Courtesy of Pam Martens
By Pam Martens and Russ Martens: October 22, 2019 ~
From this past Friday evening through Sunday, if you clicked on any of the web pages at the New York Fed pertaining to the hundreds of billions of dollars it has been pumping out weekly to Wall Street’s securities firms since September 17, you saw the message below:
We emailed the New York Fed’s media contact and asked why all of the other web pages at the New York Fed were working just fine but only its repo operation data and announcements had up and disappeared. We received no response. The web pages have since been restored with some tweaking that seems to have the intent of making this massive money spigot to Wall Street, for the first time since the financial crisis, appear to be just your ole run of the mill open market operation from your ole reliable New York Fed.
As it turns out, on Friday, October 18, the same day that the repo info disappeared at the New York Fed, Senator Elizabeth Warren, who commands a major media pulpit as one of the leading Democratic candidates for President, sent a hard-hitting letter to U.S. Treasury Secretary Steve Mnuchin demanding answers as to what necessitated the Fed to have to make these loans and why the Fed announced on October 11 that it was going to extend the loans “at least through January of next year.” (As Treasury Secretary, Mnuchin also chairs the Financial Stability Oversight Council whose job it is to anticipate and prevent financial crises from occurring and destroying the U.S. economy, as occurred in 2008.)
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