'..$7.77 Trillion .. as total commitments..'<blockquote>'..The amount, $7.77 trillion, was never characterized by Bloomberg as money lent by the Fed, though other commentators have mistakenly used it in that context. Rather, Bloomberg has said that that amount represents what the Fed “lent, spent or committed” or the total of all “guarantees and lending limits.” Bloomberg has been careful to characterize this number as total commitments, not loans that went out the door.
..
As noted in the Nov. 28 Bloomberg article, the $13 billion figure was based on a metric banks regularly report called the net interest margin -- the difference between what they earn on loans and investments and their borrowing expenses. Those expenses include interest paid to the Fed for their loans.
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Bloomberg News Responds to Bernanke Criticism of U.S. Bank-Rescue Coverage , Dec 7, 2011</blockquote>
'..the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system..'<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>
$7.77 Trillion - 'Secret Fed Loans..' - 'Fed Plotting to Monitor Critics, Tailor Propaganda'Defending the Austrian Explanation of the Great Depression.. December 05, 2011
The Science of Human Action....Praxeology (the logic of human action)Bernanke's Bubble Laboratory</blockquote>