Grayson on the Fed bailout: "If you're not a Wall Street bank, you're screwed"

Bloomberg: Secret Fed Loans Gave Banks $13 Billion

By Bob Ivry, Bradley Keoun and Phil Kuntz - Nov 27, 2011 4:01 PM PT
Bloomberg Markets Magazine

Nov. 28 (Bloomberg) -- The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. No one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. Betty Liu reports on Bloomberg Television's "In the Loop." (Source: Bloomberg)
Enlarge image Kenneth D. Lewis Former CEO of Bank of America Corp.

On Nov. 26, 2008, then-Bank of America Corp. Chief Executive Officer Kenneth D. Lewis wrote to shareholders that he headed “one of the strongest and most stable major banks in the world.” He didn’t say that his firm owed the central bank $86 billion that day. Photo: Joshua Roberts/Bloomberg

The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.

The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue.

More

VIDEO: Financial Services Subcommittee on Oversight and Investigations hearing of May 5, 2009.

Occupy Wall Street the Media is the Message

The Invisible 99%: Sunday Morning Talk Shows Ignore Occupy Wall Street

PoliticsUSA October 2, 2011

By Jason Easley

The five Sunday morning talk shows on CBS, Fox, CNN, NBC, and ABC devoted zero segments with zero guests to Occupy Wall Street today. To the media inside the Beltway, the 99% do not exist.

A day after over 700 protesters were arrested during a march over the Brooklyn Bridge, the five network Sunday morning news shows virtually ignored the story. The only program that the arrests were even mentioned on was ABC’s This Week, “More than 700 demonstrators protesting corporate greed, among other issues, were arrested last night on the Brooklyn Bridge in New York City. The grassroots movement has swamped Wall Street for more than two weeks now.”

What was more important than thousands of Americans taking to the street to protest greed and corruption?

CNN’s State of the Union spent their time allowing Dick and Liz Cheney to rewrite the history of both 9/11 and the invasion of Iraq. Fox News and This Week were hyping up the latest corporate media creation, the revived presidential candidacy of Herman Cain. The media created the rebirth of Cain story after the candidate won a non-binding Florida straw poll, which became a story after the corporate media decided that the meaningless poll did in fact, mean something.

The other media generated story is the speculation over a potential Chris Christie 2012 presidential campaign. All the talk shows spent some time talking about Christie even though he isn’t even running. CBS’ Face The Nation trotted out John McCain to talk about Chris Christie, Libya, and DADT, and Meet The Press gave us a couple of governors and a roundtable discussing the 2012 election.

More

Occupy Wall Street the Media is the Message

The Invisible 99%: Sunday Morning Talk Shows Ignore Occupy Wall Street

PoliticsUSA October 2, 2011

By Jason Easley

The five Sunday morning talk shows on CBS, Fox, CNN, NBC, and ABC devoted zero segments with zero guests to Occupy Wall Street today. To the media inside the Beltway, the 99% do not exist.

A day after over 700 protesters were arrested during a march over the Brooklyn Bridge, the five network Sunday morning news shows virtually ignored the story. The only program that the arrests were even mentioned on was ABC’s This Week, “More than 700 demonstrators protesting corporate greed, among other issues, were arrested last night on the Brooklyn Bridge in New York City. The grassroots movement has swamped Wall Street for more than two weeks now.”

What was more important than thousands of Americans taking to the street to protest greed and corruption?

CNN’s State of the Union spent their time allowing Dick and Liz Cheney to rewrite the history of both 9/11 and the invasion of Iraq. Fox News and This Week were hyping up the latest corporate media creation, the revived presidential candidacy of Herman Cain. The media created the rebirth of Cain story after the candidate won a non-binding Florida straw poll, which became a story after the corporate media decided that the meaningless poll did in fact, mean something.

The other media generated story is the speculation over a potential Chris Christie 2012 presidential campaign. All the talk shows spent some time talking about Christie even though he isn’t even running. CBS’ Face The Nation trotted out John McCain to talk about Chris Christie, Libya, and DADT, and Meet The Press gave us a couple of governors and a roundtable discussing the 2012 election.

More

Alan Grayson explains... "Why Boener Cries"

This went out in an email to previous supporters of
Alan Grayson this morning. 

Dear Linus,
I know why House Speaker John Boehner walked out of debt ceiling talks with President Obama on Friday.
It’s because Boehner can’t deliver.
It doesn’t matter what terms the President offers. It’s that simple. Boehner can’t deliver the votes.
The President might as well be negotiating with Tiger Woods; Tiger can’t deliver the votes, either. But at least Tiger has a better swing.
On Friday, the President said, “I think that one of the questions that the Republican Party is going to have to ask itself is, can they say yes to anything? Can they say yes to anything?”
The answer to your question, Mr. President, is no. The national Republican Party can’t even says yes to yes. And Boehner can’t do anything about that.
In May 1935, Pierre Laval, then the Foreign Minister of France, and also the once and future Prime Minister of France, met with Josef Stalin, the Soviet dictator. Laval, a Catholic, urged Stalin to stop persecuting Catholics in the Soviet Union. Stalin asked Laval why it mattered. Laval replied that continued persecution could provoke a quarrel between Stalin and the Pope.
Stalin replied, “The Pope? How many divisions does he have?”
I don’t think that anyone could confuse John Boehner with the Pope, but nevertheless, at this point, President Obama might ask the same question about Boehner. How many divisions does John Boehner have?
Fifty-nine House Republicans abandoned Boehner on the “compromise” appropriations bill. Even though Boehner depicted it to them as a Republican victory on par with, say, the Battle of Stalingrad.
And now, Fox News has reported that between 80 and 120 Republican members of the House will vote against any bill to increase the debt ceiling, no matter what else is in it. You can be sure that Fox News knows what Republicans in Washington are thinking – because Fox News tells them what to think.
So somewhere between a third and a half of all of the Republicans in the House of Representatives are going to vote against increasing the debt ceiling, no matter what Boehner puts in front of them. Boehner is a general with no troops. The coach has no players. The teacher has no students. The chief has no Indians. The bride has no bridesmaids.

That’s why Boehner is always crying.

Please sign our petition at www.No-Cuts.com