Excerpt: "There is a fascinating new study coming out of the Levy Economics Institute of Bard College. It's titled '$29,000,000,000,000: A Detailed Look at the Fed's Bail-out by Funding Facility and Recipient' by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve ... The net total? As of November 10, 2011, it was $29,616.4 billion dollars."
$29.6 trillion may be the new bail-out total, 12/09/11. (photo: File)
Bailout Total: $29.616 Trillion Dollars
09 December 11
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Some readers have expressed confusion about what appears to be a discrepancy in the article between the numbers 29.616 trillion dollars and 29,616.4 billion dollars. Please note the decimal point in one and the comma in the other. There is no discrepancy. The two figures are merely different expressions of the same number, as pointed out in the article. -- CW/RSN
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here is a fascinating new study coming out of the Levy Economics Institute of Bard College. Its titled "$29,000,000,000,000: A Detailed Look at the Fed's Bail-out by Funding Facility and Recipient" by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve.
The researchers took all of the individual transactions across all facilities created to deal with the crisis, to figure out how much the Fed committed as a response to the crisis. This includes direct lending, asset purchases and all other assistance. (It does not include indirect costs such as rising price of goods due to inflation, weak dollar, etc.)
The net total? As of November 10, 2011, it was $29,616.4 billion dollars - (or 29 and a half trillion, if you prefer that nomenclature). Three facilities - CBLS, PDCF, and TAF -� are responsible for the lion�s share - 71.1% of all Federal Reserve assistance ($22,826.8 billion).
One comment about some of the folks pushing back against this massive total: Yes, there is a big difference between a $100 lent for 3 days, and a $100 lent overnight rolled over 2 more times. And there is an enormous difference when temporary overnight lending lasts for three years.
Overnight lending, by its definition, is temporary, short term, lower risk, modest impact. It exists to allow slightly over-extended banks to meet their reserve requirements. But rolling overnight lending repeatedly for 3 years is none of those things. And it makes a mockery of these same reserve requirements, and the protective purposes they are supposed to serve.
The amount of overnight lending reflects how broken our financial system really is. A well capitalized, moderately leverage system does not require this massive liquidity from a central bank - interbank lending should be sufficient. What the data reveals is that the financial sector remains dangerously under-capitalized and overleveraged.
To pretend these were merely minor overnight loans, rolled over once or twice, is foolish, dangerous nonsense.
Cumulative facility totals, in billions
Source: Federal Reserve
| Facility | Total | Percent of total |
| Term Auction Facility | $3,818.41 | 12.89% |
| Central Bank Liquidity Swaps | 10,057.4(1.96) | 33.96 |
| Single Tranche Open Market Operation | 855 | 2.89 |
| Terms Securities Lending Facility and Term Options Program | 2,005.7 | 6.77 |
| Bear Stearns Bridge Loan | 12.9 | 0.04 |
| Maiden Lane I | 28.82(12.98) | 0.10 |
| Primary Dealer Credit Facility | 8,950.99 | 30.22 |
| Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility | 217.45 | 0.73 |
| Commercial Paper Funding Facility | 737.07 | 2.49 |
| Term Asset-Backed Securities Loan Facility | 71.09(.794) | 0.24 |
| Agency Mortgage-Backed Security Purchase Program | 1,850.14(849.26) | 6.25 |
| AIG Revolving Credit Facility | 140.316 | 0.47 |
| AIG Securities Borrowing Facility | 802.316 | 2.71 |
| Maiden Lane II | 19.5(9.33) | 0.07 |
| Maiden Lane III | 24.3(18.15) | 0.08 |
| AIA/ ALICO | 25 | 0.08 |
| Totals | $29,616.4 | 100.0% |
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Source:
BERNANKE'S OBFUSCATION CONTINUES: THE FED'S $29 TRILLION BAIL-OUT OF WALL STREET
L. Randall Wray
Economonitor, December 9th, 2011
http://www.economonitor.com/lrwray/2011/12/09/bernanke's-obfuscation-continues-the-fed's-29-trillion-bail-out-of-wall-street/
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Look at the GOP candidates -- supported by the Supremes' "person hood" decision - I only have evil thoughts for the future of Scalia/Thomas - the biggest crooks/mafia pigs that do NOT belong in the high court.
We're a nation gone stupid.
Vote DEM/ Vote Obama -- and VOTE in 2012. Get all Dems and non GOP/TP in your areas OUT TO VOTE.
If your rep/Senator votes for anything that takes our rights away - vote him/her OUT.
NEVER EVER vote TP/GOP (Unless the TP/GOP rig the election - there is really no way they can win the W.H. - but the Koch Brothers etc could buy their way in)
Little is said about China's investment in health, medicine, education and superstructure in a region that not so many years ago was a brutal theocracy, where the people spent their time doing little more than spinning prayer wheels.
The Dalai Lama is a puppet owned and operated by outside influences and he is no friend of the Tibetan people. Underlying everything to do with Tibet, do not underestimate the extent of American activity to create unrest in the region as another front to divert China.
Tibet is very remote and for many years the vast majority of its people had no contact with the outside world.The Church saw to it that those few who were educated, were taught a very narrow and religious based doctrine. Unfortunately, it is possible that some of these very sincere and dedicated people can be easily swayed by skilled, manipulative operatives to show defiance - sometimes extreme - against China.
If the US CIA were to stay out of this, I'm sure that the Chinese and Buddhists would resolve the problems quite well. After all, Buddhism is a major religion in China -- it is not the same as Tibetan Buddahism but they are sister faiths.
There are actually a lot of Tibetan Buddhist practitioners in China, mostly among the more educated class.
