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Posts Tagged ‘Ben Bernanke’

Rein in Wall Street and Rescue the Middle Class

Posted by angelbabe43 on October 8, 2011

It’s time for us to end the financial oligarchy so destructive to our economy. If a bank is too big to fail, it is too big to exist

The protest movement called Occupy Wall Street has struck a nerve. The demonstrators’ goals may be vague but their grievances are very real. If our country is to break out of this horrendous recession and create the millions of jobs we desperately need, if we are going to create a financially-stable future, we must take a hard look at Wall Street and demand fundamental reforms. I hope the protesters provide the spark that ignites that process.

The truth is that millions of Americans lost their jobs, their homes and their life savings because of the greed, recklessness and illegal behavior of Wall Street. Even Federal Reserve Chairman Ben Bernanke agreed when I questioned him this week at a joint economic committee hearing that that there was “excessive risk-taking” by Wall Street. Bernanke also said the protesters “with some justification” hold the financial sector responsible for “getting us into this mess”, and added, “I can’t blame them.” Now is the time for us to end the financial oligarchy that has been so destructive to our economy. (photo: David Shankbone)

The demonstrators and millions of sympathetic Americans understand that odds are stacked in Wall Street’s favor because of the extraordinary economic and political clout of the big banks. Believe it or not, the country’s six largest financial institutions (Bank of America, CitiGroup, JP Morgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs) now have amassed assets equal to more than 60% of our gross domestic product. The four largest banks issue two-thirds of all credit cards, half of all mortgages, and hold nearly 40% of all bank deposits. Incredibly, after we bailed out the behemoth banks that were “too big to fail”, three out of the four are now even bigger than they were before the financial crisis.

Not only do these financial institutions have enormous economic clout, their wealth makes them an extremely potent political force. From 1998 through 2008, in order to achieve their goal of repealing Glass-Steagall and other financial regulations, they spent more than $5bn on lobbying and campaign contributions. They also spent hundreds of millions to water down last year’s Dodd-Frank reform bill. After the law was passed, hundreds of millions more were spent to repeal provisions and weaken regulations. They never give up.

Where do we go from here? How do we convert the protesters’ enthusiasm into concrete results?

For starters, we should break up the giant financial institutions. Left to their own selfish devices, Wall Street bankers will continue to gamble with other people’s money. Sooner or later, when their bets go wrong, they will come back to Congress asking to be bailed out again. Why not nip that in the bud? There also is a sound economic argument against too few owning far too much. The idea that six giant financial institutions can exert such enormous control over the economy should frighten anyone who believes in a competitive free-market system. Good Republican presidents like William Howard Taft and Teddy Roosevelt broke up Standard Oil, the railroad trusts and other huge monopolies a century ago.

Now is the time for us to end the financial oligarchy that has been so destructive to our economy. If a bank is too big to fail, it is too big to exist.

Wall Street reform also must address the powerful and secretive Federal Reserve. A Government Accountability Office audit that I requested found that the central bank provided $16tn in revolving, low-interest loans to every major financial institution in this country, multinational corporations and some of the wealthiest people in the world. The Fed even helped bail out other central banks around the world. When Wall Street was on the verge of collapse, the Fed acted boldly. Today, with the middle class collapsing, the Fed must act with equal vigor.

Real unemployment is more than 16%. Median family income has declined by $3,600 over the last decade. A record 46 million Americans live in poverty. The gap between the very rich and everyone else, the widest of any major country, is growing wider.

Under emergency provisions already in law, the Fed has the authority to provide low-interest loans to small businesses that are starving for capital so that they can create the millions of jobs our economy needs. It should do so. The Fed also has authority to make credit card issuers stop bilking consumers with sky-high fees and interest rates of 30% or more. Especially in a recession, working people use credit cards to stretch their paychecks for basic needs. Usury is already regarded as a sin in the eyes of every major religion. It should be a crime. The Fed has the authority to limit interest rates and fees. It should do so.

The Occupy Wall Street demonstrators are shining a light on one of the most serious problems facing the United States: the greed, recklessness and power of Wall Street. Now is the time for the president and Congress to follow that light – and act. The future of our economy is at stake.

