Nov. 28 (Bloomberg) — The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing.
The Fed didn’t tell anyone which banks were in trouble so deep they required emergency loans of a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market interest rates, Bloomberg Markets magazine reports in its January issue.
Saved by the 2007-2010 bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
While Fed officials say that almost all the loans were repaid without losses, details that emerge from 29,000 pages of Fed documents obtained under the Freedom of Information Act and central bank records of more than 21,000 transactions suggest taxpayers paid a price beyond dollars as the secret funding helped preserve a broken status quo and enabled the biggest banks to grow even bigger.
“When you see the dollars the banks got, it’s hard to make the case these were successful institutions,” said Ohio Democratic Senator Sherrod Brown. “This is an issue that can unite the Tea Party and Occupy Wall Street.”
We are nearing the time when people who ask “what is Occupy about?” can not continue to hide behind their feigned innocence. The question is becoming a marker of sorts- one that warns of either of the false ignorance of the terrified 1%, or of a head shoved so far up one’s own ass that there really is no use in even trying to explain.
During the first two months of the nationwide Occupy protests, the movement that is demanding more out of the wealthiest Americans cost local taxpayers at least $13 million in police overtime and other municipal services, according to a survey by The Associated Press
No. This is wrong. During the first two months of a valid people’s protest, municipal governments have chosen to spend $13 million dollars on riot police and pepper spray in a power struggle against an ideology; rather than relying on non-violent interactions and responding appropriately to any reports of violence or crime.
Perhaps you are one of the people who believes that Occupy has been fomented by some big corporation or powerful union as a secret plot to… what was it again? get Obama re-elected? legalize gay marriage and force underage girls to get abortions while hookers sell them crack?
Yeah, no… this is called a social revolution and it’s as real as gravity- I mean- Jesus Tugs.
“But when a saga popular with pre-adolescent girls peaks romantically on a night that leaves the heroine to wake up covered with bruises in the shape of her husband’s hands — and when that heroine then spends the morning explaining to her husband that she’s incredibly happy even though he injured her, and that it’s not his fault because she understands he couldn’t help it in light of the depth of his passion — that’s profoundly irresponsible.”—
Totally agree with this. Meyer doesn’t actually depict the sex scene itself, and can you imagine if she had? “Edward’s hands on my throat almost choked out my breath,” “his grip on my wrists almost made me cry as I looked up into his beautiful, perfect face,” etc….Lots of readers would be really alarmed at this being Bella’s first sexual encounter, and with good reason.
It’s one thing to have a bruise or two afterwards when you’re experienced in sex—maybe because you indicated to your partner that you like it rough—and another thing to look really beaten up after losing your virginity on your wedding night.
By eliding over the actual sex, ostensibly to be more “appropriate,” Meyer effectively normalizes abuse in a way that’s really inappropriate.
If my laptop had a “THIS” key, it would have fallen off the keyboard from this post alone.
Tell you what, Antique Beast, you called me on my shit and I’m going to own it. What I should have said was simply: the fact that people are scared to go OWS because their boss might see them and FIRE THEM- is the very reason OWS exists. Thank you to everyone who is there, from everyone who can’t be.
If you can’t go to Occupy because you’re afraid your boss might see you and you’ll lose your job… you might need to ask yourself where the FUCK you live and how much longer you’re going to sit around being ok with your status as scared little cog.
It is no longer necessary for you to continue claiming that OWS is unorganized, not unified, and lacking direction; as we have decided to go ahead and start the revolution without you. Feel free to stop by sometime and check out how communities function in a healthy way. Or you can stay in your nursing homes- oops, I mean state and federal government buildings- and enjoy the creamed shit. We’re fine either way.