Michael Lewis Claims GOP Lawmakers Shockingly Uninformed About Financial Crisis

Discussion in 'Politics' started by Free Thinker, Apr 7, 2010.

  1. Ricter

    Ricter

    #11     Apr 8, 2010
  2. Ironic, wasn't it? He grandstanded for 30 years against government waste, then when he had to make a possibly tough vote, he folded like a lawn chair.
     
    #12     Apr 8, 2010
  3. Both Dems and Repubs are both sides of the same coin.

    Dems are spending like hookers with their sugar-daddy's money.

    And Republicans? Where were the complaints when Cheney said "Reagan proved deficits don't matter. We won the election, this is our due." And "supplementals" to fund the war, hiding the cost?

    Is the Tea Party a real grassroots movement, or just an attempt by the-same-old-same-old to disassociate themselves from their indefensible silence while their party was spending recklessly when they were in power. Can't fault them for trying to oust Harry The Sleeping Pill Reid, but - what about Boehner?

    Here he is arguing for the nanny-for-the-rich-bankers-state bailout called TARP.

    http://www.youtube.com/watch?v=NbvuyyOlxbM

    When they are trying to oust both Democrats AND Republicans, maybe they will start to gain some credibility.
     
    #13     Apr 8, 2010
  4. jem

    jem

    I want to make it clear.

    The Federal Reserve website says that the fed is controlled by the regional fed banks. And that the regional banks are owned by share holders.

    From the feds website

    http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm


    Who owns the Federal Reserve?

    The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

    As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

    The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.


    So Bernanke works for the banks which own the federal reserve regional banks.

    And

    from wikipedia....

    Bernanke attended Harvard University, where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. Coincidentally, another Winthrop House resident at the time was fellow 1975 graduate Lloyd Blankfein, future CEO of Goldman Sachs.[2


    We already know who the winners are going to be.
     
    #14     Apr 8, 2010
  5. ---------------------------------------------------------------------



    http://www.telegraph.co.uk/finance/.../Goldman-Sachs-boss-bankers-do-Gods-work.html

    Is gods work.
    Catholic church and Goldman Sach in competition. :eek:
     
    #15     Apr 8, 2010

  6. If ever there was a better argument to limit the powers of government, I haven't heard it ...

    excepting of course .. holocausts, etc ...


    Remarkably, the idiot-thread starter was hoping to convince
    people that the feds are deserved of more power...
     
    #16     Apr 8, 2010
  7. huh?
     
    #17     Apr 9, 2010