New York (CNNMoney.com) – The Federal Reserve banks that form the backbone of the nation's financial system transferred an extra-large payload to the U.S. Treasury last year, as they reaped interest from Wall Street bailouts.
The 12 Federal Reserve banks reported that their 2009 income totaled $53.4 billion, a jump of $17.9 billion, or one-third, from the year before.
The board of governors of the Federal Reserve system attributed this increase to a surge in the holding of mortgage-backed securities to prop up the devastated housing market.
The banks said they transferred most of this money, $47.4 billion, to the U.S. Treasury in 2009, an increase of 50%, or $15.7 billion, from the amount they transferred in 2008.
an extra-large payload to the U.S. Treasury last year, as they reaped interest from Wall Street bailouts.
Oh no!! We're making a PROFIT from the BAILOUT money, just like Obama said we would????!! Say it isn't so Gracie, say it isn't so!!!!!!
You rock Mr. President!!!!
Where is the tax payer share. I'll take my share now.
Obama is on a roll:
– Lowers taxes for 85% of americans
– Saves US from depression
– Healthcare Reform
– Growing Economy
– Shrinking Unemployment
– Withdrawl from Iraq has begun
– Tunred around Afganistan
– Arms deal with Russia
– Banks pay back TARP with profit for taxpayers
– GM pays back loan with profit for taxpayers
– Financial reform looking good
– Passes law to allows firearms on national park land
– Tea party gathers on national park land with guns to say Obama is taking their rights away
Who is the Fed?
So the government bank makes a big profit.
Off of what?
Oh, right, the taxpayer.
Where is the taxpayer's profit?
All we hear from the Obama administration is higher taxes,. now it is VAT – Value Added Tax
Obama wants to be more like his worshippers in Europe.
Will it balance the big losses that Fannie Mae and Freddie Mac had trying to follow the dictates of Barney Frank and Chris Dodd and the other libertards in trying to make loans available to those who should not have ever had them? Libertard think.
They are simply trying to tell us that they got the public's money back.....which is certainly suspect.
Well, well, well,
1.) The Taxpayers have MORE money than they had BEFORE the Government took action ... so much for the "TAX & SPEND" rhetoric from the right.
2.) The Economy has stabalized as compared to Fall 08 when Republican John McCain 1st said that the economy was SOUND and a week later felt the need to "Suspend" his campaign to address they problem.
3.) American citizens don't have to scramble to adjust to a world with the MASSIVE failures of GM, FORD or the financial system.
4.) Going forward, companies have been put on NOTICE that there will be TRUE CAPITALISM ... No more privitazation of the profits with socialization of the losses. REMEMBER ... it is President Obama that is doing AWAY with this corporate welfare. It was George W. Bush that was the "socialist", not Barack Obama.
I'm sure the "Tea Partier's will be giving credit where credit is due ... to the President ... RIGHT?? Afterall, they gave him credit for cutting their taxes in last year's $787B Stimulus package .... Right?
See, these bail outs weren't a total bust. The economy is still working (granted we need more people working for it to be a complete success). We didn't lose everything with these bail outs.
So what will happen to this money?