In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘nationalize the Fed’

Please Send This Letter to Your Senators in Opposition to the Bernanke Nomination

Posted by seumasach on January 28, 2010

Webster G.Tarpley

tarpley.net

25th January, 2010

Dear Senator

I am writing to urge you to vote against the confirmation of Ben Bernanke for a second term as Chairman of the Board of Governors of the Federal Reserve System. Bernanke has failed in his responsibilities both as a banking regulator and in his administration of Federal Reserve lending. Bernanke presided over the final phase of the $1.5 quadrillion financial derivatives bubble which is the central cause of the present world economic depression. He was the principal advocate for the reckless and irresponsible policy of bailing out bankrupt money center institutions, allowing them to live on as zombie banks at astronomical taxpayer, but with no corresponding benefit whatsoever for the economic life of the broader society. Bernanke is responsible for the super-toxic alphabet soup of Federal Reserve lending facilities like the TAF, the TALF, and so forth. These betrayals of the public trust have offered 0% credit to predatory institutions including Wall Street banks, insurance companies, credit card companies, money market funds, and other financial institutions. Bernanke has thus used public resources to subsidize financial speculation in all of its most destructive forums, while doing almost nothing to provide cheap credit for production that would benefit factories, farms, mines, building construction, small business, exports, scientific research, energy production, and infrastructure building. Economic activity in all of these fields is now dying for lack of credit, which is being denied by the very institutions Bernanke is trying to save. Everything that Bernanke has done is diametrically opposed to the rational credit policy needed to fight an economic depression.

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Kucinich: the Federal Reserve is paying banks NOT to make loans to struggling Americans!

Posted by smeddum on July 29, 2009

Posted in Financial crisis | Tagged: | Leave a Comment »

 
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