Click the post title above to see today’s video! Catch all of your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com!
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Billion,Trillion or Zillion. It doesn’t matter. We need to shut down our monitary currency and start over. At this point colored paper is just colored paper
I think the gov. is shhadyyyyyyyyyyy!!! anyone with me?
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Has any of these fund been paid back or on a payment plan??
After reading all the replies posted concerning the Fed Reserve and mortgages, and etc. My comments about all of it is: We are facing now the most corrupt, devious, dishonest, facist, communist group of people in our history that are in power. Everyday more control on the people, more favors/contracts given to the rich labor unions, more under the table dealings, no respect for the people, borrowing money to give to foreign countries and we in the working world have to pay for , nearly 50% of the people here are not paying taxes, illegal immigaration that gets food stamps, free health, educate their kids, family assistance and if the government thinks they are paying taxes or intend to they haveven’t lived with them or had to work with them. No other country in the workd allows this to be! They are deported, jailed and They can’t work or receive any benefits. How stupid can we be. The liberals that want to save the world have created our own financial problems in every state. Of course, they migrate to the states where the state is called a “santuary.” It is quite obvious that our president has surrounded himself with people with the mind set to change our system that has made us the most successful country in the world. Their doing a great job! Un-Employment keeps going up, business’s that have been here ofr 100 years are filling bankruptcy, mom and pop family stores are closed, empty bldgs in every city, towns, more and more homeless people, 40cents of every dollar is borrowed and then we gave it away to countries and to private friends of the president such as George Sorres of Brazil. He got awarded a permil to drill oil off the coast of Mexico where they poured concrete to close all the oil wells there. The president speaks from 2 sides of his mouth. He is destroying America every day. He doesn’t respect the flag and he has stated that him and Michelle have gone to flag burnings. He doesn’t respect the Congress. He really loves the exceutive power to sign in what he likes to do when Congress has not approved the bill. Are any of you surprised of what is happening under the table. There a whole lot of us that aren’t. I love Nancy Polesie’s statement when it came to the Health bill. “Just sign it and then we will tell you what is in it,” as she was clapping with glee and you only have a few hours to read over 2,000 pages. How much of this health bill are you aware of? Have you checked on the list of how many unions, churches, McDonalds, Muslims, and etc that will not have to pay for or abide by the health reform bill that is fashioned after Englands social medicine. The senior citizens who have been paying for a lifetime, are singled out for costing to much money. It also addressing others that have renal problems, sorry we won’t pay for this anymore. Your going to die anyway so just have your doctor counsel you in how to kill yourself or how he will. And if you choose not to participate, guess what, you are fined $2,500, jail or both! It is a classic situation that Hitler addressed. Line them up, tatoo them on what death
camp they are going or what work camp if they are strong enough. Do you see the line for the children, the mentally changelled, the physically handicapped moving slowing to the gas chamber as the orchestra playes soft music? I you think it’s all BS get out your undoctored history books and start reading. My friend from Poland, who lived under Communist rule has told me many stories. The the government took over we starved, the government controlled what the farmers could raise and grow, they closed the factory that employed a lot of people. What they didn’t want there in the area to feed , they shipped off to other countries, they took all the guns, we had no way to defend ourselves, no one was paid more than any other person whether you worked and he lay on a cot drunk. If you had any item more than your neighbor and it was reported to the “board” there was a knock at the door, the item was taken along with a family member that didn’t come back. They came her for freedom of speech, free to work and be rewarded for their work, be safe from a knock on the door.
Take a good look at what is happening here. The media doesn’t tell us the truth in fact no news since the president’s czar met with the FCC. CBS,NBC,ABC are large financial supporter of the current president. If your not a Tea party supporter, a conservative of other parties, do not listen to Fox news you not getting the truth or what is really happening today. Do you know about the 50 mile sq self contained china city to be built within the US? Idaho, PA, Michigan. The one to be built is near the airport at Boise? I sure makes me feel safe… and most of our Congress is in favor of this. I can see the Communist flag flying now. It’s too late then. I’m not going to answer your replies, I have lived through a 30′s Depression and this today is so much worse and I feel that there is no stopping the madness that is happening today. There’s only one set of rules now, what the president wants, the unions, the entitlement groups, the group of peoples that think they have rights when they are illegal in this country and should have no rights. They should not be taking a job away from a citizen whether he be black, asian, white, indian, and etc. Have you checked to see how the US rates with other nations? China, India are the highest in the world. We are not even close in their area.
