The declaration of Independence IN CONGRESS, JULY 4, 1776 The unanimous Declaration of the thirteen united States of America That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security. http://www.ushistory.org/declaration/document/index.htm
emergency 9 trillion overnight loan? That's about 2x the annual GDP of China. About 2/3 the annual GDP of the entire USA. Over 1/2 the anual GDP of the entire European Union. Someone is martingaling at astronomical levels....
:eek: :eek: :eek: ireland,greece or whole entire europe looks like a pocket change game compare to the numbers in this article..wtf is going on??? and where is my share from those profits?..oh..wait a minute...where is those bailout money come from? cough..cough..and how much do you have to lend(print\borrow..whatever) to make these kind of profits?
Wal-Mart is worth $180 Billion and Wal-Mart employs 2 million employees. So you can start 50 new Wal-Marts with $9 Trillion and create 100 million jobs with $9 Trillion. My Maths is not good.
Seriously, How can needing $9 Trillion emergency overnight loan be justified by any means? Put it in my Cayman Islands sweep account for 1 minute = over $1M in interest per minute. $171 interest each millisecond... Serious Ponzi Action.
Guys - Before you get tricked by the headline 9T number, use your heads instead of taking this as something it's not. A lot of overnight loans are the same loan rolled over for many days, even weeks, each roll-over being counted as a separate loan. So sorry, it's not really 9T unique dollars. That's like saying there are 50 billion people on earth because that's how many people have been born throughout history. Also keep in mind that banks that didn't need these loans took them because they were such a great deal. Shit, if I could get a 0.5% loan fora few billion to leverage against I'd do it too. "Fuck you KK - get to the point.." My point is is that a few large banks fucked up bad enough, and had enough leverage and counter-parties, to warrant the Fed stepping in with the discount window changes, and since they couldn't just let the "bad" banks have the access, everyone did, and took advantage.