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New York Times Rewrites the Timeline of the Fed’s Wall Street Bailouts, Giving Banks a Free Pass

Courtesy of Pam Martens

A.G. Sulzberger, Publisher of the New York Times

A.G. Sulzberger, Publisher of the New York Times

Last Friday, the New York Times officially embarked on what we have been expecting – an attempt to rewrite the current, ongoing Wall Street bank bailout. We were so certain that an alternative reality was going to emerge at the Times, that we had the foresight to create an archive of Wall Street On Parade articles (122 so far) that document every major bailout step the Fed has taken since September 17, 2019 – five months before the first COVID-19 death was reported in the United States.

One of our articles, published on January 6, 2020, shows that before the first COVID-19 case had even been reported in the U.S., the Fed had pumped more than $6 trillion cumulatively into the trading units of the largest Wall Street banks — not hedge funds, that the Times now attempts to blame for the crisis.

Before we delve into the latest propaganda war for Wall Street by the New York Times, you need a bit of background.

On May 12, 2012 Andrew Ross Sorkin of the New York Times wrote one of the most factually-challenged articles we have ever read by a business writer in the U.S. Sorkin attempted to rewrite the 2008 financial crisis and  knock down efforts at the time by Senator Elizabeth Warren to restore the Glass-Steagall Act.

The 1933 Glass-Steagall Act was passed by Congress at the height of the Wall Street collapse that began with the 1929 stock market crash that ushered in the Great Depression. The legislation tackled two equally critical tasks. It created Federally-insured deposits at commercial banks to restore the public’s confidence in the U.S. banking system and it barred these commercial banks from being part of a Wall Street investment bank or securities underwriting operation because of the potential for speculative trading to render the taxpayer-supported bank insolvent.

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