Putin made a statement to some students recently, He stated that the United States is a parasite on the back of the global world, their a living beyond their means, and are causing havoc for the rest of the global world. Since we have become so so global, we certainly have gotten poorer! Have a Great Day!
[...] see VIDEO $1.2 Trillion in EXTRA BAILOUT MONEY FROM FED SECRETLY GIVEN TO DOMESTIC AND FOREIGN BANKS [...]
Every bank that ran out of money should be out of business. its that simple. RESOLUTION TRUST could still work. watch out B of A, Citi, and you other dbags.
Capitalism works, clear the room and let us get back to work. Socialist Crooks in DC are stealing our money. The world would not have stopped if no bailout.
I think what you mean is legalized criminal activity that the feds orchestrated, And if their challenged they settle, so its known as a civil case with settlement…… its called “hush hush no guilty crime of criminal activity “realized” when it doesn’t go to trial. If 70 million home owners find out their banks, servicing companies/investors are not the true holder in due course to seize their assets, I think the gov will abide at such time. And the private corporation called the fed will be out of business.
Kirbywoo you seem to still be living in the past.
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
This is from the newsroom of Senator Bernie Sanders’ website:
“The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. ‘As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,’ said Sanders. ‘This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.’”
So who were the recipients of these loans? Unelected.org breaks down page 131 of the full GAO audit as such:
Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
Please, spare me for the moment all talk of the debt-ceiling. At this point I could not care any less. Its morphed into a fortuitous distraction for the Federal Reserve, which apparently is being governed by people who have quite clearly lost their minds. Debt limits have failed spectacularly to restrain the issuance of government IOUs, so its vexing to see so many take them so seriously. At $14.294 trillion, the current debt ceiling its bested by the amount already lent by the Fed. Similarly, the effects of a government default on its debt obligations have been blow way out of proportion.
This is what causes recessions. Not the Community Reinvestment Act. Not Fannie Mae or Freddie Mac. Not the ratings agencies. Not credit default swaps or stock options or bundled mortgage securities any other financial derivatives. Not increased savings. Not the Chinese. Try fiat credit expansion…
See full article here… Fight The Fraud
I believe that the intent of the broadcast was to point out that since the Federal Reserve actually receives their money/credit from the U.S. Treasury Dept that the taxpayers pay for, what law or rule of capitalism gives a private entity like the Federal Reserve the right to have the taxpayers PAY for the losses of the banks, instead of having the banks and the affected homeowners pay for their own losses as capitalism demands?
Read the http://unitedinprosperity.org petition, modifications were never about affordability or the homeowners financial hardship but retaining the negative equity homeowner by protecting the investors PRINCIPAL investment with a modification versus the investor and the CDS would definately lose money from a negative equity foreclosure situation.
The first ever GAO Audit of the Federal Reserve!
Here is the audit! http://www.gao.gov/new.items/d11696.pdf
The secret bailout amounts to about $16 Trillion!
See full article at: http://fightthefraud.com/373
The true amount of the bailout is over 13 trillion dollars. the 1.2 trillion you state is just a drop in the bucket which makes the original 700 billion a great deal. Did you know that the amount of money poured into the financial system could have paid off every mortgage in the MBS pools with money left over. I will try to locate the report that shows the exact amount that the government has spent/given to the financial institutions.
Did you know that the sub-prime market at it’s height was 1.4 trillion. If every sub-prime loan defaulted and you devalued by 50% that would make the sub-prime problem only 700 billion dollar problem. People wake up! the subprime loans did not cause this financial meltdown, it was the banks and investment banks borrowering against the MBS pools in the tune of a minimum 10 to 1. 12-13 trillion worth of MBS X 10 = 130-140 trillion dollar problem that can’t be repaid. We are not out of this mess by a long shot and I hate to say it but things are only going to get worse unless they address the very root of the problem (banks and investment banks) and start helping mainstreet. Jobs are not coming back until the housing market recovers, and we are years away from that.
DEAD ON ASSESSMENT ! BULLSEYE…..
finally somebody that understands the underpinnings of the real problem. the solution isn’t going to be painless. right now as reported by Realty Trac last month 6.5 MILLION mortgages were over 60 days late which means by now they’re 90+. Foreclosures will skyrocket as people loose their “I made an agreement and I am going to live by it” attitude when they realize they are paying 6% on a couple of hundred thousands in equity that vanished and their neighbors are socking away $3000 a month they used to pay their mortgage with and spent that on a good attorney to do a mod or stop foreclosure probably both.
