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Pam and Russ Martens: Fed plans to backstop

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JD400   Thursday, 07/29/21 10:56:52 PM
Re: None
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Pam and Russ Martens: Fed plans to backstop Wall Street with a $500 billion standing repo loan facility

Submitted by admin on Thu, 2021-07-29 19:31 Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Thursday, July 29, 2021

You really can’t make this stuff up. A G30 Working Group Chaired by Tim Geithner, the former President of the New York Fed, that secretly sluiced $29 trillion to bail out the Wall Street banks from their hubristic collapse in 2008, released a report today calling for a Standing Repo Facility from the Fed that would be “open to a broad range of market participants….”

The ink was barely dry on that report when the Fed issued a press release today saying it was doing just that. The Standing Repo Facility (effectively meaning that it is permanent until the Fed says otherwise) will be able to lend out $500 billion in overnight loans each day at below-market interest rates. If the $500 billion runs out, Fed Chair Jerome Powell has the discretion to increase it. The repo operations will be conducted by the Open Market Desk of the New York Fed – which means that the names of the banks getting the loans will never see the light of day, unless a media powerhouse decides to stand up for democracy and transparency and take the Fed to Court.

The cringe-worthy name of Geithner is enhanced by two other cringe-worthy members of the Working Group: Larry Summers, who helped repeal the Glass-Steagall Act so that Frankenbanks on Wall Street could hold trillions of dollars of risky derivatives alongside trillions of dollars of taxpayer-backstopped deposits from moms and pops; and Bill Dudley, another former president of the New York Fed whose wife collected $190,000 a year from JPMorgan Chase, while it was “supervised” by the New York Fed. ...

... For the remainder of the report:

https://wallstreetonparade.com/2021/07/the-fed-announces-plans-to-permanently-backstop-wall-street-with-a-standing-repo-loan-facility-of-500-billionstarting-tomorrow/




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