Thom's blog - Thursday December 2nd, 2010

You need to know this. Forget about the $700 billion dollars in federal aid known as TARP that went to the banksters back in 2008. That was just the tip of the iceberg. According to new secret documents released yesterday by the Federal Reserve – between 2007 and this year – the Fed pumped more than 3 trillion dollars into the hands of banks and businesses to stave off financial collapse. 3 trillion dollars! Most of that money came in the form of short term lending – banks were given billions of dollars at interest rates of a half percent or even sometimes as low as .0077%. That’s essentially free money. So exactly who benefited from this secret low-interest lending program by the Fed? The usual suspects – Citigroup – Lehman Brother – and Merril Lynch. Foreign banks took advantage too – like UBS of Switzerland and BNP Paribas of France. Also – Americans businesses like McDonalds – Verizon – and Caterpillar received some of the cake as well. Suntrust Bank received about $7.5 billion – directly from their own CEO who happened to also be serving on the Board of Directors at the Atlanta Federal Reserve at the time. At the height of this program – in 2008 – the Fed had over $1.5 trillion in outstanding loans. The release of these documents - showing more than 21,000 transactions unknown until now – highlights the need for a more transparent Federal Reserve. An issue that’s been advanced by Members of Congress like Ron Paul in the House and Bernie Sanders in the Senate. It also shows just how strong Wall Street’s grip on our government is. Banksters profited off this program and now sit on mountains of cash – while small businesses suffer around the country and can't get their own loans. The very same financial institutions that received loans at an interest rate of less than a half percent – now are charging their credit card users a 30% interest rate. Sound fair to you?? On top of that – these institutions spent millions of dollars lobbying Congress during the financial reform debate – while at the same time they were borrowing free money from the government. This is insanity. It’s time to change our priorities in our country.

Thom's Blog Is On the Move

Hello All

Thom's blog in this space and moving to a new home.

Please follow us across to hartmannreport.com - this will be the only place going forward to read Thom's blog posts and articles.

From The Thom Hartmann Reader:
"With the ever-growing influence of corporate CEOs and their right-wing allies in all aspects of American life, Hartmann’s work is more relevant than ever. Throughout his career, Hartmann has spoken compellingly about the value of people-centered democracy and the challenges that millions of ordinary Americans face today as a result of a dogma dedicated to putting profit above all else. This collection is a rousing call for Americans to work together and put people first again."
Richard Trumka, President, AFL-CIO
From Unequal Protection, 2nd Edition:
"Beneath the success and rise of American enterprise is an untold history that is antithetical to every value Americans hold dear. This is a seminal work, a godsend really, a clear message to every citizen about the need to reform our country, laws, and companies."
Paul Hawken, coauthor of Natural Capitalism and author of The Ecology of Commerce
From Unequal Protection, 2nd Edition:
"Hartmann combines a remarkable piece of historical research with a brilliant literary style to tell the grand story of corporate corruption and its consequences for society with the force and readability of a great novel."
David C. Korten, author of When Corporations Rule the World and Agenda for A New Economy