Top Biden Adviser Wants to Expand the Role of the Federal Reserve (wholesale, credit)
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I've seen past board membership listings and they were similar.
There were several reports of the bias in seating the boards of the Federal Reserve. Very easy to find if you wish.
I don't wish. You could've invested 5 seconds before posting the slander above. But you didn't wish apparently.
Going back to '08 doesn't really make your point either. There's another AFL-CIO President, the President of a University................the "C" director Chair position must have some banking experience, hence Friedman
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I don't know what your hang up is regarding Wall Street, banking, successful people etc. but your mental-resolution into all of this is corrupted.
Well here we go, Biden’s Build Back Better has a big and growing price tag and the planners are already upset that Congress will balk at that and get stingy. Add to that his promises to spend whatever it takes on climate change, Covid, and his nod to reparations and we have the makings of a $10T shopping list. Where does a politician in a hurry get that kind of money? Apparently Biden’s team sees the Fed as their Sugar Daddy.
Biden economic adviser (and former AOC chief of staff) Saikat Chakrabarti wants to greatly expand the role of regional Federal Reserve Banks and essentially turn them into money spigots for direct transfers and lending. He claims this is nothing new (!) and is actually closer to the original thinking and mandates of the Federal Reserve Act that passed into law when Democrats controlled Congress in 1912.
To me this looks like an end-run around Congress and the creation of a new, unelected power center that will wield huge economic influence and control if this initiative goes forward.
The President has the power to appoint others to carry out the laws as laid down in the Constitution. Congress has the power to pass more laws to restrain these actions if said actions are unreasonable. What is the problem here?
Congress, which is an elected body, sets the debt ceiling.
The President has the power to appoint others to carry out the laws as laid down in the Constitution. Congress has the power to pass more laws to restrain these actions if said actions are unreasonable. What is the problem here?
Congress, which is an elected body, sets the debt ceiling.
True but in 2011 Congress, at the urging of the financial lobby, essentially eliminated the debt ceiling. The Fed is now openly viewed as an adjunct of the Treasury. The “problem” is the Biden administration wants to change the Fed from a stone flywheel to a frozen daiquiri dispenser.
And what exactly did you expect? Biden is front figure for international financial elite. The so called "globalists". The other party was front for the so called "national elites".
Fed ALWAYS was on the side of the international bankers, more so, after Bretton Woods, when dollar became international currency monopoly. Its ownership roots grow out of the London City.
What did you expect then?
I don't wish. You could've invested 5 seconds before posting the slander above. But you didn't wish apparently.
I don't know what your hang up is regarding Wall Street, banking, successful people etc. but your mental-resolution into all of this is corrupted.
It's no slander. It's been their history. They obviously came under a little more scrutiny because the Fed wasn't forthcoming with who they were bailing out during and after the crisis.
There is no mental hangup. There are ample examples of their corruption in allowing fraud to occur, especially in the lead up to the crashes in 2008 and 2002. Many of the same problems occurred, especially the use of off-balance sheet vehicles to exceed regulations on leverage.
It's no slander. It's been their history. They obviously came under a little more scrutiny because the Fed wasn't forthcoming with who they were bailing out during and after the crisis.
There is no mental hangup. There are ample examples of their corruption in allowing fraud to occur, especially in the lead up to the crashes in 2008 and 2002. Many of the same problems occurred, especially the use of off-balance sheet vehicles to exceed regulations on leverage.
But it hasn't been their history and the C Directors have been elected under similar rules for many decades. You picked up/made up some bad information and broadcast it here. You do that regularly and you are doing it here.
To wit The NY Fed. did not change C director requirements post '08 as you implied above.
It's perfectly OK to have a jaundiced eye toward important regulatory positions and those in them. It's entirely another thing to make things up as you go to improve your narrative.
Their getting bailed out again and again speaks louder than anything. The Fed provided them with 9 trillion dollars in emergency loans in 2019, well before the pandemic. If they were adequately supervised, that wouldn't have been necessary.
I don't really have the time to go through all the various problems created by the Fed and other banking regulators in the lead up to GFC and the tech crash in 2001. They've been well documented elsewhere. It's obvious that the Fed was forced to give up those 3 seats because they needed more outside scrutiny. Obviously, it's not working as indicated above.
Yellen may get in trouble in her confirmation since she didn't report the speaking fees she was receiving from Wall Street. That was a big thing in the 90's where reporters in the Wall Street media were receiving honoraria. It seems par for the course for the Fed. Bernanke got a consulting gig with the largest hedge fund. Greenspan, before him, was a Wall Street lobbyist before he was appointed by Reagan.
Their getting bailed out again and again speaks louder than anything. The Fed provided them with 9 trillion dollars in emergency loans in 2019, well before the pandemic. If they were adequately supervised, that wouldn't have been necessary.
I don't really have the time to go through all the various problems created by the Fed and other banking regulators in the lead up to GFC and the tech crash in 2001. They've been well documented elsewhere. It's obvious that the Fed was forced to give up those 3 seats because they needed more outside scrutiny. Obviously, it's not working as indicated above.
More misinformation......................the NY Fed. had class C directors in place well before any of the busts you mentioned. I think class C director slots have been in place since the 1970s. I know for a fact class C directors were in place in the 1990s.
What could be wrong with giving more power and wealth to those who represent the creditor of this bankrupt nation?
Why not just capitulate and clear away that pesky "State of Emergency" and Title 12 USC Sec. 95a, 95b.
The Busted States of America, 2021.
(The Boy Scouts won't be using "BSA" for much longer)
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