Here’s a news flash for anyone who hasn’t been paying attention:

Jump to Last Post 1-4 of 4 discussions (5 posts)
  1. OLYHOOCH profile image61
    OLYHOOCHposted 6 years ago

    WASHINGTON (MarketWatch) — Here’s a news flash for anyone who hasn’t been paying attention: Big banks have cozy relationships with top governmental officials.

    That’s the conclusion of a new report from the Government Accountability Office on conflicts of interest at the Federal Reserve during the chaotic months in late 2008 when financial panic gripped Wall Street and the banks received trillions of dollars of emergency loans from the Fed as a life-saving transfusion. Read our coverage of the GAO report

    THE FED | Expanded Fed coverage
      Click to Play 
    Bernanke urges Congress to do more
    Ben Bernanke urged U.S. lawmakers to do more to help the economy; however, he was careful to not send any new signals about a possible QE program, WSJ economics editor David Wessel reports on Markets Hub.
    • Fed minutes show doubts economy will improve
    • Bernanke downbeat about job outlook
    • Fisher slams Twist move as ineffective
    • Fed is 'never' out of ammunition: Bullard
    • It's The Twist - $400 billion bond swap
    • NY Fed outlines what maturities it will buy
    • Text of Federal Reserve rate decision

    CALENDARS AND COLUMNS
    • U.S. economic calendar | Global calendar
    • Market Snapshot | Bond Report | Currencies
    • Sign up for breaking-news alerts by email /conga/story/misc/fed.html 172502
    In one sense, the GAO report is no surprise. The Fed has been run as an exclusive club of, by and for bankers since its inception nearly 100 years ago. The world of high finance is a relatively small one: Not only does everyone know everyone else, they also know the name of their maid.

    They grow up together, they go to school together, they intermarry, they entertain together, they make deals with each other, and so of course they’d get together when the world needs saving.

    When Bear Stearns is about to go under over a spring weekend, who do you think Tim Geithner is going to call? An investment banker or a bus driver from Bushwick? Jamie Dimon or Ralph Kramden?

    The financial crisis of 2008 opened a window into this secretive world, a window that can never be closed. Read the GAO report here.

    Sen. Bernie Sanders, the Vermont Socialist who commissioned the GAO report, rightfully notes that the 12 regional Federal Reserve banks (which are actually owned by the banking industry) are also run by the bankers, even though they are supposed to serve the public good. The fact that Stephen Friedman of Goldman Sachs was chairman of the New York Fed’s board in 2008 was not unusual.

    Congress has attempted to broaden the pool of candidates from which the banks choose their board of directors to include representatives of labor, consumer, agriculture and other groups. But banks and large corporations still dominate the boards, giving them an outsized influence at the Fed.

    Of 108 current board members, 82 are either president or chairman of their company, the GAO found. In the past five years, about 5% of directors represented labor or consumer interests.

    Does it matter? Perhaps. By law, the Fed is supposed to give equal weight to its two goals: Stable prices and maximum employment. But in practice, fighting inflation is Job #1, #2 and #3, just as you would expect from an institution that’s been captured by wealthy elites.

    It’s no coincidence that at the last meeting of the policy-setting Federal Open Market Committee, three of the five members chosen by these regional Fed boards voted against taking further action to boost employment, while all five of the members chosen by the president and confirmed by the Senate voted to take the full-employment mandate seriously.


    http://www.marketwatch.com/story/news-f … atest_news

  2. 2besure profile image82
    2besureposted 6 years ago

    That's about right Olyhooh!  The deck has been stacked against the American people.  But they are messing with the wrong people.  The American people are tired of the double talk from both side and are demanding a strip and search!

    1. OLYHOOCH profile image61
      OLYHOOCHposted 6 years agoin reply to this

      That's the way I see it, also. 2012 is going to be a Dandy.

  3. profile image0
    Emile Rposted 6 years ago

    Now see, we could have saved them countless manhours pondering that. The American people already knew about the cozy relationship. I wonder how that slipped the notice of the government?

  4. lovemychris profile image68
    lovemychrisposted 6 years ago

    Interesting:

    "It’s no coincidence that at the last meeting of the policy-setting Federal Open Market Committee, three of the five members chosen by these regional Fed boards voted against taking further action to boost employment, while all five of the members chosen by the president and confirmed by the Senate voted to take the full-employment mandate seriously."

    So, the Prez and Senate are for full-employment!
    That's good to know. Now, we just have to get the House on board....if it doesn't screw up their destroy-Obama plans, that is sad

 
working

This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

Show Details
Necessary
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
Features
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Marketing
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Statistics
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)