By Pam Martens and Russ Martens: April 27, 2022 ~
As long-term readers of Wall Street On Parade know well, we have regularly warned that the failure of Congress to meaningfully reform Wall Street by restoring the Glass-Steagall Act poses a national security threat to our nation in times of crisis.
Global Megabanks Are Tanking – The Same Ones the Fed Bailed Out in 2019
Tag: Repo Loans
A Nomura Document May Shed Light on the Repo Blowup and Fed Bailout of the Gang of Six in 2019
It’s long past the time for the Fed to come clean on exactly what happened in the fall of 2019 that caused it to launch its repo bailout facility. Americans will simply never trust the Fed if it doesn’t.
A Nomura Document May Shed Light on the Repo Blowup and Fed Bailout of the Gang of Six in 2019
What did the Fed know?!
The Fed Announces Plans to Permanently Backstop Wall Street with a Standing Repo Loan Facility of $500 Billion…Starting Tomorrow
It’s like they know something else is coming, not unlike they did right before the pandemic.
Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs
Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs
It’s factually incorrect for the Fed Chairman to say that it can only make emergency loans with the approval of the Treasury. Months before there was any case of COVID-19 anywhere in the world the Fed was making hundreds of billions of dollars a week in emergency repo loans to Wall Street trading houses. The emergency loans started on September 17, 2019 – four months before the first reported case of COVID-19 in the United States. By January 27, 2020 the Fed’s ongoing cumulative loans to bail out Wall Street’s hubris tallied up to an astounding $6.6 trillion. (See Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash.)
These Are the Very Real Dangers to the U.S. Economy of Not Issuing $2,000 Stimulus Checks
These Are the Very Real Dangers to the U.S. Economy of Not Issuing $2,000 Stimulus Checks
Until the American people understand why the Fed was bailing out Wall Street to the tune of $6 trillion in cumulative loans before the first case of COVID-19 was identified in the U.S., we are simply spectators of the barbarians at the gate rather than citizens in a representative democracy.
Fed Chair Powell Opens a Big Can of Worms at His Press Conference
Fed Chair Powell Opens a Big Can of Worms at His Press Conference
What the Fed did back then, which it knows it can still do at the drop of a dime today, is to demand an adequate amount of securities as collateral from the Wall Street firms that request its emergency loans. There is zero need or rational reason to make the U.S. taxpayer backstop potential losses on Wall Street – particularly when today’s Wall Street funding problems began months before COVID-19 reared its head in the United States.
U.S. Debt Crisis Comes into View as Fed’s Balance Sheet Explodes Past $7 Trillion
But the explosion in the Fed’s balance sheet cannot be attributed solely to the economic downturn caused by the COVID-19 pandemic. The math and the timeline simply do not support that argument.
U.S. Debt Crisis Comes into View as Fed’s Balance Sheet Explodes Past $7 Trillion
Ms. Cat’s Chronicles 