The Federal Reserve System released, under pressure from Capitol Hill, documents detailing some, ‘some’ – mind you, of what they have been doing the past few years. Their efforts to stem the financial meltdown, mortgage and foreclosure mess add up to some $9 Trillion dollars in liquidity. Just from March 2008 through May of 2009, $9 Trillion dollars in overnight loans went to the larger banks and Wall Street firms: $2 Trillion each to Merrill Lynch, Morgan Stanley and CitiGroup. Bear Stearns, Bank of America and Goldman Sachs got the bulk of the rest. But it does not end there. Trillions more, $3.3 Trillion, was also shoveled out the Fed discount window. On top of that, trillions more are still being doled out, including a promise to the International Monetary Fund to increase the European Union Stability Fund and a new round of ‘quantitative easing’ or QE2.

LONDON, ENGLAND - NOVEMBER 26: In this photo illustration Dollar and Euro notes are displayed, on November 26, 2010 in London, England. Concerns over the Euro zone debts have caused shares to retreat today by 1.3 percent, as speculation continues over other countries seeking financial help. According to reports, a 85 billion euro (112.7 billion USD) rescue package from the EU and International Monetary Fund (IMF) will be announced for Ireland on Sunday. (Photo illustration by Dan Kitwood/Getty Images)

I suppose in some respects we should be happy to finally get some real numbers out of the Fed. Previous estimates were based on rumors and speculation. I, for one, had never given much credibility to the previous ‘official’ line about the Fed doling out a mere $2.5 Trillion dollars. It had to be much more than just that.

With the bailout of Irish banks now inked, next on the list in the EuroZone is Portugal. Spain and Italy are not far behind, not to mention many others, including France and Belgium. Belgium has not even had a government for six months now! What are they waiting for?

Back at home, America is still on shaky ground. Confidence in ‘The System’ continues to be weak. Today’s surge in the Dow Jones comes after a dismal November that, despite many days of positive gains, ended the month losing value. Something which rarely happens in November. Historically, December is another ‘sell-off’ month, as investors cash-in before the tax year is over. So today’s big gains may evaporate quickly, especially as more rumors about the current Wall Street – Insider Trading scandal and a possible WikiLeaks data-dump on American banks abound.

The Federal Reserve System acknowledged today that just between March 2008 and May 2009, $9 Trillion dollars in emergency loans were made to large banks and Wall Street firms with Merrill Lynch, Citigroup, and Morgan Stanley getting $2 trillion each. Bear Stearns, Bank of America and Goldman Sachs got most of the rest. The financial crisis, along with the resulting mortgage and foreclosure crisis, continues to rock our monetary system. But the Federal reserve continues to print more money. Some for QE2, a second round of quantitative easing and increasing the US commitment to the International Monetary Fund and the European Union Stability Fund.

GYEONGJU, SOUTH KOREA - OCTOBER 22: Ben S. Bernanke, chairman of the U.S. Federal Reserve, attends during the first session of the G-20 Financial Ministers and Central Governors meeting on October 22, in Gyeongju, South Korea. There are calls for member nations to end manipulation of their currency markets in a letter by US treasury secretary Timothy Geithner to the G20 finance ministers, and avert what he describes as 'excessive volatility' in global markets. (Photo by Chung Sung-Jun/Getty Images)

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