While the 99% suffered hardship, a new study shows that the Fed propped up buddies in the banking industry and a vast shadow banking system far beyond what anyone has guessed.
The new House leadership may not have much success reopening loopholes closed by the Dodd-Frank law. So their new game is simply to leave the reforms underfunded.
The Federal Reserve chief has recklessly bailed out our financial system -- we shouldn't wait the 10 years before his term expires to toss him overboard.
Robert B. Reich, Robert Reich's Blog. September 24, 2010.
After three decades of flat wages the middle class has exhausted all coping mechanisms. It can’t send more spouses into paid work or work more hours or borrow any more.
William D. Cohan, The New York Times. April 24, 2010.
Through the Federal Reserve, the public is basically giving the mega banks free money and letting them make bundles on the difference with which they lend.
It isn't Bernanke's job to bail out Wall Street at the expense of the rest of the country. It is his job to prevent the growth of dangerous bubbles. Time to go.
Our financial rulers were so intoxicated with the fumes of their own omnipotence that they failed abjectly as regulators, as public servants and, most certainly, as gods.
Bernanke's defeat would be a repudiation of President Obama's close alliance with Wall Street -- but it would be extremely salutary for him and for the public.
We can end up fumbling at an economic recovery. It's not easy to fight for financial reform, and the banks will push for policies in their favor from every angle.
