Discussion in 'Economy' started by Kevin_Kennedy, Jul 24, 2009.
The Record of the Federal Reserve by Erik Voorhees
The Fed is a big culprit in this financial mess too, primarily because of all the money that was created under its watch but also because they were derelict in their oversight of the abuses that were occurring in the banking system when bankers gave out loans like candy, and because Greenspan actively worked to de-regulate the derivatives markets and fought a rear-guard action to bring greater oversight to derivatives.
Greenspan said you couldn't identify a bubble and Bernanke said homes weren't in a bubble in 2006. This belief lead to enormous ramifications in the economy.
Remember Obama said he wants to give the Federal Reserve more power? I have a theory. They own this country. So both Bush and Obama know better than to fuck with them. But you gotta get their approval or you won't get shit done, so Obama has backed off on fucking with the bankers. So good luck to Bernie Sanders, Ron Paul or anyone else who thinks they'll "audit" them.
So now they won't get in his way on reforming healthcare. The healthcare lobbyists, republicans and corporate media will fight him, but the bankers won't. They won't crash the stock market in 2011 when he's up for re election.
Bernanke saying such a thing is PRECISELY why he deserves zero credibility in this current mess, rather than being praised as some kind of genius savior with his policy decisions to date.
There's no way he couldn't have known there was a bubble as late as 2006. One has to be a blind retard to not know that's bullshit. The guy should not be trusted as far as he can be thrown.
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