EdwardBaiamonte
Platinum Member
- Nov 23, 2011
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- #161
You asked for example of productive Wall Street behavior. Did the examples help you understand what Wall Street does?Do you happen to know why the New York Fed found it necessary to throw $6 trillion in below market rate loans at Wall Street's finest weeks before Covid-19 became an issue??? you need a car loan or house loan Wall Street makes it happen. Tesla needs to raise money Wall Street makes it happen. Now do you understand?
American Workers Get a 4-Month Safety Net; Wall Street Gets a 4 to 5-Year Bailout
"Now consider how the Federal Reserve Bank of New York (New York Fed) and Congress take care of Wall Street.
"On September 17, 2019 the interest rate on overnight loans (repo) made between banks and other financial institutions spiked from the typical 2 percent to 10 percent.
"There was no coronavirus COVID-19 outbreak anywhere in the world at that point.
"There were no skyscrapers collapsing on Wall Street.
"There was no national emergency of any kind to warrant bailing out Wall Street.
"But within 24 hours the New York Fed had pumped $53 billion to the trading houses on Wall Street.
"No questions asked. No clogged phone lines. No paperwork to fill out. No standing in lines.
"No asking Congress for a vote. Just $53 billion created out of thin air by the New York Fed and instantly funneled out to Wall Street’s trading houses with the push of an electronic button.
"Over the next six weeks, the New York Fed pumped out more than $6 trillion in below-market rate loans to Wall Street’s trading houses."
Chart of the week: US corporate-debt bubble ready to burst | MoneyWeek