I represent law firms that are incredible and there are now cracks in the “REDUCTION OF PRINCIPLE” mentality of big banks. BoA and Ocwen are reducing principle on mods very quietly but have formal programs. So is HAMP they avg $69K a mod on reductions where it fits.
The government could have solved the whole problem with putting the stumulus money where it belonged – fixing the ltv problem with offering the banks incentive there instead of borrowing at zero and keeping the money.
U r spot on there. excellent point made! the housing market problem is deep deep. Im with you as it will be a decade or so to stabilize.
The Federal Reserve was created in 1913 and part of it’s duty was to protect the value of the dollar. In less than 100 years the value of the dollar has fallen from $1 to less than 3 cents. It should be obvious to all that the goal of the Federal Reserve is to bring the value of the dollar to zero and thereby destroy our National Sovereignty and our Democracy. We can see it happening now. That last 3 cents will be the hardest to destroy the value thereof.
What was the Fed doing bailing out billionaires wives??? This is a criminal enterprise and needs to be audited and then ended. We can save hundreds of billions on interest alone by creating our own debt free money. Ron Paul knew of this years ago.
What I’m not reading anywhere is that the banks still owe the taxpayers almost $2 trillion. We would not be in the situations we are now (cutting and austerity) if we got that money back today. They haven’t paid everything back – so don’t think they have.
They will abide in righteousness upon civil war!
Only way to “correct” this situation is to continue with what the Tea Party started in the last election. Send clear message that money/power at Washingon level doesn’t count as much as accountability to the public that elects their “representatives.” And for the recently-elected reps who did NOT hold the line as they said they were…vote those bums out too. The system that we all piss and moan about is OUR system, IF we’ll take the time and a little effort to actually maintain it. The automatic float of the people elected, and the name recognition, and PACs etc, etc only serve the incumbent power-hungry politicians. One-term for the current Exhaulted Ruler, and the minions that are NOT minding the store…ONLY way to rescue those of us that are still hanging on originating loans…this in an ever-increasing morass of red tape and bonehead restrictions.
Came back to add that the stupid ass contest for Sexiest Whoever at the end of this vid severely undercuts your message here. Are we going back to high school with this stuff? I vote Brian for Prom Queen then!
It is shocking but we, you, all of us, need to get this out to mainstream America so others know. I think that people are just immune to the dollar $$’s and don’t quite know how it effects them personally. Will anyone be held accountable for this? I doubt it. But we should give it a try at least!
It is not that I am dulled by the magnitude of the bail out money or the amount of the federal debt … I am appalled that the American public is being virtually ignored.
We sent a message to congress in the last election but not only have they continued with deaf ears to do what they want, the newly elected representitives didn’t hold the line for which we elected them.
What is it going to take to get the governments attention that we are as mad as hell and we won’t take it anymore? Maybe if the vast majority of American’s stoped paying their income taxes … would that get their attention? We could do it as a gesture of our anger with their lack of accountability. Kind of like another Boston Tea Party but instead of throwing tea overboard we will just stop feeding the beast.
I am dulled to answer your question. My question is who has paid their back funds? What are the note arrangements?
Good lord – I should have read my comment before hitting send. Let me give it another go: Who has paid back the funds that were borrowed? What are the payback arrangements and why isn’t this big news? Seems crazy that we are loaning money that we don’t have and instead we borrow from China?
We The People are paying this back. The money generated by our taxes is paying interest to the Feds. This is a private arrangement that has the kiss off of approval by our voted in legislature.
The system is sick and needs to be put down. Imagine what would happen if we all went Cassius Clay on them and became “consciencious objectors” to paying our income tax. What would they do?
Evil your so evil, i love it!
“The Fed loans money to the banks on a daily basis. There is an established relationship there.” – Gary, doesn’t every single homeowner have an “established relationship” with his/her lender? The banks borrowed money from us…yes, that’s YOU and ME and EVERY taxpayer out there…since we are the ones on the hook for repaying the debt, not the FED. By your logic, shouldn’t we get to fill out a single page form for a modification, with no credit check, no asset documentation, and at discounted rates….because we have “an established relationship”, AND we are asking for them to use our future incomes to help us now? Yes, the FED does have a place in the banking system, but to write checks to companies who obviously have and continue to abuse the system is ridiculous!
