by Albert Edwards, Societe Generale
Mr Bernanke’s in-house Fed economists have found that the Fed wasn’t responsible for the boom which subsequently turned into the biggest bust since the 1930s. Are those the same Fed staffers whose research led Mr Bernanke to assert in Oct. 2005 that “there was no housing bubble to go bust”? The reasons for the US and the UK central banks inflating the bubble range from incompetence and negligence to just plain spinelessness. Let me propose an alternative thesis. Did the US and UK central banks collude with the politicians to ’steal’ their nations’ income growth from the middle classes and hand it to the very rich?
IW
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Senate Banking Committee Chairman Chris Dodd opposes including a provision to audit the Federal Reserve in the Senate’s regulatory reform package, the retiring Connecticut Democrat told the Huffington Post Thursday.
The measure made it into the House bill in November after an unusual insurgency led by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) beat back a concerted effort by the Fed to kill the provision, and won an overwhelming and bipartisan vote in the House Financial Services Committee. It was an unprecedented legislative defeat for the Federal Reserve, which has never had a real audit in its history. Little is known of what it does with the trillions of dollars at its disposal.
*LOL*
ReplyDeleteGee, ya think?
I wonder what gave it away...the banker bailouts or the crooked fannie-freddie deals, all of which had bipartisan support, despite all the GOP hyperbole!
Ted - Yet so many people still don't get it. Anyone that stands in the way of a full audit of the federal reserve should be drawn and quartered, short of that they certainly shouldn't be re-elected.
ReplyDelete