The Fed has just allowed Bank of America to put up to $75 trillion into a bank that is FDIC insured, officially making the tax payer responsible for B

The Fed has just allowed Bank of America to put up to $75 trillion into a bank that is FDIC insured, officially making the tax payer responsible for BoA's toxic derivatives...again. (self.politics)

submitted 12 hours ago by dieyoung

But the problem isn't the Fed, right?

EDIT: Link to the original article, sorry I just got off work

EDIT 2: Some people have been mentioning that this seems impossible since the world GDP is actually around $55-60 trillion. Its true, this number is truly ridiculous, but pales in comparison to the entire OTC derivative market which the BIS values at closer to $601,048,000,000,000 as of December 2010.

EDIT 3: Bernie Sanders just had a press release regarding the discrepancies and conflicts of interest of the Fed. FTA:

The corporate affiliations of Fed directors from such banking and industry giants as General Electric, JP Morgan Chase, and Lehman Brothers pose "reputational risks" to the Federal Reserve System, the report said. Giving the banking industry the power to both elect and serve as Fed directors creates "an appearance of a conflict of interest," the report added.

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[–]bootiack 1 point 43 milliseconds ago

THANKS FOR MORE BAILOUTS OBAMA AND DEMOCRAT SCUMBAGS!!