U.S. getting ready to bailout Europe! WWWTTTFFF? ? ?

[Soul Crusher]

US Ready to Back Bigger EU Stability Fund: Official
Published: Wednesday, 1 Dec 2010 | 2:20 PM ET

http://www.cnbc.com/id/40454469
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The United States would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the International Monetary Fund, a U.S. official told Reuters on Wednesday.

"There are a lot of people talking about that. I think the European Commission has talked about that," said the U.S. official, commenting on enlarging the 750 billion euro ($980 billion) EU/IMF European stability fund. "It is up to the Europeans. We will certainly support using the IMF in these circumstances."

"There are obviously some severe market problems," said the official, speaking on condition of anonymity. "In May, it was Greece. This is Ireland and Portugal. If there is contagion that's a huge problem for the global economy."

The remarks foreshadow a visit to Europe this week by a U.S. Treasury envoy who is expected to visit Berlin, Madrid and Paris to hold talks on the ramifications of the debt crisis.

(Another news report, however, raised questions about the true extent of the US commitment. Read more here).

The developments have echoes of the pressure applied by Washington on European capitals last May to create the near $1 trillion EFSF safety net that was last week used to rescue Ireland after its banking crisis spiraled out of control.

The IMF, whose biggest single shareholder is the United States, has committed 250 billion euros to the EFSF.

While reluctant to dictate to Europe how it should address the unfolding debt crisis, the U.S. government is growing concerned about the global fallout of Europe's predicament.

U.S. Treasurys' prices fell and the euro strengthened against the dollar on Wednesday after the news that the United States would be prepared to support an enlarged EFSF.

Germany, whose leaders have expressed frustration at the market backlash against their plans to solve the euro zone's debt problems, does not want to make the stability fund larger.


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My God. 

[240 is Back]

Rand Paul and friends will put a stop to this in jan, right? 

[Soul Crusher]

Rand Paul and friends will put a stop to this in jan, right? 

I had the opportunity to get 3 acres and a barn upstate in the montains last year for 45k cash and did not jump on it and want to kick mself now.   

[Soul Crusher]

Fed ID's companies that used crisis loan programs
By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer – 2 hrs 37 mins ago



WASHINGTON – The Federal Reserve revealed details Wednesday of more than $3 trillion in emergency aid it provided to U.S. and foreign banks during the financial crisis.

It also named the companies that used its emergency loan programs and revealed how much they borrowed. Newly released documents show the companies included Goldman Sachs & Co., Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. They also show that foreign banks such as Barclays, Royal Bank of Scotland and Deutche Bank borrowed hundreds of billions of dollars.

The documents are a reminder of how crippled the financial system had become during the crisis and how much it's recovered since. Banks earned $14 billion from July through September this year.

The Fed released the data in the form of more than 21,000 transactions. The disclosures are required under the financial overhaul law. The Fed's programs were credited with helping restore the health of individual banks and stabilize the financial system.

The documents detail more than $2 trillion the Fed lent through eight programs from December 2007 to July this year to ease a credit crisis. It came at a time when credit had virtually dried up and was worsening the deepest recession since the Great Depression.

The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.

The Fed also detailed the $1.25 trillion in mortgage securities it bought from Fannie Mae and Freddie Mac to help drive down mortgage rates, ease credit and provide some support to the crippled housing market.

In addition, the Fed disclosed details of "swap" arrangements with foreign central banks. These occurred when the Fed traded much-in-demand dollars for foreign currencies to try to ease credit. The foreign central banks, in turn, lent the dollars to banks in their countries that needed dollar funding. The Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan were involved in the exchanges.

One of the emergency lending programs the Fed created provided low-cost, short-term loans to banks. Another sought to ease credit problems in the "commercial paper" market, which many U.S. companies use to finance everything from salaries to supplies.

Another was designed to spark low-cost lending to consumers and small businesses. Investors used the Fed's loans to buy securities backed by auto loans, credit cards and other debt.

But the emergency aid that was extended to banks and Wall Street rankled many ordinary Americans who weren't getting any help in their struggles with high unemployment, rising foreclosures and sagging home values. And many expressed anger toward banks and Wall Street for lax lending and for taking risky gambles that contributed to the crisis.

Much of the information the Fed is disclosing is similar to what would be required under a court case that a group of commercial banks is appealing to the Supreme Court

The Fed didn't take part in that appeal. What the court case could require — but the Fed isn't providing Wednesday — are the names of commercial banks that got low-cost emergency loans from the Fed's "discount window" during the crisis.

