1. Hugh

    Sorry for the off topic but the GAO released its audit of the Fed report:


    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.

  2. F. Beard

    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.

  3. keepon

    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.

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