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About T-rump's $1 Trillion "Public-Private" Infrastructure "Plan"
The Federal Reserve, in fact, mostly through the New York Fed, secretly disbursed $16 trillion in almost zero interest loans to Wall Street banks and foreign banks from 2007 to 2010, according to the Government Accountability Office (GAO). The public only learned about this unprecedented and unimaginable bailout in 2011 as a result of an amendment by Senator Bernie Sanders to the Dodd-Frank reform legislation which called for a GAO audit.
You need to let that sink in for a moment: outside of any action by the legislative branch of the U.S. government, the United States Congress – members of whom are elected by the citizens of the United States – a hybrid public-private partnership called the Federal Reserve created $16 trillion out of thin air and secretly doled it out to the scoundrels of the Wall Street collapse under what it calls its emergency powers.
Mr. President, the last thing the public wants from you is another public-private partnership. The last thing the American people think will make the country great again is another public-private partnership.
Mr. President, the public already has good reason to suspect that you’re not draining the swamp in Washington but restocking it. Hank Paulson, the U.S. Treasury Secretary who pushed for the massive Wall Street bailouts in 2008, was the former Chairman and CEO of Goldman Sachs. Your U.S. Treasury Secretary, Steve Mnuchin, is a former 17-year veteran of Goldman Sachs. Stephen Bannon, your Chief Strategist in the White House, previously worked at Goldman Sachs. The sitting President of Goldman Sachs, Gary Cohn, was named by you as Director of the National Economic Council. And your nominee to Chair the Securities and Exchange Commission, Jay Clayton, is an outside lawyer to Goldman Sachs whose wife is currently a Vice President there. Clayton has represented 8 of the 10 largest Wall Street banks in the past three years.
Mr. President, another public-private boondoggle that privatizes profits and socializes losses in a thinly veiled, institutionalized wealth transfer system to the 1 percent could prove fatal to the U.S. economy.
You need to let that sink in for a moment: outside of any action by the legislative branch of the U.S. government, the United States Congress – members of whom are elected by the citizens of the United States – a hybrid public-private partnership called the Federal Reserve created $16 trillion out of thin air and secretly doled it out to the scoundrels of the Wall Street collapse under what it calls its emergency powers.
Mr. President, the last thing the public wants from you is another public-private partnership. The last thing the American people think will make the country great again is another public-private partnership.
Mr. President, the public already has good reason to suspect that you’re not draining the swamp in Washington but restocking it. Hank Paulson, the U.S. Treasury Secretary who pushed for the massive Wall Street bailouts in 2008, was the former Chairman and CEO of Goldman Sachs. Your U.S. Treasury Secretary, Steve Mnuchin, is a former 17-year veteran of Goldman Sachs. Stephen Bannon, your Chief Strategist in the White House, previously worked at Goldman Sachs. The sitting President of Goldman Sachs, Gary Cohn, was named by you as Director of the National Economic Council. And your nominee to Chair the Securities and Exchange Commission, Jay Clayton, is an outside lawyer to Goldman Sachs whose wife is currently a Vice President there. Clayton has represented 8 of the 10 largest Wall Street banks in the past three years.
Mr. President, another public-private boondoggle that privatizes profits and socializes losses in a thinly veiled, institutionalized wealth transfer system to the 1 percent could prove fatal to the U.S. economy.
Article: http://wallstreetonparade.com/2017/03/mr-president-this-is-what-you-should-know-about-public-private-partnerships/