We Speak on BNN Re the Latest Euro Rescue, Launch of Consumer Financial Protection Bureau Posted on July 21, 2011 by Yves Smith We had a wide ranging conversation today on Business News Network. Enjoy! You can view the segment here. Post navigation ← Federal Home Loan Banks Challenge BofA Settlement, Say They May Be Owed a Lot More So What Might Happen if We Get to August 3 With No Deficit Deal? → Subscribe to Post Comments 5 comments David July 22, 2011 at 1:02 am Hi Yves, Very nice job. Thanks Hugh July 22, 2011 at 1:41 am Sorry for the off topic but the GAO released its audit of the Fed report: http://www.gao.gov/new.items/d11696.pdf Reading through the appendices, I came up with the following: I. Agency Mortgage-backed Securities Purchase Program: $1.25 trillion II Asset-backed Commercial Paper Money Market Mutual Fund Liquidity Facility: ~$217.3 billion III Aid to AIG: Revolving Credit Facility: $85 billion; $72 billion used Securities Borrowing Facility: $37.8 billion: $20.6 billion peak Maiden Lane II: $19.5 billion Maiden Lane III: $24.3 billion IV Bear Stearns/Maiden Lane I: $30 billion V Bank of America Lending Commitment: Backstop not used VI Citigroup Lending Commitment: Backstop not used VII Commercial Paper Funding Facility: $738.3 billion VIII Direct Money Market Mutual Fund Lending Facility: Never operational IX Dollar Swap Lines with Foreign Central Banks: $10.057 trillion X Money Market Investor Funding Facility: Backstop not used XI Primary Dealer Credit Facility and Credit Extensions for Affiliates of Primary Dealers: Primary Dealers: $7.3894 trillion Affiliates: $1.5616 trillion XII Term Asset-backed Securities Loan Facility: $200 billion authorized; $71.1 billion used XIII Term Auction Facility: $3.818 trillion XIV Term Securities Lending Facility: $2.319 trillion Total: $27.5881 trillion There are lots of caveats to this. Some of the listings are only for the largest users and so incomplete. The GAO in its summing at the beginning of the report uses peak not total numbers. Some numbers are authority rather than money spent. I tried in my calculation to include money that actually went through the facility or program. If memory serves, the reason that the money market wasn’t used was because Treasury ran a big one of its own. I never heard the exact number on it but it was supposed to be in the trillions. Similarly, the initial buy up of crap assets by Treasury’s TARP program was ditched because the Fed was already running bigger buy up programs, like some of those above. Still the number above gives a reasonably good figure for the overall extent of the Fed’s activities covered in the report. And again if memory serves not all of what the Fed was doing is covered, just the special programs. Cody Willard July 22, 2011 at 2:27 am Yves, sure was thrilled when I got my producers to let me interview you after months of begging them. Thought you might enjoy this one: http://blogs.marketwatch.com/cody/2011/07/22/ron-paul-needs-elizabeth-warren-as-his-vp-to-win-the-white-house/ Ron Paul needs Elizabeth Warren as his VP to win the White House F. Beard July 22, 2011 at 7:19 am Nice job, Yves. However, banks do not need to be regulated; they need to be euthanisized. I fear that progressives strain out gnats (fine print, “gotchas”, etc.) yet swallow a camel – government backed counterfeiting for the sake of the bankers and the so-called “credit worthy” at the expense of everyone else. keepon July 22, 2011 at 10:17 am Another ‘plink’ in the coffers of the Big Banks with the appoinment of former AG Cordray. As an AG, he initially came out like a lion, but went out…. Obama- no balls, all show- used & abused Ms. Warren and Her Public. She was our hope of having a voice. Whoever put out the ‘hit’ order on Ms. Warren to have those 2 ‘scheevie Inquisitioners’interrogate her in the manner they did, provided the American People with a lucid and chillingly frightening image of how just how low ‘evil doers’ will stoop when prostituting themselves ‘to bring it home. How could it possibly be that THEY won, so we send Elizabeth Warren home? Is there any real human being who would not have been non-plussed by their obscene acts right in plain view? These men were not the America our boys are fighting for. They are the men our Forefathers warned against. These are the men who love America about as much as an Osama Bin Laden. Comments are closed. Tip Jar Please Donate or Subscribe!