Could we have an over 50 Division or a Heavy Weight Class? Then I might stand a chance at the Sexy Fest. Can I use a 25 year old picture? Most agents do with their signs and business cards.
Like pulling a loan out on a broken down car you are upside down on. Looks like sub-prime loans are not dead as long as you have the right friends.
Frank & Brian…I would love to have citations for the documents supporting the stories on which you report or a link the website from which you gleaned the information that your report. Would it be possible for you to offer this additional service. I have noted that you have done in the past on many of your stories and announcements. I would love to get the citation or website link for the Frankenstien Doddering report required of the Fed. Please advise.
As a Realtor watching all these home owners illegally thrown out on the streets for the past 4 years, while the banksters and servicing companies lied to these home owners saying “Oh yea your good just keep sending in this $ amount per month and your going to be fine, long enough to collect from these home owners as much in pocket then pull the rug from under them and foreclose to collect off the assets they were not even the holder in due course of, while the courts allow this is a shock to what I once knew…but the courts are controlled too to lean towards the banks and not the law. These poor people /families /kids /animals thrown out of their home and lied to by these bastards!
Their have been families who killed their entire family thinking their was no other way out, their were people who hung themselves or put the gun against their head and pulled the trigger!! THIS IS MURDER FROM THE BANKS AND ALL INVOLVED. They made these people feel worthless in a controlled society that has been sold out.
All I can say is anonymous is watching as it folds out.
Jenniffer Quinn / Realtor
Dare to care!!!
I hate the way that people use the word Trillion. It has little if any meaning to most people. Instead of saying the secret money was 1.2 trillion dollars I recommend that we has 1,200 BILLION dollars. I think that most people have some comprehension of what a Billion is. 1.2 Trillion does not seem to be that large. 1,200 Billion. Wow – that’s a lot of billions. What do you think?
I should proof more. I meant to use say not has.
I just got an email. I KNOW WHERE THE MONEY IS GOING! Some of the servicers are giving as much as 35,000 to the seller to do a short sale. The one mentioned wasnot not even a multimulion dollar home, the value listed was 335,000. Thank you citi Bank! the fed and the banks have been screwing us again . it would have stimulated the economy more to give each household 250,000 and probably been cheaper! LOL Source: THe short SAle expeditor. I guess all this explains the the 25% inflation on most staple items like gas and Food
good point, but think of why they are doing this? they cant provide they are the holder in due course, meaning their not,the legal owner to be paid on the home, Meaning No assignment done & no chain of title by law no foreclosure.
example = if home is worth $200,000 they give say $20,000 for something in return that they legally don’t own, they reap $180,000 in free money. This way their is entitle ment with an agreement with signature to deal for them.
kirbywoo right on!
hey slim shady- the other dollar comes from issuing credit- the Fed does not print money; they create it by issuing credit.
Nick- newsflash; the Fed is private- never has been audited. Please post some thoughts about the last book you read; and no……the man in the yellow hat does not have a name.
By definition but not by practice.
My last book was on “How to try and communicate with a Liberal”….
You got that question right out of the liberal press to one of the candidates. Didn’t work their either.
Remember making the same mistake over and over is insanity.
This is another case of the Blind leading the Blind. Obviously you all know how to use a computer, why don’t you research these questions before you pronounce that something sneaky is going on. The Federal Reserve System conducts the nation’s monetary policy, supervises and regulates banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
This is not taxpayer money!!!!!! It is MEMBER BANKS MONEY. The Federal
Government receives the profits from the Federal Reserve System.
Joann, what planet do you live on. The fed has no money except the paper it prints. When it prints paper it degrades the wealth of the people. It’s theft pure and simple. This whole thing is a shell game with no pea and we are the sucker. It won’t stop until the economy emplodes. By the ways humanity was been doing it throughout recorded history.
Not taxpayer money??? Member bank money???? Nation banks are rivaled only by the prince of darkness.
Yippie! Now there is a source that makes sense. Right on, I have no idea what you said but I’m in total agreement. The fed securing the financial security of foreign banks and the profit goes to the Federal Government!! Can’t beat a deal like that!! Whoooooo!
