Capitalism Is Broken

America's Secret Bank Bailout

Bloomberg News finally emerged victorious from an absolutely absurd legal battle with, essentially, bank lobbyists, and has published the summary of its review of documents from America' Big Secret Bank Bailout. It reveals just how much money they all borrowed when they were pretty much all about to go out of business. Here's the meat of the matter: "Add up guarantees and lending limits, and the Fed had committed $7.77 trillion as of March 2009 to rescuing the financial system, more than half the value of everything produced in the U.S. that year."

Apart from the absolute madness of the big boys like JP Morgan and Bank of [...]