Bernie Sanders

Bernie Sanders (I-Vt.) was elected to the U.S. Senate in 2006 after serving 16 years in the House of Representatives. He is the longest serving independent member of Congress in American history. Elected Mayor of Burlington, Vt., by 10 votes in 1981, he served four terms. Before his 1990 election as Vermont’s at-large member in Congress, Sanders lectured at the John F. Kennedy School of Government at Harvard and at Hamilton College in upstate New York. Read more at his website.

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Corrupted!: 5 Shocking Examples Of Government Corruption That Will Blow Your Mind

Posted by angelbabe43 on April 15, 2011

www.infowarhorse.com

At times it really is breathtaking how corrupted the U.S. government has become.  Government corruption has become so endemic in our society that most people have just kind of accepted it as “normal”.  But shouldn’t we all get hopping mad when we learn that the Federal Reserve sent billions of dollars in bailout money to addresses in the Cayman Islands?  Shouldn’t we all be furious when one of the leading candidates for the 2012 Republican presidential nomination, Mitt Romney, declares that he is “not going to spend my time focusing on the Federal Reserve”?  Shouldn’t we all be alarmed when Nancy Pelosi gives a speech in which she says that “elections shouldn’t matter”?  Shouldn’t we all demand that someone be held accountable when we find out that a CBO analysis shows that the “$38.5 billion” in spending cuts will only reduce the budget deficit for this year by $352 million dollars?  On top of everything else, shouldn’t we all be absolutely horrified when the TSA gropes little 6 year old girls and virtually none of our politicians demand change?

$38.5 Billion In Budget Cuts Is Really Just $352 Million In Deficit Reduction?

Yesterday I wrote about how a close examination of the “budget cut deal” reveals that the 38.5 billion dollars in budget cuts are largely illusory.

However, even I was not ready for what the Congressional Budget Office had to say about this deal.  What I read in the Washington Post today absolutely floored me.  According to the Washington Post,  the Congressional Budget Office is saying that the budget deal will only cut the budget deficit for this year by less than one percent of what was being claimed by Republican and Democrat leaders….

The Congressional Budget Office estimate shows that compared with current spending rates the spending bill due for a House vote Thursday would pare just $352 million from the deficit through Sept. 30. About $8 billion in cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending.

What a joke.

The reality is that U.S. government is increasing by over 2 million dollars every single minute.  So the entire “savings” from this “budget deal” will account for approximately 3 hours of government spending.

Look, the U.S. government ran a budget deficit of $188 billion dollars for the month of March alone.  We are in debt up to our eyeballs and it is getting worse at a mind blowing pace.

When are people going to wake up and realize that neither political party is the least bit serious about dealing with our debt problem any time soon?

The Federal Reserve Sent Billions In Bailout Aid To Millionaires and Billionaires In The Cayman Islands

Most Americans don’t even understand what the Federal Reserve is, and yet they get to throw trillions of dollars around while being more or less completely unaccountable the entire time.

In a new article for Rolling Stone (which is a must read), Matt Taibbi exposes some of the folks that the Federal Reserve has been sending money to….

The Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses. “Our jaws are literally dropping as we’re reading this,” says Warren Gunnels, an aide to Sen. Bernie Sanders of Vermont. “Every one of these transactions is outrageous.”

How in the world does it benefit the American people to send billions of dollars to some ultra-wealthy people down in the Cayman Islands?

In light of what we have already found out, it is absolutely amazing that Congress is still refusing to authorize a complete audit of the Federal Reserve.

The corruption of the Fed is crying out to be investigated.

Unfortunately, many of our top politicians are openly declaring that they have no intention of going after the Federal Reserve.

Mitt Romney Declares That He Will Not Be Going After Ben Bernanke Or The Federal Reserve

In case anyone needs one more sign that Mitt Romney is just another shill for the establishment, just check out the two statements by Romney below.

According to Politico, Romney recently told CNBC’s Larry Kudlow that he is not concerned about the Federal Reserve at all….

