reserve Board and Treasury injected into Wall Street in the form of low-interest, collateralized loans. It was all supposed to remain secret. And, when you read Bloomberg's analysis, you can see why. Here's a sample: There were...(Read Full Article)