New post on Scotty Starnes's Blog |  | The bailout figures continue to go up and the U.S. taxpayers may never know the true extent, or costs, of the Federal Reserve bailing out US and foreign banks. Via Levy Economic Institute: There have been a number of estimates of the total amount of funding provided by the Federal Reserve to bail out the financial system. While the Fed at first refused to provide data on its bailout, the Congress—led by Senator Bernie Sanders—ordered the Fed to provide an accounting of its actions. Further, Bloomberg successfully pursued a Freedom of Information Act suit for release of detailed data. That resulted in a "dump" of 25,000 pages of raw data. Bloomberg has recently claimed that the cumulative "spending" by the Fed (this includes asset
purchases plus lending) was $7.77 trillion. However, the reports have not been sufficiently detailed to determine exactly what was included in that total. We have conducted the most comprehensive investigation of the raw data to date. We find that the total spending is actually over $29 trillion. This is the first of a series of working papers in which we will present our results. We hope that other researchers will compare these
results with their own, and are providing detailed break-downs to aid in such comparisons. Continue reading>>> | | | |
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