Jim’s Mailbox

Posted at 3:44 PM (CST) by & filed under Jim's Mailbox.

Raoul Pal with a 40 year inflation adjusted cup and handle gold chart.

Bill

Jim/Bill,

This is a very informative article for readers.

Dave

New York Times Rewrites the Timeline of the Fed’s Wall Street Bailouts, Giving Banks a Free Pass
July 28, 2020

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.

More…