Monday, August 31, 2009
At Least Someone's Making Money
Wait, you say the Federal Reserve made money off of the bailouts, buying mortgage-backed securities, and the other clearance items they facilitated the sale of over the past two years, do you Financial Times via Reuters? File that in the obvious folder and move on. Why else would they have let Lehman Brothers fail or forced the sale of Bear Stearns except that it was in the bank's own self-interest. The Federal Reserve is a private bank. There is nothing federal about it except they print our money and the president appoints the chairman to their term. The Fed doesn't necessarily have any government accountability. People such as Ron Paul are trying their best to change that fact, but as of now the Fed is its own entity operating to make themselves a lot of money. They are doing a damn good job of it too. The headline in the story says $14 billion, but in the story it says they also made another $19 billion in interest on all of the loans to different companies over that two-year period. That sounds like a bank to me.
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