Skip to main content

Bernie Sanders vs The Federal Reserve

Bernie Sanders vs The Federal Reserve - So now we know, thanks to Sen. Bernie Sanders, some of the sordid details of the Federal Reserve Board’s “come and get it” policy. The Fed opened its vaults—our vaults—to the tune of $3.3 trillion in liquidity and $9 trillion in short-term low-interest loans to some of the world’s biggest banks. These included giant foreign banks, as well as Citigroup and Bank of America and other large domestic financial institutions.

Morgan Stanley got nearly $2 trillion. Citigroup got $1.8 trillion. Goldman Sachs got $600 billion.

Not only that, the Fed threw money at some of the biggest corporations in the land, including Caterpillar, General Electric, McDonald’s and Verizon.

These were loans with no interest, or almost no interest, at a time when American consumers and small businesses couldn’t find loans to save their lives.

Sen. Sanders wrote the law that required the Fed, against its wishes, to disclose who got all this money.

Sanders said the revelations are “astounding,” and he’s right.

He said, “The Fed failed to require loan recipients to invest in rebuilding our economy and protect the needs of ordinary Americans,” and he’s right again.

Even though the U.S. banks that got the easy loans held most of the country’s mortgages and credit cards, the Fed never insisted that they reduce the principal on their mortgages or the interest rates on the credit cards.

Bernie Sanders vs The Federal Reserve
Labels:

Comments

Post a Comment

Popular posts from this blog

Farm dogs maul Irish Tourist

Farm dogs maul Irish Tourist - An Irish tourist who was mauled to death by two dogs while visiting an organic farm in Penang yesterday morning had more than 50 bite wounds and lacerations all over his body. Penang Hospital Forensic Department head Datuk Dr Bhupinder Singh, who performed the post-mortem on Maurice Sullivan (pix), 50, today, said he found the wounds on the victim's head, neck, hands and legs. "The victim had died as a result of severe haemorrhage due to multiple injuries from the dogs' bites," he said, adding that there were no signs that Sullivan suffered any ailment at the time of death. Farm dogs maul Irish Tourist Bhupinder also said both Sullivan's ears and the left side of his face were gnawed off in the incident. One of the ears was recovered from the scene. Bhupinder told reporters this after carrying out the post-mortem which began at 10am. Sullivan was attacked by two mongrels at the farm while taking photographs of the gr...
6 comments
Read more

Man Hits Teen on Plane Over iPhone

Man Hits Teen on Plane Over iPhone - Police say a man on a Southwest Airlines flight from Las Vegas punched a teenager who refused to turn off his iPhone as the plane approached the Boise airport. Officers arrested 68-year-old Russell E. Miller, of Boise, on suspicion of misdemeanor battery Tuesday. He has been released from jail on bond. Witnesses told police the 15-year-old was playing games and listening to music on his cell phone when flight attendants instructed passengers to turn off their electronic devices because the plane was landing. Witnesses told police that when the teen didn't respond, Miller got angry and punched the boy in the arm. Miller says he "tapped" the teen on the shoulder after he refused to turn off the phone. He told the Idaho Statesman that he may have "overreacted," but that he did not punch the teen. Man Hits Teen on Plane Over iPhone
5 comments
Read more

Contactless Debit Cards

Contactless Debit Cards - Contactless debit cards will make their formal debut in Canada next year with the launch of Interac Flash from Acxsys Corp.’s Interac Association, Canada’s national debit network. Interac’s first two Flash issuers are Scotiabank and RBC Royal Bank, which will roll out their first contactless cards next summer. The first acquirer is TD Merchant Services, a unit of Toronto-Dominion Bank. More issuers and acquirers are on the way, an Interac spokesperson tells Digital Transactions News, though no announcements have been made yet. Interac and the banks tested Flash this summer at some high-volume, small-ticket merchants in downtown Toronto. The spokesperson expects national merchants will be making formal announcements about acceptance. “There’s a lot of excitement in the merchant community,” she says. “Merchants are looking for that faster throughput.” In a statement, the Retail Council of Canada endorsed the new card. “Interac Flash is a welcome and needed ...
Post a Comment
Read more