Stimulus Bill Gives The Banks $454 Billion In Taxpayer Bailout Money

March 27, 2020
MBA, Market Analyst & Author @ The Mining Stock Journal

The Government and the Federal Reserve are exploiting the virus crisis to implement another bailout – or attempted bailout of the “Too Big To Fail Banks.”  The stimulus Bill approved 96-0 by the Senate gives the Fed a $454 billion taxpayer funded “slush fund” for Wall Street bailouts. Just as troubling, the Bill suspends the Freedom Of Information Act for the Fed until the earlier of the time at which Trump terminates the National Emergency declaration or December 31, 2020.

The latter provision means that the Fed can conduct meetings in secret, is not under any circumstances required to disclose the meeting details to the public  and it does not have to keep a record of notes.   The public will never know how its $454 billion was spent or which banks and hedge funds (or individuals?) were the recipients of this taxpayer largess.

Wall Street On Parade takes a look at the implications of economic bailout Bill so far passed by the Senate.  It remains to be seen if this secrecy provision will be challenged by the House but I’m not hopeful.  You can read more on this here:  Wall Street On Parade

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Dave Kranzler spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, he traded junk bonds for a large bank. He has an MBA from the University of Chicago, with a concentration in accounting and finance. He currently co-manages a precious metals and mining stock investment fund in Denver. My goal is to help people understand and analyze what is really going on in our financial system and economy. Dave publishes the The Mining Stock Journal a bi-weekly subscription newsletter that features junior mining ideas as well as relative value ideas in large cap mining stocks.

 

The melting point of gold is 1337.33 K (1064.18 °C, 1947.52 °F).

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