$46.1 billionthe size of the Federal Reserve’s profits in 2009
$14.4 billionthe increase in the Fed’s profits from 2008 source
Why the increase? Simple. The Fed lowered its standards and became the buyer of last resort, buying assets nobody else wanted, and getting profits from those assets. In case you’re wondering, by the way, they dump these profits back to the Treasury.
TARP is going nowhere, guys. Treasury secretary Timothy Geithner informed Congress this morning that the program, set to expire at the end of the year, will be extended until at least October. Which means that the bailouts won’t be going anywhere anytime soon, as a way to extend small-business credit. source
Did this disappoint you, or leave a bad taste in your mouth? You know, this video seemed out of place a few years ago, when it first became popular, when Bank of America was still riding high. Now, with the company still paying back TARP funds, living down its unpopular purchase of Merrill Lynch and famously charging absurd fees, it’s just sick. Ethan Chandler of Bank of America took U2’s message of comradery and twisted it into a message of greed. Way to miss the point.
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