The Defacto Nationalization of US banks

Privatization of profits, socialization (taxpayer robbery) of losses.

All this on top of the $70 trillion of bummint debt.

Isn't it fun watching the insanity unfold.

The Federal Reserve announced Friday it will auction an additional $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.

The central bank said it would make $50 billion available at each of two auctions, on April 7 and April 21.

Through the end of March, the Fed has provided $260 billion in short-term loans to commercial banks through the innovative auction process. It also has employed Depression-era provisions to provide money to investment banks.

Full article.