The Federal Reserve Bails Out Wall Street. Since 2008, the Fed has Granted Unlimited Credit to Banks at an Official Rate of 0.25%

  Friday 3rd October 2014

‘Since 2008, the Fed has granted unlimited credit to banks at an official rate of 0.25%. In fact, as the General Accounting Office (GAO) has revealed, the Fed has lent close to $16 trillion at an interest rate below 0.25%. |1| The report shows it has not followed its own prudential rules and has not notified Congress.
According to an enquiry by a US Congress Committee, there is clear and evident collusion between the Fed and the big banks:
The CEO of JPMorgan Chase served on the New York Fed’s board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JPMorgan Chase served as one of the clearing banks for the Fed’s emergency lending programs.’
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