Spending so profligate that even the United States Senate’s self-professed socialist from Vermont thinks it’s excessive:
The financial crisis stretched even farther across the economy than many had realized, as new disclosures show the Federal Reserve rushed trillions of dollars in emergency aid not just to Wall Street but also to motorcycle makers, telecom firms and foreign-owned banks in 2008 and 2009….
“The American people are finally learning the incredible and jaw-dropping details of the Fed’s multi trillion-dollar bailout of Wall Street and corporate America,” said Sen. Bernard Sanders (I-Vt.), a longtime Fed critic whose provision in the Wall Street regulatory overhaul required the new disclosures.
“Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations. As a result of this disclosure, other members of Congress and I will be taking a very extensive look at all aspects of how the Federal Reserve functions.”
The disclosures (and disclosure provisions) would not have been necessary had the Federal Reserve not spent — and wasted — the money.
Via Fed aid in financial crisis went beyond U.S. banks to industry, foreign firms.