Here’s The Real Scandal From The Fed’s $7.77 Trillion Secret Lending To The Banks

A new report from Bloomberg Markets magazine reveals details about the super secret emergency loans the Federal Reserve administered to rescuing the nation’s largest banks. After adding up all the guarantees and loans, the Fed committed $7.77 trillion to rescuing the financial system as of March 2009, the report said. While that number might seem alarming, the Fed actually did its part in keeping the banking system afloat during the financial crisis.