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In reply to the discussion: Dick Durbin voted to cut Social Security by 22%. Remember what Obama said? [View all]truedelphi
(32,324 posts)Familiar with the Bernie Sanders insisted upon Audit of the Federal Reserve. (An audit that Bernanke opposed!)
And guess what?!? That audit showed the American people that good ol' Ben had slipped some 15 or 16 trillions of dollars, as "loans" to his buddies on Wall Street and to his buddies across the globe (As long as they were heads of Big Financial Firms, of course.) If good ol' be were so concerned about employment, maybe he could have persuaded Geithner to loan California the requested monies - and that would ahve meant that Californians would ahve seen their teachers returned to the classrooms, the fire fighters to the fire houses, project managers tot heir offices, etc on down the line. And the ripple effect - that the local diner would have its usual crowd of customers, that the auto dealership would be selling mroe cars, etc, also would ahve had an impact. Instead, giving money to the very Firms that
One) Caused the economic collapse to begin with
Two) use the money to do more exotic "investments" and derivative gamlbes means we are being wet up for another major economic collapse
and
Three) when not using it as gambles and hedges and derivative "bets" these firms mostly sit on that money!
Experts tell us that some 4.7 trillions of dollars of these loans will never ever be returned. Funny thing, but the amount that the American people are being told MUST be trimmed from the Fed deficit is about the same amount!
Some critics of our government's policies with regards to Bernanke and the Fed, they thought that once the LIBOR situation had its day in court, much of this might get resolved.
But LIBNOR seems to have been swept under the carpet - judiciously speaking anyway.