You cannot have a free market system without free market money. If there is $1.00 in existance and you borrow it by promising to pay back $2,00, where does the other dollar come from? At this time in order for the USA to economically stay afloat the US treasury has to print money since there is currently not enough of a consumer based economy to sustain the country so it would crash. However; we will soon print so much money that eventually deflation will kick in and we will crash. So put your helmets on since the end result is the same, it just may take a little while longer to hit the wall. Real value, the $1.00, does not dissapear, it just gets redistributed which allows the markets to settle into fair market value. Have a happy day!
slim – “However; we will soon print so much money that eventually deflation will kick in and we will crash.”
HUH??? This doesnt even make sense.
BTW Frank & Bryan … didnt you hear, capitalism failed.
capitalism has not failed it has been sabotaged and hijacked by socialist, commie liberal policies wanting “fairness” (aka shared misery through tyrannical oligarchy rule)
Capitalism is not the best system imaginable, it IS the BEST SYSTEM POSSIBLE.
get the gov’t's choke hold off of the throat of the free market and we will all be able to propsper once again.
I believe that was the Bush administration that made that statement.
1) Deregulate 2.) Privatize 3.) Outsource
It was actually the capitalist that killed capitalism through unmitigated greed.
There can be no “free market” unless the playing field is leveled in some respect with at least some minimal rules. What we had was the wild west and now we are paying for that.
Memory check- TARP was DUBYAS DEAL FOLKS. So were the 2 UNPAID for wars thankyouverymuch.
what is happening NOW not then is outrageous. I am sick of congress passing laws to regulate us YET it seems that our government does not have to follow these regulations. self employed people find it hard to get financing because they have to prove their income meanwhile these banks do not??? i am ready to abolish the federal reserve and the IRS and fire congress.
Best comment all morning…
You know these posts are monitored. You should, for your own protection, retract these statements. They are watching you…..
At this point. Billion, Trillion or Zillion. It doesn’t matter. We need to shut down our monitary currency and start over. At this point colored paper is just colored paper
Guys, we’re driving from ATL to Raleigh to see you, and heard you say today that it’s starting at 11AM – our tics and paperwork say 1pm to 5pm. Are you buying lunch? Also as Realtors who care about our Clients and our Country, we’d rather not hear the four letter word starting with b and ending with k. We get sick just thinking about where “our” taxpayer money is thrown by one, sick boma and his bloated regime – to self-serving manipulators. Don’t get me started tomorrow, please.
Are any of us really surprised, the clock is ticking to financial implosion 2, a reset is needed and a purge that should have happened in 2008 is necessary!
What does any of this have to do with writing a contract, originating a loan, closing a deal and picking up a paycheck? We can only work with what we are given, what we have, and with the “tools” with which we have to work. Concentrate on understanding the programs of today and making deals work. Yesterday’s rules are no more, and tomorrow’s rule are unknown. Deals will be done regarless of interest rates!
Not talking about interest rates…..Policy and Procedures is not on a rate sheet…sorry for the disappointment.
It has EVERYTHING to do with our job. Your theory is to put your head in the sand and do/say nothing and not be educated about what our Gov is doing with taxpayer money? Are you a CEO/VP at a bank??
Liberalism IS a mental disorder.
TARP was started by the Bush Admin and continued under the current Administration. This convervative vs liberal is just hogwash thrown to the masses by the politicians. This is civilians vs politicians.
Pretty sure “most” of us are just numb at this point! I watched this Daily and kinda just said – Oh Well.
Funny part is we look at those massive #’s in the media everyday and brush them off – yet try and stick us with a home warranty at settlement for $400 bucks and watch how we fight!
One more thing. As for the rate of 1.1% that these loans were made with, I don’t seem to recall you, or anyone else complaining about that in November of 2008. As a result in the rates charged banks by the Fed, our mortgage rates dropped like a rock from the 6’2 to the low 5′s and we were off and running with the largest refi boom since the 1980′s. I’m sure that you both, like every other LO in the country, benefitted from that. Let’s just remember what caused it, the Fed lowering of rates that they charge banks.
