Foreclosure fraud files are nothing these days. The latest secret reports from the Federal Reserve are hard to fathom for most people including myself. The report reiterates the notion that our nation ever so quickly resembles that of a crony capitalistic third-world regime. Thanks to Bloomberg Magazine, however, we now have a better picture how, as a country, we all have been played for a sucker. Especially the state of Florida being listed as one of the top foreclosure states.
So, it is no wonder Bloomberg had to mount a legal fight under the Freedom of Information Act before the Federal Reserve would turn over their scathing files. While the narrative is not necessarily new, the facts are beyond our wildest imagination.
Scheme, Scam and Shame
Simply put, the Federal Reserve loaned the largest banks in the United States and abroad $7.7 trillion – that’s right in 2008 and allowed the banks to buy U.S. Treasury bonds that netted the banks a neat little profit of $14 billion. To give some perspective here the $7.7 trillion equals three quarters of the gross domestic product of the United States for any one year or is three times the total aggregate consumer debt of all people living in the United States.
Federal Reserve Drive Thru Window – Banks Only
Now if you or I had tried to show up at the Fed’s “discount window” – that is what the facility is called where the largest banks received their $7.7 trillion, – we would never have even found the window to begin with. And should we have found the window we would have found that it is only open to the largest banks in the world.