It still seems to me that the Fed did exactly the right thing and this is borne out by the fact that those short-term loans have been repaid.
Yeah, you're right. It would have been character-building for us as a nation to have a second Great Depression and 30% unemployment instead.
DOR 2012!
No... That's not what I'm saying. You keep arguing the point about the "short-term loans" were paid back. I don't think any of us are arguing this point.
We are talking about the Fed being accountable to the government. Which it never has been. That the people behind the financial crises aren't the ones lending money to who ever they decide with no oversight. Where shit like conflict of interest aren't investigated.
Did you read Senator Sanders. He points out clear examples.
"the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs."
So these banks cause the problem and then
"The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates."
Many of the banks used this money for their own gains. In many cases, not what the loans were intended for. Which was to get credit flowing throughout the economy.
The point is. That shit needs to stop and the Fed should be accountable to Congress and/or the President.
We are talking about the Fed being accountable to the government. Which it never has been. That the people behind the financial crises aren't the ones lending money to who ever they decide with no oversight. Where shit like conflict of interest aren't investigated.
Did you read Senator Sanders. He points out clear examples.
"the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs."
So these banks cause the problem and then
"The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates."
Many of the banks used this money for their own gains. In many cases, not what the loans were intended for. Which was to get credit flowing throughout the economy.
The point is. That shit needs to stop and the Fed should be accountable to Congress and/or the President.
First of all, the Fed has always been accountable to the President and Congress, but the government has been very lax in exercising this power for whatever reasons. Bear in mind that the President personally appoints the Federal Reserve Board, so the idea that what they're doing is some kind of secret is ridiculous.
And this stuff about Chase is garbage and Sanders should know that. Chase was forced to take the TARP money against their will and fought to give it back as soon as they could. The idea that this was some kind of sweetheart deal for them is a joke. Chase was actually in fine shape when the financial crisis hit and didn't need or want the money at all.
And of course the CEO of Chase served on the NY Board - who do you think should serve on the Fed - the local bodega owner?
And zero or near zero interest rates? - those aren't some shady back door deal - those are the current rates as determined by our government's policy response to the crisis.
For the record, I think The Fed is pretty shady overall, but the article that started this thread is totally deceitful and is really just bogus Tea Party style fear mongering. The activity it describes, as faulty as it is in some regards, is probably one of the best things The Fed has done for America in a long time.
Some claim to be socialists, some claim to be communists, some are just assholes.
Are the assholes the so called "patriots" who are stockpiling guns because of the socialist and communist? Waiting to take back their country and make it right again?
HarveyCanal"a distraction from my main thesis." 13,234 Posts
The Fed stays propping the (false) dollar against (real) long term debt. That's not doing a good job for the people. It's only doing a good job for the Fed. Fuck that shit and all you Fed fuck boys.
Some claim to be socialists, some claim to be communists, some are just assholes.
Are the assholes the so called "patriots" who are stockpiling guns because of the socialist and communist? Waiting to take back their country and make it right again?
Sure....right wing militia.....trust fund anarchists....there are all kinds of assholes in the world.
Comments
No... That's not what I'm saying. You keep arguing the point about the "short-term loans" were paid back. I don't think any of us are arguing this point.
We are talking about the Fed being accountable to the government. Which it never has been. That the people behind the financial crises aren't the ones lending money to who ever they decide with no oversight. Where shit like conflict of interest aren't investigated.
Did you read Senator Sanders. He points out clear examples.
"the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs."
So these banks cause the problem and then
"The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates."
Many of the banks used this money for their own gains. In many cases, not what the loans were intended for. Which was to get credit flowing throughout the economy.
The point is. That shit needs to stop and the Fed should be accountable to Congress and/or the President.
First of all, the Fed has always been accountable to the President and Congress, but the government has been very lax in exercising this power for whatever reasons. Bear in mind that the President personally appoints the Federal Reserve Board, so the idea that what they're doing is some kind of secret is ridiculous.
And this stuff about Chase is garbage and Sanders should know that. Chase was forced to take the TARP money against their will and fought to give it back as soon as they could. The idea that this was some kind of sweetheart deal for them is a joke. Chase was actually in fine shape when the financial crisis hit and didn't need or want the money at all.
http://webcache.googleusercontent.com/search?q=cache:3RmFLrxFMN4J:articles.boston.com/2009-05-15/business/29261648_1_banks-new-york-mellon-sheila-bair+jp+moorgan+chase+forced+to+take+bailout&cd=2&hl=en&ct=clnk&gl=us&client=firefox-a&source=www.google.com
And of course the CEO of Chase served on the NY Board - who do you think should serve on the Fed - the local bodega owner?
And zero or near zero interest rates? - those aren't some shady back door deal - those are the current rates as determined by our government's policy response to the crisis.
For the record, I think The Fed is pretty shady overall, but the article that started this thread is totally deceitful and is really just bogus Tea Party style fear mongering. The activity it describes, as faulty as it is in some regards, is probably one of the best things The Fed has done for America in a long time.
WOW WHAT A BOLD STANCE BRO
FREEDOM SHOTS ARE ON ME NEXT TIME YOU'RE IN NEW YORK
Are the assholes the so called "patriots" who are stockpiling guns because of the socialist and communist? Waiting to take back their country and make it right again?
HELL YES BRA, BUT ONLY IF YOU MAKE A TOAST TO NAZIS, TROLLS AND THE BASED GOD.
b/w
JUST KNOW UP FRONT THAT I WON'T ENTER ANY BAR THAT CARRIES GQ'S FLAVORED VODKA OF THE MONTH AND MATCHING SWEATER
Sure....right wing militia.....trust fund anarchists....there are all kinds of assholes in the world.
I don't know, but I imagine it looks like this...
One ounce of PBR