"There was actually no liquidity crisis whatsoever... the reason that the regular newspapers don't report it is the loans violated every element of the Dodd-Frank laws that were supposed to prevent the Fed from making loans to particular banks that were not part of a liquidity crisis... these three banks, Chase Manhattan, Goldman Sachs – which used to be a brokerage firm – and Citibank, that the Federal Reserve laws and the Dodd-Frank Act explicitly prevent the Fed from making loans to particular banks... month after month, the Fed was pumping money into JP Morgan and Citibank and Goldman... these really weren't Citibank and Morgan Chase; it was to their trading affiliates. Now this is exactly what Dodd-Frank was supposed to prevent..."
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Academics from the United StatesNon-fiction authors from the United StatesEducators from the United StatesHistorians from the United StatesEconomists from the United States
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Quoted by Ben Norton, in Economist Michael Hudson explains inflation crisis and Fed's secretive $4.5 trillion bank bailout, Geopolitical Economy Report, (8 Jan 2022)
https://en.wikiquote.org/wiki/Michael_Hudson_(economist)
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Michael Hudson (economist)
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