The Validity of Numbers
Last week, The Washington Post published an article about where the Fed bailout money went in 2008-09. Anyone shocked by lying by omission from the Federal Reserve probably should not be reading this blog. Who does, tho?
I’ve got one point to make, then you can get back to e-shopping for Christmas gifts. It concerns an interesting way to twist information. Look at this blurb, about halfway down the first page.
The Fed launched emergency programs totaling $3.3 trillion in aid, a figure reached by adding up the peak amount of lending in each program.
(Cue screetching record on turntable)
Wait a tic. In a report about HOW MUCH THE FEDERAL RESERVE DECEIVED, we find some concocted number, representing, “the peak amount of lending in each program”? This is cryptojournalism 101. A made-up number, lying in plain sight, used to quantify some past indiscretion while hiding the true cost.
Read between the lines. Simply put, the peak amount is not the total amount. You’re being gamed for unknown reasons by the Post and the Fed. If you believe that $3.3 Trillion number, then Ponch has something which should interest any savvy real estate speculator in the Arkansas and Texarkana region.
My guess? The amount the Fed loaned is upwards of $10 Trillion. If we ever get an honest answer. All in all, it makes me wonder, to what end do these sort of fiscal obfuscations aid and assist the Fed, whatever it’s doing?