O.K. now I know you are a shill for the Fed… Having a banking cartel (the Fed) price fix rates artificially creates, or at least sets the table for the boom and bust cycles. Greenspan and easy money led to the bubble and burst. Derivatives MBS’s, CDS, and ridiculously loose lending standards were the other part of it. Banks SHOULD go out of business for allowing NINA / SISA / No doc loans. Those are not around anymore. Let me ask you, what do you call a 1 page application to borrow Billions with no collateral? Looks Like NINA or No doc to me, and on a scale (relative to L.O’s) that is simply mind boggling! Where is Frank Dodd for them? BTW parts of this bailout WERE done in secret. The amounts, and to whom, -WAS/WERE largely secret- back then. Bloomberg had to SUE to get this information via the Freedom of Information act, and the Fed has tried to thwart disclosure at every turn. Under the guise of showing a balance sheet in trouble would erode confidence… Puullease- if a Banks balance sheet is in trouble (even with) using all the advantages of fractional reserve banking mark to market accounting etc… Then you should be weakened and go out of business. Not all Banks we’re stoopid and leveraged to insolvency. Having the FDIC backstop a run on deposits would have been less costly than the trillions in bailouts (and then unnecessary, because the FDIC backing 250K each would and did calm depositors.)
Not everyone benefited from the refi boom of 2008. Most of my clients could not qualify for the new loan. They either didn’t have enough equity or their ratios were too high.
You guys should put your money where your mouth is and run for office and make a change . this show will not do it . We need more info on hoe bad housing is and the real crash is coming in a few months and less political BS . Every other industry moves on and prospers with regulation and government, housing should be no different . Get better scripts and dialog please so sick of the Dodd Frank issue , the BOA crokks etc , boring . This late Novemember lock your doors the USA is in for a huge crash of the markets and housing values have another 26 % down to go .
you make no sense. The problems you luist as “tired” are still at the heart of this mess. The Dodd Frank manifesto is the death nail of small business and trading.
1: This “show” can be used for basic information. It is up to us to verify and follow up, Like Voting and getting active with the respective boards (Realtor and MLD)that have lulled themselves to sleep.
2: If you are in the industry it does not take a “Show” to tell us how bad it is…turn off your tweeter and facebook and get out and look around.
3: Industry does not, has not and never will move on productively with assnign rules and regulations. It simply is counter productive…
4: The things that seem to be BORING you are the heart of the problems, along with mind sets like yours.
5: I do agree with you on future loss in value especially if the banks release their pending foreclosures in their inventory.
I DO care about these shenanigans…..but I am unfortunately not surprised. So much goes on behind the scenes in Wash DC and corporate boardrooms that we still are not aware of. We no longer live in a democracy…….if the corporations run “Amerika”….then I believe that is called fascism. We live in a fascist state that “pretends” to be a democracy. Just wave the flag around a little and play the national anthem and people get weepy-eyed…the masses are easily fooled.
Come on guys, stop drinking Ron Paul’s koolaid. This was never done in secret. I clearly recall the “asset loan program” that took place in the fall of 2008. It was all over the news. Just because you weren’t paying attention does not make this some sort of giant conspiracy. However the Tea Party wants to play it, Ben Bernanke is not out to have the Fed ruling the world from a smoke filled room. Would you have preferred the alternative? Total collapse of the world banking system and return to the barter system? How many deals do you think that you would have been closing if that happened. It’s easy to arm chair quarterback now, but it’s also easy to forget how close we came to a financial collapse that would have made 1929 look miniscule in comparison.
Sorry Garry P but I think you have been in Bernanke’s or someone’s smoked filled room a little to long.
….and don’t tell me you haven’t been inhalin’
Nick: Sorry, but I have never been a big fan of “revisionist history.” This is just an example of bending of facts and carefully forgotten details that are used to justify some sort of preconceived notion. If you want to buy into that, then go ahead and continue to live in your own dream world.
Gary, I think you’re a bit misguided as to where the bailout money went and how it was used.
“It’s easy to arm chair quarterback now, but it’s also easy to forget how close we came to a financial collapse that would have made 1929 look miniscule in comparison.”
Really? looks like you completely buy into all the panic peddling, as so many others have! As for people not paying attention, there’s a big difference between not paying attention and not spending hundreds of hours reading thousands of pages of a bill filled with nonsense, which totally favors the banks and looks out for their interests over those of the people. Lastly, can’t we stop trying to label everyone who doesn’t believe all the lies as a conspiracy nut ?
Bob: I think you are confusing two issues here. For the most part, I agree with your comments on Dod Frank. However, that was not the point of discussion here. I was referring to the emergency actions taken by the Fed in the fall of 2008 to inject liquidity into a banking system that had none and as a result, banks were starting to fail. Remember what happened to Merrill Lynch? That was just the first domino and the Fed stepped in stopped the rest of the bank system from collapsing by injecting cash into the system using MBS and other assets as collateral for those loans.
