The mantra is simple: to those who have, more should be given.
So sayeth the faux populists of the Tea Party and their Republican benefactors. So sayeth the Democrats in the interest of compromise and getting some unemployment benefits to workers even at an unacceptable cost.
Who will remind the American people that many of these banks are only here to pay because the government--our government--bailed them out and, then, the Federal Reserve Bank pumped trillions in no interest loans into their coffers.
Can we count on the media to point this out, to make the connection clear about the many government subsidies behind the gigantic payouts that are on the way to companies lobbying against government programs?
Don't count on it.
Last Sunday, 60 Minutes sat down with Federal Reserve Chairman Ben Bernanke. They asked him about the bonuses. The Fed head had nothing to say about that. He just wanted to praise his own efforts to save the financial system.
If you watched his body language you could see that his stab at optimism was forced. He admitted it will be at least 5 years--if that--before more jobs come back.
He seemed depressed perhaps because he didn't want to tell us we are in a depression. His past track record as a forecaster has been flawed to a fault. That was not noted.
As is common these days on the networks, no criticisms or contrary concerns intergrated into this world-shaking interview. There was no comment from Bernie Sanders who challenged the Fed's admission of a "jaw-dropping" injection of trillions into banks here and abroad. There wasn't even a response from libertarians like Ron Paul who was also horrified.
So much for reporting.
David Degraw of Amped Status says, the recent Fed disclosures were shocking.
"Just when I thought the banksters couldn't possibly shock me anymore" they did.
We were finally granted the honor and privilege of finding out the specifics, a limited one-time Federal Reserve view, of a secret taxpayer funded "backdoor bailout" by a small group of unelected bankers. This data release reveals "emergency lending programs" that doled out $12.3 TRILLION in taxpayer money - $3.3 trillion in liquidity, $9 trillion in "other financial arrangements.
Wait, what? Did you say $12.3 TRILLION tax dollars were thrown around in secrecy by unelected bankers" and Congress didn't know any of the details?"
Of course not!
The myth that the media continues to truck in is that somehow the Congress and the President are in charge of the economy,
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
1
1
