"The Fed’s profitability increased as an incidental result of the financial turmoil that began in 2007"
PFFFFFTTT!!!!!
The rest of the article isn't much better.
"Fed made $47.4b in 2009 from aiding housing market" by New York Times | April 22, 2010
WASHINGTON — The Federal Reserve transferred $47.4 billion, a record sum, to the Treasury Department last year, a result of the central bank’s actions to support the fragile housing market....
“Central banking is a great business,’’ quipped Vincent R. Reinhart, a former director of monetary affairs at the Fed.
Yeah, LOOTING is GREAT FUN!
Unlike private banks, the Fed does not exist to make a profit, though it inevitably does.
PFFFFT!
First of all, the FED is a PRIVATE CONSPIRACY, 'er, CONSORTIUM of BANKS, you obfuscating PoS!
Yeah, they don't exist to make profit, but inevitably do.
This is why I no longer frequent NYT shit-spew!
Historically, it paid no interest on the currency and bank reserves that represent its liabilities, while it made interest on the Treasury securities that make up its assets. The Fed’s profitability increased as an incidental result of the financial turmoil that began in 2007.
To hold down long-term interest rates and support the housing market, the Fed greatly increased its holdings of Treasury securities and acquired mortgage-backed securities and debts owed by Fannie Mae and Freddie Mac, the mortgage-finance companies that are now controlled by the government.
In addition, the Fed profited as troubled banks turned to its discount window and other emergency lending programs. The Fed paid for those assets by creating reserves....
Translation: They PRINTED MONEY out of THIN AIR!!!
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