“I think Ben Bernanke is a student of monetary policy; he’s doing as good a job as he thinks he can do,” Romney said when Kudlow asked what kind of job Bernanke is doing. “I’m not going to spend my time going after Ben Bernanke. I’m not going to spend my time focusing on the Federal Reserve.”

That’s just great.  The Republican candidate with perhaps the greatest amount of “establishment support” says that he thinks that Bernanke is doing a good job and he does not plan to spend any time focusing on the Federal Reserve.

So if Romney gets in the Federal Reserve will continue to be able to dish out trillions to their friends without any interference.

Nancy Pelosi Declares That “Elections Shouldn’t Matter”

How are we supposed to respond when the top Democrat in the House of Representatives declares that “elections shouldn’t matter as much as they do”?

During a recent speech, Pelosi implored establishment Republicans to “take back your party” so that elections won’t “matter” as much….

To my Republican friends: take back your party. So that it doesn’t matter so much who wins the election, because we have shared values about the education of our children, the growth of our economy, how we defend our country, our security and civil liberties, how we respect our seniors. Because there are so many things at risk right now — perhaps in another question I’ll go into them, if you want. But the fact is that elections shouldn’t matter as much as they do… But when it comes to a place where there doesn’t seem to be shared values then that can be problematic for the country, as I think you can see right now.

Apparently what Pelosi wants is for America to go back to a time when all of us just went along with the false left/right paradigm and when we were all content to sleep while the establishment agenda rolled right along.

Well guess what Nancy?  Some of us are starting to wake up.

6 Year Old Girl Molested By The TSA


How far have we fallen as a nation when a 6 year old girl has to have her private areas touched in public by the TSA before she is allowed to get on an airplane?

America is becoming a very strange place.

The following is video that was posted on YouTube of the recent incident involving a 6 year old girl….

So is this what we have become as a nation?

Will we subject ourselves to anything as long as the authorities insist that it will keep us a little bit safer?

Pretty soon America is going to be unrecognizable.

I have previously written about how in one town in Missouri, girls scouts have actually been banned from selling girl scout cookies in their own front yards.

How crazy is that?

In Cleveland, authorities haves announced plans to have “trash supervisors” go snooping through trash cans to ensure that people are actually recycling according to city guidelines.

The control freaks we keep voting into office seem to have an obsession with running ever detail of our lives.

In many areas of the nation we aren’t even allowed to do acts of kindness anymore.

For example, in Houston, Texas a couple named Bobby and Amanda Herring that had been feeding homeless people for over a year has been banned by the city from doing so.

So what is next?

Are they going to ban kids from taking lunches to school?

It is already happening….

At one public school in the Chicago area, children have been banned from bringing their lunches from home.  Instead, it is mandatory that they eat the food that the cafeteria serves.

Meanwhile, the Federal Reserve gets to create trillions of dollars out of thin air and they get to send it to whoever they want.

What a country we have, eh?

Our system has become corrupted beyond all recognition.  Government corruption is out of control and it is getting worse with each passing day.

So when are the American people going to get sick of all this nonsense?

When are….

Wait.

American Idol is on tonight.

Perhaps all of this can just wait for another time.

After all, who wants to miss what J-Lo and Steven Tyler are going to say tonight?

Those two are really a couple of characters!

Our leaders know what they are doing, right?

We can trust our politicians to act in our best interest, right?

So instead of writing about all of this “doom and gloom”, perhaps I should just lighten up and focus on fun things like American Idol a little bit more.

What do all of you think?

http://www.infowarhorse.com/corrupted-5-shocking-examples-of-government-corruption-that-will-blow-your-mind/

Related posts:

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  2. As an American are you happy that 66% of your Federal Budget Discretionary Spending goes on defense?
  3. The Whopper that didnt get away!
  4. Fox News Caught In Shocking Dirty Tricks Stunt Against Ron Paul
  5. An Interview With Jesse Ventura on Government Cover-Ups, 9/11, the Reality of HAARP and Making Government Better

Short URL: http://oneworldscam.com/?p=14882

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