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Christy Mack and Susan Karches did not respond to requests for comments for this story. But even without more information about the loans they got from the Fed, we know that TALF wasnt the only risk free money being handed over to Wall Street. During the financial crisis, the Fed routinely made billions of dollars in emergency loans to big banks at near zero interest. Many of the banks then turned around and used the money to buy Treasury bonds at higher interest rates essentially loaning the money back to the government at an inflated rate. People talk about how these were loans that were paid back, says a congressional aide who has studied the transactions. But when the state is lending money at zero percent and the banks are turning around and lending that money back to the state at three percent, how is that different from just handing rich people money?Those kinds of deals were the essence of the bailout and the vast mountains of near zero government cash turned companies facing bankruptcy into monstrous profit machines. In 2008 and 2009, while Christy Mack was busy getting her little TALF loans for $220 million, her husbands bank hauled in $2 trillion in emergency Fed loans. During the same period, Goldman borrowed nearly $800 billion. Shortly afterward, the two banks reported a combined annual profit of $14. 5 billion. As crazy as it is to lend to banks at near zero percent and borrow back from them at three percent, one could at least argue that the policy may have aided American companies by providing banks more cash to lend.


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Pretend you actually know the month or day and then reason from there from the possibilities. Albert knows the month. When he says he does not know Cheryl's birthday, that does not tell us anything new because the only way he could know would be if there were a month on the list with only one day. When Albert adds that he knows that Bernard could no know that is huge. In what cases might Bernard know?If Bernard had been told 18 or 19 then Bernard would know the birthday because there is only one month on the list with each of those numbers. If Albert knew the month were May or June, then he could not say honesty is assumed in logic puzzles!that Bernard could not know.



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