Well, well, well, now this is the 'kind of news' I've been waiting to hear after the 'Cowards Are Us' in Senate Reconfirmed Ben Bernanke' a few months ago.
Finally, someone with 'guts' coming out and telling the entire fucking world what most of us have known all along, that the entire Federal Reserve System is corrupt from top to bottom.
One thing that I have learned during this 'financial meltdown world wide catastrophe' and 'Great Heist of 2008' is that the Federal Reserve is not in fact, 'Independent,' at all. The Federal reserve has so many conflicts of interests in working directly for Wall Street and the Banks that there is very little evidence to support the fact that this fully corrupt quasi-private government agency is doing little if anything to protect American citizens from predatory usury or fulfilling it's mandate to 'regulate the key financial sectors,' let alone pay one bit of attention to seeking 'full employment.'
One of the world's leading economists said Wednesday that the very structure of the Federal Reserve system is so fraught with conflicts that it's "corrupt." Nobel laureate Joseph Stiglitz, a former chief economist at the World Bank, said that if a country had applied for World Bank aid during his tenure, with a financial regulatory system similar to the Federal Reserve's -- in which regional Feds are partly governed by the very banks they're supposed to police -- it would have raised alarms.
To Stiglitz, the core issue is that regional Fed banks, such as the New York Fed, have clear conflicts of interest -- a result of the banks being partly governed by a board of directors that includes officers of the very banks they're supposed to be overseeing.
The New York Fed, which was led by current Treasury Secretary Timothy Geithner during the time leading Wall Street firms like Citigroup, JPMorgan Chase, AIG, and Goldman Sachs were given hundreds of billions of dollars in taxpayer bailouts, presently has on its board of directors Jamie Dimon, the head of JPMorgan Chase. He's been there for three years. "So, these are the guys who appointed the guy who bailed them out," Stiglitz said. "Is that a conflict of interest?" he asked rhetorically.
http://www.huffingtonpost.com/...
Yeah, I guess (double duh with a cherry on top) you could call that a totally in 'your face, fuck you America and Democracy too' kind of 'conflict of interest'...
The same guys that got 'bailed out' at the Big Fat Criminal Risky Ventures Banks and Investment Houses, are the same 'guys' that actually elected 'Ben Bernanke' who is the 'guy' that bailed them out.
I mean what part of that doesn't stink like a bunch of dead fish you accidentally left in the trunk of your car to find three days later after a drunken fishing trip on the 4th of July weekend?
From Wall Street's perspective, Bernanke did a great job – as the see-no-evil, hear-no-evil, speak-no-evil "monkey" who sat back and didn't see, hear or say anything while the U.S. financial crime syndicate perpetrated a multi-trillion dollar Ponzi-scheme (based on the U.S. housing bubble). According to a former, senior U.S. banking regulator – William Black – Bernanke was a knowing accomplice to this fraud.
William Black, one of the foremost U.S. experts on the U.S. financial system, with a wealth of personal experience in this area has directly accused all of the Wall Street financial empire of engaging in systemic, institutional fraud – where all parties involved enthusiastically engaged in totally fraudulent (and totally criminal acts), which would not have been possible without the criminal complicity of ALL the responsible regulators and government officials.
So if anybody is left on the entire planet that does not actually believe that Ben Bernanke and his pals at the Federal Reserve Banks didn't know 'what was going down' during the 'Raping and Pillaging Free For All Economic Terrorists Party' then I'd like hear from them.
Not only did Ben Bernanke know, 'they' all knew and 'they' all looked the other way as 'they' pushed America over the cliff while running as fast as they could with their 'loot...laughing all the way to the Caymen Islands.
As a reminder, William Black on 'how the thieves' worked their scams:
Ben Bernanke and the entire Federal Reserve System is utterly corrupt and a little know fact that some people may have forgotten is this:
Finally, we have to ask about Bernanke's conduct during the debate over Tarp. Bernanke played a central role in supporting the Bush administration's request, insisting that the financial system would collapse if Congress did not act immediately. In fact, he contributed one of the central story lines in their scenario, that the commercial paper market was shutting down. This was key, because if businesses could not issue commercial paper, then they would soon be unable to pay suppliers and meet their payroll, and the economy would shut down.
The important fact that Bernanke did not share with the members of Congress debating Tarp was that the Fed had the authority to directly buy commercial paper from businesses. In fact, he announced the Fed's plans to start doing this the weekend after Congress approved Tarp. In other words, the Fed could by itself have prevented the shutdown of the commercial paper market. If Congress had known this before it approved Tarp, it may have taken more time to debate the package and insisted on more serious conditions on items like executive compensation.
Just to be clear, if Bernanke were in any other line of work, it would be absurd to imagine him being re-appointed. He is the cook who burnt down the restaurant by leaving the stove on overnight, the doctor who amputated the wrong leg, the school bus driver who drunkenly drove into oncoming traffic. But even by the low standards of economic policymakers, Bernanke does not deserve another four years.
http://www.guardian.co.uk/...
So Bernanke 'withheld vital information' from Congress and pretended (as did Hank Paulson did)....that there was 'no time at all' to debate or discuss the issue of TARP, and thereby rushed Congress into this decision by not disclosing that the FED in fact has the authority to directly buy commercial paper from businesses, and there really was no danger of the economy shutting down.
'Give us the money and no one gets hurt.' Jeesum crow, its just like out of an old James Cagney movie.
Thanks to Joseph Stiglitz for 'spilling the beans' and telling the entire world what we already knew:
The entire Federal Reserve System is the most corrupt system on the planet, and it is way past time to dismantle it, Nationalize it and put 'this mafia banking cartel' out of business before they ruin what is left of our nation that is now in 'tatters' as a direct result of their criminal activities and controlled fraud that is being sanctioned by our Congressional Whores.
Let's make no mistake about why our nation is in the shape it is today: We are in a deep depression, (not a recession) with millions of people out of work, 16 million foreclosures (the Commercial Property Bubble hasn't even begun) and the Middle Class has been all put destroyed as a direct result of the controlled fraud and financial meltdown. The Federal Reserve has become a 4th Branch of the Government that now has over reached it's original power structure and along with Congress and the Executive Branch of our government is taking 'taxpayer' dollars to pay off the same Wall Street/Banking crooks who caused this unspeakable tragedy. The 'Shadow Banking System' and the Millionaire Corporate Welfare state is nothing more than a sanctioned 'Oligarchy' that is destroying our entire nation, because few if any in our Congress have the 'guts' to stand up and speak the truth to exactly what has occurred over the past 3 years: A Heist.
I honestly believed at one time that President Obama would be the kind of leader to stand up and fight for the America people, but I no longer believe that to be true. Not one single 'regulation' has been put in place since the financial meltdown and I've yet to see our President stand up and fight from the 'Bully Pulpit' for the Consumer Protection Agency let alone the Public Option. That speaks loud and clear to me.
Again I would like to repeat what William Black has said about the 'complicity of just how wide and far this huge cover-up' has gone:
William Black, one of the foremost U.S. experts on the U.S. financial system, with a wealth of personal experience in this area has directly accused all of the Wall Street financial empire of engaging in systemic, institutional fraud – where all parties involved enthusiastically engaged in totally fraudulent (and totally criminal acts), which would not have been possible without the criminal complicity of ALL the responsible regulators and government officials.
Thanks.