$16 TRILLION IN LOANS FROM THE FED

but not all at once, as Sen. Bernie Sanders (I-VT) remarks might suggest.  I looked at the PDF of the GAO's audit of the Federal Reserve System and the totals lent during the financial crisis are indeed staggering.  Here are some of the numbers...

- The Commercial Paper Funding Facility
(CPFF) served as a backstop for commercial
paper markets that came under increased
strain in fall 2008.

- The Federal Open Market Committee
approved swap lines with 14 foreign central
banks to address stresses in U.S. dollar
funding in overseas markets.

This a a good example to illustrate the difference between peak dollar transactions and aggregate dollar transactions.

- The Primary Dealer Credit Facility (PDCF)
provided collateralized, overnight cash loans
to primary dealers to help address challenges
in secured funding markets.

This is also a good example to illustrate the difference between peak dollar transactions and aggregate dollar transactions.

- The Term Auction Facility (TAF) auctioned
28-day and 84-day discount window loans to
eligible depository institutions.