Friday, June 10, 2011

Robert Scheer: The Bernanke Scandal: Full-Frontal Cluelessness

"Ben Bernanke claimed that the relief that the Fed provided to the bankers by buying up more than $1.2 trillion of the toxic mortgages those bankers had created “has been accomplished, I should note, at no net cost to the federal budget or to the U.S. taxpayer.”

This is the Big Lie technique at work, employed by a huge banking lobby that stresses the direct cost of the TARP program while ignoring other programs that will not be paid back, as well as the additional cost of $5 trillion to the national debt that a proper Fed policy could have avoided.

The record is by now indelibly clear that the economic approaches pursued by George W. Bush and Barack Obama, with Bernanke playing a key role in both administrations, can be most accurately summarized as a policy of government of the bankers, by the bankers, and for the bankers."
Full article here.


  1. How disheartening, but true. Bankers run it.

    Always a pleasure stopping by your blog, friend.

  2. Can't really argue with that - by the bankers for the bankers

  3. very interesting post keep it up =D

  4. Yep unfortunately everything revolves around $