Fed Bailed Out McDonalds & GE – With Your Money

McDonald's logoGeneral ElectricSuppose you were an idiot, and suppose you were a member of Congress; but I repeat myself. — Mark Twain

Craig Torres and Scot Lanman writing for Bloomberg:

The Federal Reserve’s emergency lending during the financial crisis spanned the global economy, from the largest U.S. financial firms to community banks, hedge funds and a fast-food company.

The Fed, in compliance with orders from Congress, today named recipients of $3.3 trillion in emergency aid. Among them were U.S. branches of overseas banks, including Switzerland’s UBS AG; corporations such as General Electric Co. and McDonald’s Corp.; and investors like Pacific Investment Management Co. and computer executive Michael Dell.

Lawmakers demanded disclosure, over the Fed’s initial objections, as U.S. central bankers pushed beyond their traditional role of backstopping banks to stem the worst financial panic since the Great Depression. The Fed posted the data on its website to comply with a provision in July’s Dodd- Frank law overhauling financial regulation.

“Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations,” Senator Bernard Sanders, the Vermont Independent who wrote the provision on Fed disclosure, said in a statement today. “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.”…

[continues at Bloomberg]

, , , , , ,

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    This exemplify’s our national cowardice. We have gone so far down the rabbit hole of lies and hot-patches to our economy. We’ve come to the situation that letting such corporations fail (I wouldn’t hesitate at this point to say that “corporation” is synonymous with “too big to fail”) would awaken so many US citizens that it would be uncontrollable by the powers that be. Their fearful assumption is that without the “important leadership” of tiered management for corporations we would fall apart. They assume that the millions upon millions of those employed by them will turn into wandering zombies not knowing how to apply anything from the 20~60 years of their lives to some other job.The scary thing is this: they are right! They have turned us into “cash register specialists” and “box movers” “store item aisle locators”, “pickle placers”, “taco meat scoopers” etc.; they’ve given us 8 hours to do one menial task per day where 1 person could easily take the job of 5 or 10.From their standpoint they’re too invested, they cannot afford to NOT bailout these corporations because they stand atop the masses that they hold down…I say let them fail, and see what happens; It’l be a wild ride…

  • http://hormeticminds.blogspot.com/ Chaorder Gradient

    This exemplify’s our national cowardice. We have gone so far down the rabbit hole of lies and hot-patches to our economy. We’ve come to the situation that letting such corporations fail (I wouldn’t hesitate at this point to say that “corporation” is synonymous with “too big to fail”) would awaken so many US citizens that it would be uncontrollable by the powers that be. Their fearful assumption is that without the “important leadership” of tiered management for corporations we would fall apart. They assume that the millions upon millions of those employed by them will turn into wandering zombies not knowing how to apply anything from the 20~60 years of their lives to some other job.

    The scary thing is this: they are right!. They have turned us into “cash register specialists” and “box movers” “store item aisle locators”, “pickle placers”, “taco meat scoopers” etc.; they’ve given us 8 hours to do one menial task per day where 1 person could easily take the job of 5 or 10.

    From their standpoint they’re too invested, they cannot afford to NOT bailout these corporations because they stand atop the masses that they hold down…

    I say let them fail, and see what happens; It’l be a wild ride…

  • http://profiles.yahoo.com/u/LZNJUGQUKQ5GBYR3FZ3D4FJF7I Donald

    We Bailed Out McDonalds?

    Mega Bummer…I was hoping for sanity to return to the U.S., looks now like it’s been absolutely killed.

  • http://profiles.yahoo.com/u/LZNJUGQUKQ5GBYR3FZ3D4FJF7I Donald

    We Bailed Out McDonalds?

    Mega Bummer…I was hoping for sanity to return to the U.S., looks now like it’s been absolutely killed.

  • Pingback: News Briefs 07-12-2010 | NPN – Noah Proofed News

  • giorgi

    I am George from Georgia. I love the McDonald’s menu. I go to often but at the same time it is also dangerous for the organism. It contains a lot of bad substances.

  • giorgi

    I am George from Georgia. I love the McDonald’s menu. I go to often but at the same time it is also dangerous for the organism. It contains a lot of bad substances.