Jon Stewart on the Daily Show went after the Bernanke Fed last week following the disclosure by Bloomberg of $7.7 trillion lent to US banks on which they made billions of dollars in profit, at no risk.

http://media.mtvnservices.com/mgid:cms:video:thedailyshow.com:403448

Link is video does not play: Secret TARP program explained

For more facts on which banks were involved and to what extent, please see Banks Make $13 Billion on $7.7 Trillion in Secret Fed Loans; SEC Stands by Does Nothing.

The most puzzling aspect about the Bloomberg revelation is why there is not more public ire against Congress, the Fed, and banks over this.

Mike “Mish” Shedlock
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