Quote:
Originally Posted by sickofnyc
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. "The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street."
The Fed Audit - Newsroom: U.S. Senator Bernie Sanders (Vermont) |
Sanders is wrong.
We should not reform the Federal Reserve. We need to get rid of it.
I mean, why do we need a private organization to print our money and control our interest rate. Determine who can be saved. And surprisingly, those that were saved are the Federal Reserves share holder. Shocking, I know.
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