If the goal is to create millions of high paying jobs, a 21st Century New Deal, why not assimilate the Federal Reserve into Treasury and allow Treasury to SPEND trillions of debt-free dollars into the economy, focusing initially on infrastructure repair from Maine to Maui.
Recently, Joseph Stiglitz talked about how TARP could have been used:
"If we had used the $700 billion to create a new financial institution, allowed it to lever 10 to 1, which is very modest compared to the 30 to 1 we were doing--10 to 1 would have generated $7 trillion of new lending capacity, far in excess of what our country needs.
"So the issue here is not about lending.
"It is about saving the bankers.
"And what we confused was saving the banks with saving the bankers and their shareholders."
See: Ellen Brown's Web of Debt Blog>"Campaigning for State-Owned Banks" (2/17/2010)
Recently, Joseph Stiglitz talked about how TARP could have been used:
"If we had used the $700 billion to create a new financial institution, allowed it to lever 10 to 1, which is very modest compared to the 30 to 1 we were doing--10 to 1 would have generated $7 trillion of new lending capacity, far in excess of what our country needs.
"So the issue here is not about lending.
"It is about saving the bankers.
"And what we confused was saving the banks with saving the bankers and their shareholders."
See: Ellen Brown's Web of Debt Blog>"Campaigning for State-Owned Banks" (2/17/2010)