$7.77 Trillion - 'Secret Fed Loans..' - 'Fed Plotting to Monitor Critics, Tailor Propaganda'

<blockquote>'The most puzzling aspect about the Bloomberg revelation is why there is not more public ire against Congress, the Fed, and banks over this.'

- Mike "Mish" Shedlock 'Jon Stewart on the Daily Show went after the Bernanke Fed last week following the disclosure by Bloomberg of $7.7 trillion lent to US banks on which they made billions of dollars in profit, at no risk.', December 05, 2011</blockquote>


<blockquote>'$7.77 Trillion

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.” It dwarfed the Treasury Department’s better-known $700 billion Troubled Asset Relief Program, or TARP. Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year.

“TARP at least had some strings attached,” says Brad Miller, a North Carolina Democrat on the House Financial Services Committee, referring to the program’s executive-pay ceiling. “With the Fed programs, there was nothing.” '

- Bob Ivry, Bradley Keoun and Phil Kuntz, Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress, November 28, 2011</blockquote>


Context

<blockquote>Banking Reform

Blame the Fed for the Financial Crisis

'Ron Paul Is More Mainstream Than His Opponents'

'..Bernanke Goes Watergate, Prepares To Eavesdrop On Everything Mentioning The Fed' 09/25/2011

Fed Plotting to Monitor Critics, Tailor Propaganda, 27 September 2011</blockquote>