Update: A fourth senator has joined three other senators in placing a hold on the Fed Chairman's nomination. Louisiana Republican David Vitter will also move to keep the chairman's nomination from coming to the floor.
"Over the past year or so, the Fed has doled out several trillion dollars to any number of troubled institutions through a series of programs that were supposed to turn our economy around," Vitter said in a statement. "These programs have worsened our economic crisis by making 'too big to fail' a permanent government policy and created further debt that will now be the burden of our children and grandchildren. His endorsement of these unsound fiscal policies gives me great pause." Source: Raw Story"Let me begin by saying that I think Senator Sanders was wrong in only one respect: it wasn't that the Fed was asleep at the switch; they were actually complicit. And by that, what I mean is that the Chairman, Ben Bernanke, and Tim Geithner, when he was the president of the New York Fed, actually built and participated in creating the structure that now has collapsed. And that, I think, is what is so problematic to so many of us. They are now claiming credit for having taken trillions of our tax dollars and given those dollars back to the banks to return them to solvency, when the initial bankruptcy and the initial illiquidity and the initial crisis was very much a consequence of the very policies they put in place."
Former New York Governor Eliot Spitzer, Source: Democracy Now
Americans have had enough of the Fed.
Well, at least they should be having enough.
The cries against Fed Chairman Bernanke and the Fed's whole corrupt system of creating money for the benefit of the elite financial class are beginning to build.
The bubble economy that has given the illusion of growth while real family incomes have remained stagnant for 40 years are the direct result of the diabolical workings of the Fed. Instead, the real wealth of the United States that had once been built on America's Industrial capacity and technology has been transplanted by transnational corporations to other countries to take advantage of dirt cheap labor, nearly nonexistent regulations, and corporate friendly corrupt laws.
In short, the policies of the Fed pretended to create prosperity by the slight of hand trick Spitzer calls "financialization, which is major banks trading assets back and forth, the Wall Street banks, such as Goldman, which is rightly a lightning rod right now for much of what's going on, buying and selling, playing with tax dollars in proprietary trading--they make huge money, nothing is added to the economy, jobs are sent overseas. All of this going on simultaneously. That is what our economy has become."
The Fed has essentially created a bubble machine to fool the American people that bubble economies are growth while globalization stole the real wealth from the American people.
Well, some might argue that the Fed was merely following the wishes of the American government by helping to create the illusion of prosperity while actualizing globalization, therefore the Fed is not the problem.
While it is true we have a government that essentially exists to serve transnational corporations and the financial elite, the Fed has been the overseer of this system. In order to kill a snake you have to strike at the head of that snake. The head of the bubbles and the financial rip offs of the American people is found right at the heart of American Fascism--an unelected, private institution known as the Federal Reserve that runs America's money system.
President Andrew Jackson (1829-1837) rightly saw the dangers of the Federal Reserve of his day known as the Second Bank of the United States or the BUS. He put his Presidency on the line and used nearly all of his political capital to destroy the private, unconstitutional control of America's money supply by an elite financial institution.
He rightly saw that:
* it was unconstitutional
* it concentrated an excessive amount of the nation's financial strength into a single institution
* it exposed the government to control by "foreign interests"
* it exercised too much control over members of the Congress