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Dean Baker On Fed Bank Bailout

— By Jonathan Schwarz | Tue March 11, 2008 5:23 PM PST

In a must-read, Dean Baker explains here how the Federal Reserve may have just handed over hundreds of billions of government money to America's biggest banks. He also examines the reasons this is a bad idea, both the obvious and the non-obvious.

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Submitted by Martin (not verified) on March 12, 2008 - 4:39pm.

It is incredible that after all the years of money manipulation and obvious greed, that the Federal Reserve is still allowed to exist. It is not part of the government. Just a little investigation into how it came to be and the many "crises" it has purpetrated on America would reveil to all that the Fed is truly the epitome of organized crime. Congress doesn't even have the right to farm our money system out this way.
Even if the Fed didn't loan this "money" to the banks based on mortgages, the currency is not backed by anything other than debt anyway. We're screwed!!

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