Lesson Learned: Don't Ask Yahoo! Answers About the Assets and Liabilities of the Fed

 pic credit: Skull-A-Day

Lindsay asks on Yahoo! Answers, an authority for a perfect snapshot of how misinformed and useless humanity has become:

What are the major assets and liabilities of the federal reserve system?

This is what she gets back:

Eliminations from Wednesday Change since
consolidation May 12, 2010 Wednesday Wednesday
Assets, liabilities, and capital May 5, 2010 May 13, 2009

Assets
Gold certificate account 11,037 0 0
Special drawing rights certificate account 5,200 0 + 3,000
Coin 2,065 - 16 + 205
Securities, repurchase agreements, term auction
credit, and other loans 2,119,894 - 131 + 477,418
Securities held outright (1) 2,043,258 + 982 + 961,667
U.S. Treasury securities 776,792 + 43 + 199,701
Bills (2) 18,423 0 0
Notes and bonds, nominal (2) 712,023 0 + 199,253
Notes and bonds, inflation-indexed (2) 41,125 0 - 128
Inflation compensation (3) 5,220 + 43 + 575
Federal agency debt securities (2) 168,112 0 + 95,157
Mortgage-backed securities (4) 1,098,355 + 940 + 666,810
Repurchase agreements (5) 0 0 0
Term auction credit 0 0 - 428,835
Other loans 76,636 - 1,113 - 55,413
Net portfolio holdings of Commercial Paper
Funding Facility LLC (6) 2 0 - 163,207
Net portfolio holdings of Maiden Lane LLC (7) 28,262 + 1 + 2,569
Net portfolio holdings of Maiden Lane II LLC (8) 15,841 - 222 - 309
Net portfolio holdings of Maiden Lane III LLC (9) 23,361 - 304 + 3,056
Net portfolio holdings of TALF LLC (10) 439 0 + 439
Preferred interests in AIA Aurora LLC and ALICO
Holdings LLC (11) 25,416 0 + 25,416
Items in process of collection (41) 160 - 65 - 200
Bank premises 2,237 + 3 + 43
Central bank liquidity swaps (12) 9,205 + 9,205 - 237,633
Other assets (13) 96,428 + 1,463 + 30,914

Total assets (41) 2,339,547 + 9,933 + 141,712


Eliminations from Wednesday Change since
consolidation May 12, 2010 Wednesday Wednesday
Assets, liabilities, and capital May 5, 2010 May 13, 2009

Liabilities
Federal Reserve notes, net of F.R. Bank holdings 898,681 + 1,166 + 33,170
Reverse repurchase agreements (14) 56,647 + 3,164 - 14,247
Deposits (0) 1,310,842 + 4,734 + 102,137
Depository institutions 1,092,845 + 60,106 + 161,108
U.S. Treasury, general account 16,293 - 53,647 - 40,874
U.S. Treasury, supplementary financing account 199,958 0 + 25
Foreign official 1,413 - 1,638 - 1,134
Other (0) 333 - 88 - 16,989
Deferred availability cash items (41) 2,372 - 341 - 979
Other liabilities and accrued dividends (15) 16,210 + 755 + 9,929

Total liabilities (41) 2,284,753 + 9,478 + 130,010

Huh? No wonder no one has any fucking idea what is going on because it's not bad enough that is a jumble of numbers, the 10s of thousands have to be converted into millions. Ugh.

Her response?

OMG!!! can someone please give me a straight clear answer i need this to help me with my final!!!

Though poor Lindsay doesn't realize the Fed is serving as money-shuffling bitch so the government can pile on all kinds of garbage debt (see WC Varones' recent explanation of the sort of or maybe totally ballooning deficit versus the actually ballooning amount of debt our government is "hoarding"), including the student loans she took out so she could be on Yahoo! Answers asking about the Fed's assets and liabilities. Oh dear.

I hope she didn't end up at one of those scam schools like these guys, who will be coming for some of that free debt tyvm:

Enrollments at DeVry University, Keller Graduate School of Management and Chamberlain College of Nursing were in-line with previously announced expectations. However, new student enrollment at the Carrington Colleges declined more than anticipated in October and November as the result of fewer adult students entering into programs driven by lower inquiry volume and conversion. To address this issue, Carrington is in the process of shifting its focus from brand awareness associated with the recent name change to more direct response communications. Carrington is also making additional investments in its website interface and admissions processes to better serve prospective students.

"In the coming years, the strong demand for quality education will continue to grow in the United States and around the world. DeVry provides a key part of the solution by providing capacity and access so our students can achieve their educational and career goals,” said Daniel Hamburger, president and chief executive officer of DeVry Inc. “While we experienced lower demand at some of our colleges during this enrollment period, we remain well-positioned through our diverse family of schools and programs should these trends continue. We have strategies in place to address areas where we can improve and remain confident in our ability to meet our long term performance goals.”

I'm sure that strategy involves getting ads into the lucrative 10 a.m. spot between Maury baby daddy announcements.

Mish goes on to hammer the education scam as a very appropriate follow up to WCV's revelation that . You either go to Harvard to learn to write up uncritical love letters in exchange for office supplies or get your how-to-be-a-debt-slave education from these mills. Or if you're lucky, you get a discount on your education and then return to your country to actually use it.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

2 comments:

elf2006real said...

Well high if not hyperinflation set into college fee$ long before it hit the rest of us. The "Great Inflation" of the 70's was about 60%. It was over 300% for education. That's what our gumberment does.

Tailwind said...

Ahhhh....is it just me or is there a small problem with their reporting too?

Total assets (41) 2,339,547 + 9,933 + 141,712 = 2,491,192

Total liabilities (41) 2,284,753 + 9,478 + 130,010 = 2,424,241

Delta = $66,951

WTF?