HOW pathetic and clueless is our Congress and the American public? (By now it is established beyond doubt that America's media is nothing but court courtiers, bimbos, sychophants, and professional liars.)
Well, while all the media attention was on Treasury Secretary Paulson (formerly chief of Goldman Sachs, recently Wall Street's biggest investment banking house) BEGGING Speaker of Congress Nancy Pelosi for a three-quarter TRILLION dollar BAILOUT of Paulson's crony buddies and bankers in Wall St. banking houses....
.... while all the attention was on Paulson and Pelosi, Fed. Chairman Ben Bernake merely __CREATED $630 BILLION__ in new dollars OUT OF THIN AIR, no muss, fuss, or drama, just dozens of ones & zeros on the Fed's balance sheet in overseas central banks.
HAD the Paulson/Congress Wall St. bailout gone through, yesterday would actually have seen TWO TRILLION DOLLARS of taxpayer-backed money flowing through Wall St. in the coming weeks.
Well - they got their $630 BILLION installment with no muss or fuss... so, there will be about ZERO chance that Congress will stop the SECOND INSTALLMENT GOING THROUGH, once Wall Street and their media minios TWISTS A FEW MORE ARMS OFF in the coming weeks.
Fed Pumps Further $630 Billion Into Financial System (Update3)
By Scott Lanman and Craig Torres
Sept. 29, 2008
Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.
The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed's emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.
The Fed's expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry