With the recent uprising of the world’s economic woes, it seemed like the root of it all, the Feds had little choice but to begin a new form of transparency towards their lending programs, of which was never seen before. The list of companies in their report include: Royal Bank Canada (NYSE:RY), Bank of Montreal (TSE:BMO), CIBC (TSE:CM), Toronto-Dominion (TSE:TD), McDonald’s (NYSE:MCD), Citigroup (NYSE:C), General Electric (NYSE:GE), Harley-Davidson (NYSE:HOG).
And to think, during their latest quarterly reports these companies all on average give rather a rather bubbly and jazzy forward looking guidance! How about we all go in the backroom and print some fake $100 bills, I mean, I think we would all be a little more comfortable with our lives knowing we could do that. Shocking, disgusting, lying, deceitful… call it what you will, but for what it’s worth, it seems like the financial elite have garnered so much power over the mass media that it no longer matters when they are robbing the population right in-front of their noses. In fact, it seems the only thing the population is worried about is making sure they get their unemployment benefits extended.
Some Highlights of Crisis Lending
- $3.3 Trillion “Emergency” lending during financial meltdown
- 21,000 transactions
- $111 Billion in loans made under one Fed program to U.S. units of Canada
- 84 times to Goldman Sachs, total of $600 Billion
- $14 Billion is the amount banks have earned from July through September this year
- 271 number of loans to EU central bank from December of 2007
So one has to wonder now, whatever happened to the US Constitution? It seems like the welfare of the state is now a forgotten principle, and the only thing our governments care about is that the 1% wealthy continue to enrich their “oh so difficult” lives, while the honest hard-working middle and low class find it increasingly difficult to save and plan for the future. So, is this what being a free country is all about nowadays? The disease known as “lending”, especially sub-prime mortgages, has become so rampant these days, that AIDS and Cancer should no longer may have finally been trumpted for the winner of human pandemics.
How is it that the CEO of Goldman Sachs, Lloyd Blankfein can justify making above $25 million dollars a year, while the company has to make “emergency” call-ins for printed paper? Really? Whatever happened to rewarding those who deserve it based on merits and achievements? Oh, right, forgot that no longer applies and the only thing that is important in today’s world is to debase your currency in order to boost exports and somehow, someway avoid becoming the next Zimbabwe.
What’s the worst part of all of this you may ask? It’s the fat that the grocery stores you buy your food from are soon about the feel a real pressure to increase prices by more than 50% on all goods offered. Just look at that chart below offered by Finviz, this is the very definition of absolute insanity. It is a complete and utter insult to those who have any basic sense of economics that the measurement of CPI, inflation, and any other tools used by the Fed, that it does not include the prices of, YOU GUESSED IT: Energy, Food, basic materials… are you kidding me?
One word: Criminals.
Furthermore, Canada was from from the only country whose institutions tapped the program. Banks from Japan, Germany, South Korea, Israel, and Brazil also utilized the loans, which the Fed said were given to institutions in “generally sound financial condition.” Oh why thank you Mr. Bernanke, how nice, let’s all use hardworking taxpayer money in order to facilitate the needs of OTHER countries around the world, heck, who cares if they can even pay us back?
Factor in their Permanent Open Market Operations (POMO) of buying well over $10 billion dollars a day in stock market equities in order to prop up the markets, and yes folks, this is the ultimate bubble, the one that will engulf us all once it does pop. Call it what you will, the last stand, one last breath of hope, but if there is a God, you’d better start praying now, for those bankers making $25 million a year and buying up all of the world’s gold reserves will not invite you in their bunkers once the virus begins spreading.
Disclosure: No positions