It is called a loan, but the loan is only as good as the ability to pay it back, which comes down to collateral. The fed took literally the worst possible garba

It is called a loan, but the loan is only as good as the ability to pay it back, which comes down to collateral. The fed took literally the worst possible garbage in exchange for these loans. They amount to a gift, in reality. The 12.3 trillion number sounds absurd, but it is real. What the article neglects to mention is that about 9 trillion was very short term and double counting along with various other exceptions. Only about 3 trillion was actually a handout. Still, the point of the article seems valid, in a way that your foux-amazement fails to challange. Bankers were given more money then we can imagine, because they held the Fed hostage.