NEWS FLASH

During Financial Crisis, Fed Has More Loans Outstanding To Banks In One Day Than The Banks Had Earned In A Decade | Via “Freedom of Information Act requests, months of litigation and an act of Congress,” Bloomberg News complied data on the full extent of the Federal Reserve’s emergency lending during the 2008 financial crisis. At the peak of its lending — December 5, 2008 — the Fed had $1.2 trillion in loans outstanding through seven different programs. As Bloomberg pointed out, this amount was “more than the total earnings of all federally insured banks in the U.S. for the decade through 2010″ and is “about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages.”