That’s $4 TRILLION in loans at nearly 0% (over a period of a couple of years.)
Did you see any of that money? I know I didn’t.
Oh, that’s right I’m not Jeffery Imelt or Jamie Dimon.
In fairness 3 out of the 9 board members for each of the 12 Federal Reserve regional banks has to be a banker by law. And what are big bankers to do anyway? Not become part of an organization which will funnel money to their organizations? Bankers aren’t boy scouts.
Our favorite socialist in the Senate, Bernie Sanders, has a bill which will kick the bankers off of the boards. We wish him the best in his efforts and this is probably a good first step. The real issue however is that the Fed exists at all.
It is a fundamentally corrupt and unaccountable institution. It was founded in bad faith and has destroyed many lives as it has consistently failed in its doomed (public) mission to “stabilize” the economy over the last 100 years.
In its unofficial and non-public mission, that of insulating the entrenched banking system (and more importantly its bankers) from the cool winds of reality, it has actually done quite well. (To date.) When Wall Street needed it in 2008 the Fed was right there to the rescue.
So kick the bankers off the Fed boards. Then close the Fed.
By the way, this (below) quote from Murray N. Rothbard regarding the Fed just popped into my head as I was writing this post. It’s from The Case Against the Fed.
I am proud to say that I once read the quote to 500 TEA Party protesters in the spring of 2009 and received a very warm response. If you don’t know Rothbard you should learn more about him.
“By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody — and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue.”