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Bernie Sanders: The big banks rule the Fed, here's how to fix it

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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 10:58 PM
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Bernie Sanders: The big banks rule the Fed, here's how to fix it
A story the bulk of Corporate McPravda is failing to report.



Thank goodness someone in Washington believes in American concepts like Democracy and Justice.



Bernie Sanders: The big banks rule the Fed, here's how to fix it

The independent senator from Vermont is taking aim at the make-up of the Federal Reserve's board of directors, arguing it has too many bankers.


By Nin-Hai Tseng, writer-reporter
Fortune.CNN.com October 26, 2011: 11:07 AM ET

EXCERPT...

Does anything in the GAO report surprise you?

No. In many ways what the GAO was telling us is what many of us already knew but the significance is that for the first time the GAO is telling it. You have representatives from the largest financial institutions in the country sitting on Fed board of directors ostensibly regulating their own banks. For many of us by definition that's a conflict of interest.

The other point that the GAO made, which I think is significant, is it identified 18 former and current members of the Federal Reserve Board who are affiliated with banks and companies who received emergency loans from the Fed. That included General Electric (GE), JP Morgan Chase (JPM) and Lehman Brothers.

SNIP...

There's a lot of anger against Wall Street. What are your thoughts on the Occupy Wall Street movement?

I think they're doing a good job in focusing attention on the greed of Wall Street and certainly pinpointing the reality that Wall Street is directly responsible for the terrible recession that we're in right now. And while millions of workers have lost their homes and their jobs and their life savings, many of the CEOs on Wall Street are doing better than they ever have before.

So I think focusing attention on that is correct. And the other issue that they're focusing attention on, which I think is very appropriate, is income and wealth inequality in America. We now have the 400 wealthiest people owning more wealth than the bottom 150 million Americans. This gap between the very rich and everybody else is the widest that it has been since 1928.

CONTINUED...

http://finance.fortune.cnn.com/2011/10/26/bernie-sander...



Now, anybody know any good zombie killers on Wall Street.?

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Fumesucker Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 11:02 PM
Response to Original message
1. If it involves tumbrel rides for banksters I'm all in..
Edited on Thu Oct-27-11 11:03 PM by Fumesucker
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 11:12 PM
Response to Reply #1
2. Izzat how zombies get to the guillothing?
It'd be better than what the greedheads deserve for what they've done to the nation and planet.

Personally, I'm all for life imprisonment at hard labor -- making little ones out of big ones until the infirmities of old age require they move into the license plate division.
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woo me with science Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-27-11 11:18 PM
Response to Original message
3. K&R nt
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-28-11 07:59 AM
Response to Reply #3
4. $16 Trillion in loans to Big Business and Big Banks. Squat and Diddly for the Little Guy.
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