The Fed has long acted as a lender of last resort, offering commercial banks loans through its discount window when they couldn't obtain financing elsewhere. The Fed has kept secret the identities of such borrowers. It's expressed fear that naming such a bank could cause a run on it, defeating the purpose of the program.

The Fed didn't oppose releasing the information being disclosed Wednesday.

But the new financial overhaul law will require the Fed in late 2012 to provide information on any commercial banks that are drawing emergency loans from its discount window now. That doesn't include banks that drew loans from the discount window during the 2007-2009 financial crisis.



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speechless

[Soul Crusher]

Where is this all leading? 

[Lundgren]

Where is this all leading? 

I don't see how it could be any difference,  without blaming people from  the past, what can they do realistically?

[Soul Crusher]

I don't see how it could be any difference,  without blaming people from  the past, what can they do realistically?

Oh man - this is not going to end well, I have that sick feeling in my stomach like I did in 2008 when Obama won.  Look how that turned out? 

[MuscleMcMannus]

I had the opportunity to get 3 acres and a barn upstate in the montains last year for 45k cash and did not jump on it and want to kick mself now.   

Shit bro I want to kick you for that as well.  $45K for 3 acres and a dwelling?  What was it surrounded by? 

[Lundgren]

Oh man - this is not going to end well, I have that sick feeling in my stomach like I did in 2008 when Obama won.  Look how that turned out? 

Bahaha when obama one are you high or something. He's 1 10th of the problem. You gotta stop focusing on this guy for christ sakes. Were trapped their no clear way out. Of course he's just spinning his wheels with bailouts and what nots, but there not a whole lot of obvious answers, just a bunch of meaningless opinions.
t

[Soul Crusher]

Shit bro I want to kick you for that as well.  $45K for 3 acres and a dwelling?  What was it surrounded by? 

Nah -it was like 3 acres in te catskills and a bar that was like a half  55 gallon drum on its side. Hard to explain. 

Not a dwelling, but sort of like a large metal barn. 

[Soul Crusher]

Bump

[24KT]

Where is this all leading? 

I would tell you where it is all leading, ...except I don't want to be called an anti-american hater, or a spammer, ...so I'll just let people put the pieces together for themselves. Hopefully they figure it out before it's too late.

[Soul Crusher]

I really have to stop reading so much.   

Jekyll Island and a few other books I have read recently really make me wonder just how close we are to a complete collapse or what might be the trigger to collapse the house of cards.

[24KT]

I really have to stop reading so much.   

Jekyll Island and a few other books I have read recently really make me wonder just how close we are to a complete collapse or what might be the trigger to collapse the house of cards.

The trigger will most likely be man-made and at the time of someone's choosing.
I was reading in my GATA newletter supposedly gold will go to at least $1,700+ close to $2,000 before the collapse.

[Soul Crusher]

The problem is that you still will have to purchase basics like food etc etc.

[Fury]

The trigger will most likely be man-made and at the time of someone's choosing.
I was reading in my GATA newletter supposedly gold will go to at least $1,700+ close to $2,000 before the collapse.

You and your 65 analysts were claiming $56,000 two weeks ago.  

[24KT]

The problem is that you still will have to purchase basics like food etc etc.

Hopefully, people will have been smart enough to stock up on staples, non-perishables, canned foods and preserves.

An economic crash could spell an all out breakdown in infrastructure, in which case good luck getting good manufactured, let alone getting them to market.

[Soul Crusher]

Hopefully, people will have been smart enough to stock up on staples, non-perishables, canned foods and preserves.

An economic crash could spell an all out breakdown in infrastructure, in which case good luck getting good manufactured, let alone getting them to market.

I have a few weeks worth, but damn, eating powedered beef strokenoff and powdered eggs does not seem so fun.  I also have a bunch of high calorie Coast Guard crackers, but those things seem not even edible for pigeons or stray dogs. 

[24KT]

I have a few weeks worth, but damn, eating powedered beef strokenoff and powdered eggs does not seem so fun.  I also have a bunch of high calorie Coast Guard crackers, but those things seem not even edible for pigeons or stray dogs. 

Thank goodness I'm a vegetarian. 

Pasta & Rice, will store indefinitely, and Pasta sauce in cans or jars will store indefinitely as well.

[24KT]

You and your 65 analysts were claiming $56,000 two weeks ago.  

Actually it was 65 out of 188 analysts who were predicting gold reaching $5,000 oz.

There was only one guy who made a rational plausible case for gold being valued at $56,000 oz and that was GATA's Adrian Douglas.