China claims sovereignty over Tibet dating back to about 1300 - seven hundred years ago. America has become interested in Tibet more recently, to foment trouble to distract China, and because of their interest in recently discovered Tibetan resources. The CIA's role cannot be dismissed so lightly. In this instance and many others, it is intent on exploiting and perverting hints of nationalism or discontent around the world to further America's national interests - resources and global domination. America's real interest in the Tibetan people (or any other people other than American) is zero.
We don't just disagree, Richard. As someone else points out in this conversation, this sort of propaganda is tantamount to holocaust denial. I consider it truly foul. If you intend to continue spreading this sort of disinformation and were honestly offended by my bland response, I can only suggest you grow a thicker skin.
People who discuss human rights abuses should often look in their own backyard. In America, for example, they still have capital punishment, which has been known to quite markedly detract from some people's human rights. Then there's the over two million people incarcerated - more than China - and almost the entire population of Tibet!. The discrimination against black people is just an integral part of life in the USA.
Keep up the good work for human rights, John. I'd start closer to home if I were you.
Chinas 1959 invasion of Tibet caused the deaths of thousands of monks and nuns. My friend lost 10 familly members, including children killed durring the invasion. 600 monasteries containing ancients work of art and literature destroyed.
If you met the Dalai Lama and witness his care for the orphans of Tibet, rather then being influenced by third person conspiracy theorists you would know his sincerity.
Tibet was poor in science and technology but rich in art, philosophy and spirituality. Wether you agree with other s priorities is irellevent, peoples basic rights are trampled. I don't believe the CIA is forcing people to self immolate.
People are amazingly and perhaps wilfully unaware of the fact that most Tibetans were illiterate serfs prior to modern government by the Chinese, and were among other things subject to torture.
And it is a matter of public record that the Dalai Lama has received CIA funding, especially in the early years (google it---there are NYT articles about it).
This doesn't mean the Chinese or the Chinese Communist Party are perfect but many solutions will put Tibet in a much worse position (e.g., with a huge US base in them --- then we'll see how much attention Hollywood pays).
As earlymusicus writes, "Corporations don't give a rip about human rights...", which is the new governing mantra. Freedom and democracy are evaporating into history, as so many past concepts.
I have known personally many Tibetan people, both monks and laity. To suggest that they are engaging in violence in order to return to the 19th century is laughable. You may try to rewrite history, and misrepresent the Tibetans all you like, but the information is out there and available. This is not China yet, and we still have access to the truth.
No one had a lavish lifestyle in Tibet. Some lived better then others.Like everywhere. Monkhood has very strict rules.
Vows of poverty and chastity are taken seriously to this day.
You say monks caused unrest. Who invaded who? Tibetans of all classes only want the "Feudal Theocracy"reins talled, could it have been that harsh and unfair? Tibetans are spiritually oriented. At one time 75% of Tibetans were monks. This caused many material problems for Tibet.
$186,000 a year is chicken feed for International Aid. Get some perspective.
Wether the conditions in Tibet are manufactured or not there has been a massive amount of cultural destruction, much as happened in the Bush2 invasion of Iraq. The US let the museums and Universities be looted because to destroy a culture is to destroy its identity.
On the flip side of the argument, chins need only look at conditions regarding religious intrusion into Gov't to justify their actions. Like it or not the house cleaning must happen in each Gov't's house and not in the coercion of some other other country.
Be clear that China is not an ally of the US or much of the West and their incursion into Asia will not stop at Tibet.
http://www.state.gov/r/pa/ei/biog/127184.htm
And the CIA has supposedly only ever acted most honourably when it interferes with the functions of sovereign countries around the world, killing millions of people in coups and other covert actions over recent years and putting their economies into eternal debt to the IMF and others (e.g Indonesia). Don't people know and understand the CIA's agenda?
Meanwhile others who contribute to this site are being accused of parroting Chinese propaganda or members of some anonymous "party" for holding a different view.
The fact is, America's activities and propaganda are subject to increasing scrutiny these days by people in the rest of the world, and what we see is lies and deceit on every front. Wikileaks, anyone?
What is wrong with allowing Tibetans to determine what type of government they want and if the choose a theocracy, so be it, it will have been their choice. Let's not be hypocritical and point the finger at the US for invading Iraq etc to "foster democracy" and then say that it's ok for China to occupy Tibet, since they brought progress to the region. Can we at least be internally consistent?
The truth in Tibet's case is probably neither what China says nor what the Dalai Lama says, but probably somewhere in between. Regardless, I think at this point the Dalai Lama has reached the higher ground: he has never denounced or attacked the Chinese, which cannot be said of the Chinese government.
Sixty years ago the Tibetans lived under a theocracy. Over 90% of people lived with no access to modern medicine, hospitals, schools or electricity, although they were well-versed in spinning prayer wheels. Over the last sixty years, Tibet has changed from a serfdom to a modern and even prosperous society. Life expectancy has changed from thirty years to seventy.
Tibetan "discontent" has been fanned by the American Government and its agencies, with an actively complicit church. It is the Dalai Lama, the monks and exiled Tibetans who promote what is largely the myth of an unhappy and oppressed Tibetan people.
Of course there has been friction as Tibet has been introduced to more Chinese people and modern-day China and the world at large. China spent $2.4 billion on the railway to Lhasa, and current plans involve a $50 billion expenditure on infrastructure. The old establishment of Tibetan monks don't want to see their power base stripped away.
Another myth suggests that there is no religious tolerance in China. There are 100 million adherents to Buddhism, Taoism, Islam, Catholicism and Protestantism, some 85,000 places of worship and 300,000 clergy.
Finally if 1,000 years doesn't give any country the right to occupy, can the Indians have their land back, please?
Wow. Talk about propaganda, you've got it covered. If you're not actually a card-carrying member of the C IA you should be granted honorary status by them for happily buying into the dreck they peddle.
Bod Gyalo!