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$367 bil per day borrowed by banks.

Banks have been borrowing $367 billion per day from the Federal Reserve.

Quote:

NEW YORK, Oct 2 (Reuters) - U.S. banks' direct borrowing from the Federal Reserve shot to a record in the latest week as financial institutions became almost totally reliant on the lender of last resort amid the most severe financial crisis since the Great Depression.

Banks' discount window borrowings averaged a staggering $367.80 billion per day in the week ended Oct. 1, nearly double the previous record daily average of $187.75 billion they borrowed the previous week.

Banks borrow record $367.8 bln per day from Fed | Markets | Markets News | Reuters

I hope the public reads this and realized how badly we are being duped...

Every two days, the $700 billion bailout is being lent to banks, yet being kept quiet in mainstream media. Where does the damned Federal Reserve get this money.

5 days of lending at this rate is nearly 2 trillion dollars a week!
Yet the credit industry is frozen?

Do they think we are stupid??

Re: $367 bil per day borrowed by banks.

Quote:

Originally Posted by stompk (Post 51818)

Banks have been borrowing $367 billion per day from the Federal Reserve.

Banks borrow record $367.8 bln per day from Fed | Markets | Markets News | Reuters

I hope the public reads this and realized how badly we are being duped...

Every two days, the $700 billion bailout is being lent to banks, yet being kept quiet in mainstream media. Where does the damned Federal Reserve get this money.

5 days of lending at this rate is nearly 2 trillion dollars a week!
Yet the credit industry is frozen?

Do they think we are stupid??

If the FED is lending and/or giving money to their banks, why are you concerned?

How does it affect you?

Who said the credit industry is frozen?

What you posted doesn't make any sense.

The 700 billion dollar bail-out hasn't even been passed yet, but you're saying it's already being dispersed to the banks and has been for the past week or so.

Re: $367 bil per day borrowed by banks.

Quote:

The 700 billion dollar bail-out hasn't even been passed yet, but you're saying it's already being dispersed to the banks and has been for the past week or so.

Exactly. If the banks are still in trouble, after being able to borrow $trillions from the lending window, why do we even need the $700 billion bailout (w/ pork)

The truth is, it's not about money. It's about powers being awarded to the executive branch.

Quote:

Consider the parallels between the economic crisis and the terrorism crisis. After 9/11 we were told by Bush that there was no doubt that Saddam Hussein had weapons of mass destruction and if we did not act immediately the consequences could be catastrophic. Trust me, he insisted, and many of us did. Last week he insisted that the American economy stood on the brink of disaster and that if we did not act immediately, the consequences would be catastrophic. Trust me, he insisted. Then he proposed that Paulson be given total unaccountable power to do whatever he wanted with a trillion dollars of taxpayers’ money.

Dictator Bush’s great illusion is exposed | Andrew Sullivan - Times Online

Re: $367 bil per day borrowed by banks.

So, I was reading through 110_hr422 which is the new bailout law.
http://www.rules.house.gov/110/text/110_hr4221_text.pdf

A couple of things jumped out at me.

Quote:

TITLE IV—EXTENSION OF TAX ADMINISTRATION PROVISIONS
Sec. 401. Permanent authority for undercover operations.
Sec. 402. Permanent authority for disclosure of information relating to terrorist
activities.

1 TITLE IV—EXTENSION OF TAX
2 ADMINISTRATION PROVISIONS
3 SEC. 401. PERMANENT AUTHORITY FOR UNDERCOVER OP4
ERATIONS.
5 (a) IN GENERAL.—Section 7608(c) (relating to rules
6 relating to undercover operations) is amended by striking
7 paragraph (6).
8 (b) EFFECTIVE DATE.—The amendment made by this
9 section shall apply to operations conducted after the date
10 of the enactment of this Act.

SEC. 402. PERMANENT AUTHORITY FOR DISCLOSURE OF IN12
FORMATION RELATING TO TERRORIST AC13
TIVITIES.
14 (a) DISCLOSURE OF RETURN INFORMATION TO AP15
PRISE APPROPRIATE OFFICIALS OF TERRORIST ACTIVI16
TIES.—Subparagraph (C) of section 6103(i)(3) is amended
17 by striking clause (iv).
18 (b) DISCLOSURE UPON REQUEST OF INFORMATION
19 RELATING TO TERRORIST ACTIVITIES.—Paragraph (7) of
20 section 6103(i) is amended by striking subparagraph (E).
21 (c) EFFECTIVE DATE.—The amendments made by this
22 section shall apply to disclosures after the date of the enact23
ment of this Act.

No more oversight in this area, as their (IRS undercover operators) powers have
been made permanent, conveniently buried on page 290 of this 442 pg scam of a piece of legislation.

Quote:

Senators Harry Reid and Richard Bryan asked GAO to review how the Internal Revenue Service (IRS) manages its undercover operations. This request stemmed from concerns with IRS' management of an undercover operation, called Project Layoff, carried out in 1984 and 1985 during which IRS agents established a Las Vegas bookmaking business in an attempt to identify unreported gambling income. This operation has resulted in continuing allegations of misuse of funds and has prompted broader concerns over the adequacy of IRS' controls and oversight of its undercover operations. GAO addressed Project Layoff more specifically in a separate report. An undercover operation is a potentially risky investigative technique. IRS' Criminal Investigation Division (CID) uses undercover operations to help investigate legal activities such as money laundering and fraudulent tax return preparation. In doing so, CID special agents assume identities other than their own.

TAX ADMINISTRATION: IRS Undercover Operations Management Oversight Should Be Strengthened.

Re: $367 bil per day borrowed by banks.