How the Federal Reserve Is Manipulating Our Kids Into Loving Wall Street
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What does it mean for our economy and our society when the financial sector becomes larger and larger compared to the sectors that produce real goods and services?
And for extra credit, what responsibility does the Fed have for the decline of median family income (which was recently revealed in the 2012 Federal Reserve Survey of Consumer Finances). How did the Fed contribute to the structure that allows the top hedge fund managers to “earn” in just one HOUR what the average family makes in 50 YEARS?
Hell will freeze over before the Fed Challenge will encourage its students to square up to the financial coup d’état that has taken place over the past 30 years. But as our kids enter that very hell, let’s hope they have the skill and the courage to challenge Wall Street’s stranglehold over our economy.
Les Leopold is the executive director of the Labor Institute and Public Health Institute in New York, and author of The Looting of America: How Wall Street's Game of Fantasy Finance Destroyed Our Jobs, Pensions, and Prosperity—and What We Can Do About It (Chelsea Green, 2009).