Why was Merrill Lynch bailed out, but not Lehman Brothers a week before? I can tell you…..It’s because the politicians pension funds are held by Merrill Lynch. It’s true! Look it up. The only reason Merrill was saved is because the politicians didn’t want to lose their pension funds. Follow the money.
Misguided is somewhat of an understatement.
The fact is NOBODY can figure out let alone justify how and where that money went.
Gary P- Are you a shill for the Fed? Or just a Gov fed pablum propaganda lover? Did you look in your crystal ball to know there would have been a collapse without this largess that eroded our spending power and is going to kill the dollar and middle class? You need to stop drinking the unregulated FED / Bankster / Kleptocracy kewlaid, and recognize we are no better off today than in 2008. In fact it’s going to be way worse because the banks that should have failed have not. Derivative and Credit default swaps, & unregulated hedge funds, are still around and the lesson is leveraging for huge profits at the expense of the taxpayer and economy and middle class is A.O.K…. So guess what? it’s going to happen again… Wonder why gold is way up? Faith in the system, is eroding because of things like this 1.2 Trillion secret bailout and the governments ability to have sound money policies.
I’ll say it again. There was nothing secret about it. If you weren’t paying attention, that does not make it “secret,” except in your own mind. CNBC and the other financial reporting companies reported on the program every day for weeks. I guess you just didn’t have enough interest in what was going on at the time to pay attention or is forgetting about that just more important to your need to be mad at somebody or something.
Covering up a cover up does not justify the action.
supporting CNBC and making up stories that they covered this every day for weeks I would venture to say is a liberal lie.
slamming Ron Paul and Tea Party while supporting Fed Res and the too big they needed to fail banks, I was wrong, you are with Van Jones’ group.
…Van Jones? or is it Rev Wright?
Do you have any idea what the alternative would be? All I know is what others say that the alternative would be.
Real Estate is Politics.
Realtors and Loan Officers alike have done their best to be in denial with mixing the two and now are paying the price.
I really don’t think you have seen the last of it or “The Bottom” because nobody can really assess the damage it has done, so far.
[...] – Coldwell Banker Advantage New Homes – Raleigh, NC — Leave a comment August 23, 2011 $1.2 Trillion in “Secret Bailout Money” Exposed!. Share this:LinkedInFacebookTwitterEmailPrintMoreStumbleUponRedditDiggLike this:LikeBe the first to [...]
I just used http://www.congress.org to write by Federal Representatives in under five minutes.
You know irresponsible lending created the recession and we’re likely facing a double dip. Can you please explain to me why the Federal Reserve was allowed to secretly lend 1.2 Trillion dollars, in addition to the TARP funds, to the likes of Morgan Stanley, Chase, Bank of America? Even more disturbing is the fact that other failing foreign financial institutions like UBS, Royal Bank of Scotland and Hypo Group out of Germany was able to borrow our assets using a one page application, no collateral and no guarantee to repay. Why? Isn’t time we audit and regulate the Federal Reserve Bank?d d Isn’t it time we let responsible private capital dismantle and rebuild these failing if not corrupt institutions?
Darrell: As I said in my comment above. There is a bid difference in doing something “in secret” and just not paying attention to something and then claiming it was done in secret.
Are you from Chuck Schumer’s office?
Audit the Fed, a partial audit turned up 16 TRILLION
this is just plain disgusting!!! Borrowers requesting a modificaiton are required to complete a FOUR PAGE application, give blood their first born child…These banks are not helping the families that need their assistance during hard times but they have the nerver to take money from our government . Where is the justice!!!
rfarrell: Would you have been more satisfied if they had to go through several weeks od underwriting while the entire financial system collapsed? Besides, its not exactly like Chase or Citi is some sort of unknown entity like a mortgage borrower. The Fed loans money to the banks on a daily basis. There is a an established relationship there. That’s what central banks do, that’s their function in any financial system.
YOU ARE FROM CHUCK SCHUMERS OFFICE. or is it Maxine Waters?
All of this Gov’t involvement has not helped housing at all, and to say what you THINK MIGHT have happened without this masssive destructive spending is like Obama saying he “saved” jobs.
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