Monday, October 28, 2019

$75 billion has increased to $120 billion

That's the amount of money the New York Fed is giving each day day in cheap overnight loans to Wall Street securities trading firms. Also, it is increasing its 14-day term loans to Wall Street, a program which began in September, to $45 billion. Why?

No Wall Street crisis has been announced to the public to explain these massive loans and Treasury buybacks.

Not one hearing has been held by Congress on the matter.

Not one official elected by the American people has authorized these loans.

The loans are not being made to commercial banks (which could re-loan the money to stimulate the U.S. economy). The loans are going to the New York Fed’s primary dealers, which are stock and bond trading houses on Wall Street who count hedge funds among their largest borrowers.

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