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Foreign Banks Tapped Fed's Lifeline Most as Bernanke Kept Borrowers Secret

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Sarge

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Oh, so that 's what happened to all the TARP money

Jesus

http://www.bloomberg.com/news/2011-...e-most-as-bernanke-kept-borrowers-secret.html

U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
 

Goaldeje

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If there was a way to **** up the bailout, our govt found it! What a nightmare.
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Lanky Livingston

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I like a good Bush bashing as much as the next guy, but this doesn't have anything to do with TARP, does it? This program has been going on since 1914.
 

Dreamingwolf

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I like a good Bush bashing as much as the next guy, but this doesn't have anything to do with TARP, does it? This program has been going on since 1914.
While I agree with this, I just wish Bush would have acted his "Im gonna rule you other countries" cowboy self and closed the window to other countries. I dont doubt for a second that the fed agency, for reasons of being fair and non-discriminating, has to give what it offers to everyone who applies. I think I would have liked to see some prejudice and discrimination here.
 

servumtuum

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this could be way out of left field and come across harsh but I dont totally mean it like that.

with the state Japan is in why arent we telling them "we need to work on this import/export issue we have going on here" they are killing us and we need to stand up and do something about it. there is really nothing to lose in my opinion.

Mike, think about what you're saying here, man. Japan has been hit by a terrible sequence of events killing thousands and God only knows how many more may die as a final result of the earthquakes and tsunami. They're in the midst of a humanitarian crisis and for us to pick the time when they're suffering and the world is trying to help a suffering people we're going to go in and say, well, now you're down and broken, lemme just give that broken arm a little twist here so you'll "listen to reason" on a trade deal that's a little more to...let's say...our advantage.

This is America, Mike, not the friggin' Mafia.

Use your head, buddy, you think the world takes a dim view of our occasionally excessive "enthusiasm" for being a bit pushy at times-Jesus, we'd instantly be an international pariah.

Hey, I'm not trying to bash you personally, dude, and I know you get emotionally charged up pretty easily and I'm o.k. with that-you're one of my favorite people here. It's just that in this case you kinda, I think, jumped the gun a little before you thought things through. :)
 

Goaldeje

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I agree with Mike actually. I heard the other day they are thinking of selling our debt elsewhere to raise money. Unacceptable. Now, I will say I don't agree fully with your timing, Mike. Serv is right about the pariah thing. But at some point, perhaps when Japan is more stable, or out of the woods or whatever, someone needs to man up and go have a chat with them about their import restrictions.

I get a little tired of being the world's police and nice guy, but being crapped on by those same countries we help out. It comes down to the fact that we have no money, yet are still expected to help the countries that, in some small measure perhaps, assisted us getting broke.

I don't think right now is the time for it. But at some point in the near future, someone with some balls should have a chat with Japan.
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servumtuum

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Goaldeje did a better job than I did of zeroing in on what bothered me.

The timing.

I'm not at all opposed to negotiating a deal that works better for us financially, it's just that doing it now comes across...well..a little crass, a "kick someone when they're down" type situation. Waiting until they've recovered some? Sure, let's negotiate then-no problem.

G.,, our Debt is now a tradable security on the world financial market-China's been doing it too. It was probably inevitable.
 

Goaldeje

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Yeah, I know. I don't have to like it though. I do get tired of these countries screwing us over financially and then not being willing to trade with us. Screw that. I don't see Obama as being the person to do it, but if the eventual GOP candidate were to take a hardball position with those countries and let them know we mean business because we are broke, well, they might just get my vote.
 

servumtuum

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im just thinking what if our debt ends up in the russians, iranian, indian or some country where we dont have the best relations hands. what happens then?
Good question, Mike. I wouldn't sweat India, they're not likely to use it as any kind of club over our heads or anything, they have no major quarrel with us at present anyway. Russia? Vladimir "the Godfather" Putin might try to score some concessions some kind of way because, well, he just likes to flex his muscles once in a while. However, the Russian economy wasn't in great shape when the economic downturn hit and although it's "hit" wasn't as dramatic as, say, the U.S. or the E.U.,they are more concerned with trying to recover and playing "tough guy" games might no go over so well with the Russian population if they tried something like that.

Iran cpuld be a problem. First of all, the government there is just flat out bat**t insane. They also have an active opposition movement that, if they did something notably stupid might well take to the streets and invite a Qaddafi style bloody suppression which I don't think any country on the planet would want right now.

Of course China's had a large chunk of it and is using it as you would any normal investment-find someone offering a good price and sell it. Most countries would likely treat it just the same-other than places like India, China, Germany, Brazil and a few other places that escaped most of the damage or were able to avoid it, most countries are probably too interested in trying to get their own economies back on track to play political games with it.
 

fansince62

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this could be way out of left field and come across harsh but I dont totally mean it like that.

with the state Japan is in why arent we telling them "we need to work on this import/export issue we have going on here" they are killing us and we need to stand up and do something about it. there is really nothing to lose in my opinion.
look at who our biggest creditors have been.....
 

Dreamingwolf

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I dont understand where this conversation is going? I mean really what do think is going on.

Ok so lets say Iran purchases some of our debt. You think they can say "Hey you infidel American, I have .5% of your debt now I will forgive this if you give us your best nukes". Our president and along with congress and anyone else who can spend our money will undoubtedly say "Dude Im really too busy figuring out how to create more debt right now"!

Countries who are in a financial position to purchase our debt do so to enjoy the profit of the interest. What are they gonna do, repossess detroit? Really, if they get squirelly we would just say "Ya that debt, cant pay it".
 

fansince62

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I dont understand where this conversation is going? I mean really what do think is going on.

Ok so lets say Iran purchases some of our debt. You think they can say "Hey you infidel American, I have .5% of your debt now I will forgive this if you give us your best nukes". Our president and along with congress and anyone else who can spend our money will undoubtedly say "Dude Im really too busy figuring out how to create more debt right now"!

Countries who are in a financial position to purchase our debt do so to enjoy the profit of the interest. What are they gonna do, repossess detroit? Really, if they get squirelly we would just say "Ya that debt, cant pay it".

and the next time we need to borrow to pay for all of Obama's wasteful pipedreams?
 

Dreamingwolf

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at some point...you don't lend to a country that doesn't produce anything....
we both know thats not true, they lend to everyone. Its all about the interest. Also, your silly if you think we wont produce anything. Yes maybe unions will drive us out of manufacturing, and taxation out of innovation and developement but we will always provide some service that will produce some form of revenue. I also dont think we will ever be driven completely out of manufacturing despite the unions and the democrats.
 

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