December 4, 2011
The Wisdom Fund
Report: The $16 Trillion Bailout
U.S. Senator Bernie Sanders: "As a result of these GAO reports, we learned that the
Federal Reserve provided a jaw-dropping $16 trillion in total financial
assistance to every major financial institution in the country as well as a
number of corporations, wealthy individuals and central banks throughout the
world."
On page 130, the GAO states: "Table 8 aggregates total dollar transaction
amounts by adding the total dollar amount of all loans but does not adjust
these amounts to reflect differences across programs in the term over which
loans were outstanding. For example, an overnight PDCF loan of $10 billion
that was renewed daily at the same level for 30 business days would result
in an aggregate amount borrowed of $300 billion although the institution, in
effect, borrowed only $10 billion over 30
days. In contrast, a TAF loan of
$10 billion extended over a 1-month period would appear as $10 billion."
U.S. Debt: $15 Trillion -- $48,000 per person, $134,000 per taxpayer
"'War Is A Racket'," The Wisdom
Fund, September 11, 2001
The Enormous Cost of War," The
Nation, August 17, 2007
"The Bailout: Socialism For the
Rich, Free Market For the Rest," The Wisdom Fund, September 19, 2008
"The Looting of America,"
The Wisdom Fund, February 7, 2009
Tracey Greenstein, "The Fed's $16 Trillion Bailouts
Under-reported," forbes.com, September 20, 2011
"The Occupy Movement," The Wisdom Fund,
October 5, 2011
Mike Whitney, "The 50-State Foreclosure Settlement: Why Hasn't Anyone Gone to
Jail?," counterpunch.org, February 21, 2012
Ezra Klein, "The invisible welfare state of the top one percent,"
washingtonpost.com, March 2, 2012
Gar Alperovitz, "How Big Banks Run the World - at Your Expense,"
truth-out.org, June 8, 2012
Alex Newman, "World Bank Insider Blows Whistle
on Corruption, Federal Reserve, thenewamerican.com, May 22, 2013
Peter Allen, "Head of the IMF Christine
Lagarde in court charged with embezzlement and fraud, standard.co.uk, May 23, 2013