Winter Patriot Community Blog

As if we should be surprised. That the fed loaned out to banks more money than the US National debt. 16 Trillion (with T) dollars! WTF.

OK I know we are no fans of Ron Paul over here, but this is just too interesting for me to pass up,
http://www.policymic.com/articles/14098/ron-paul-was-right-all-along-her...

The first ever audit has been conducted over the last few months due to an amendment in the Dodd-Frank Bill. The results were truly staggering. Over $16,000,000,000,000.00 has been given in bailouts to banks and other corporations throughout the world from December 2007 – June 2010. Remember, that is just for a three year period. The Federal Reserve has been in existence since 1913. This $16 trillion dollar figure surpasses both the national debt and the annual gross domestic product for the United States.

According to the TARP, only $700 billion was supposedly given out to faltering banks and companies. However, Citigroup alone received $2.5 trillion. The Fed loaned money to banks in France, Scotland, and Belgium. Here is the list of some institutions that received the most money on page 131 of the report:

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)

According to Senator Bernie Sanders, “This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else.”