[source]
From the article: "The data reveal banks turning to the Fed for help almost daily in the fall of 2008 as the central bank lowered lending standards and extended relief to all kinds of institutions it had never assisted before."
I'm actually surprised to see this kind of truth in a large newspaper. This is basically the kind of thing that would happen from an audit of the Federal Reserve, I'm assuming? Except to a much great extend considering they didn't even feel the need to cover this up.
I actually saw this over at HuffPo before reading it in The Record (NJ). Although it was a welcome surprise to find this news being covered at all, I wish there was more outrage.
"The American people are finally learning the incredible and jaw-dropping details of the Fed's multitrillion-dollar bailout of Wall Street and corporate America," said Sen. Bernard Sanders (I-Vt.), a longtime Fed critic whose provision in the Wall Street regulatory overhaul required the new disclosures. "Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions."
That's great and all, but call me skeptical.