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The Federal Reserve oversees most US banks and has been in the fore in bailing out insolvent banks. In essence, the Federal Reserve has been the "Bad Bank" by accepting toxic bank assets. So when president Obama indicates that he will set up a "bad bank" that indicates a Federal Reserve "NO MAS" or they can go no further. Confirmation of this comes from UK banks and actions taken by the British government. The Federal Reserve is not a US government branch, but a foreign entity composed of global bank shares. Thus the Obama - 10 Downing Street puts the Federal … (2 comments)
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