General Discussion
In reply to the discussion: True Democrats don't work to slash Social Security. They don't. Not Ever. [View all]JDPriestly
(57,936 posts)Bernanke -- a Bush appointee.
Geithner -- selected for the NY Fed by a committee headed by Pete Peterson, arch-enemy of Social Security with a huge interest in the profits that could be made by forcing seniors to "invest" (donate) more of their hard-earned money in the crooked stock market.
If Social Security has a problem, it is partly due to the LIBOR scandal, and the government should pay for the fact that the FED with Geithner at the NY FED knew about the treachery and apparently did nothing to stop it at the time. As I understand it, the LIBOR rate-fixing was reported to him and he reported to someone else. The fact of the scandal is just now beginning to emerge. Am I wrong? Is there an update on that?
And that LIBOR scandal means that interest paid to savers across the board, including the Treasury which holds bonds in the US government for the Social Security Trust Fund have not been paid what they would have been paid had the market been honest.
The LIBOR scandal has hurt a lot of seniors and savers of all kinds.