USA today, October 5, 2015, reports that Ben Bernanke is willing now to confess: “Every time I saw a bumper sticker that said, ‘Where’s My Bailout,’ it hurt.”
Oh really, Ben? After executing the largest transfer of wealth from taxpayers to Wall Street in the history of the country – to rescue the largest U.S. and foreign banks from their own sheer stupidity and greed-laced subprime gambling addictions – it was bumper stickers that caused your ‘hurt?’
How did it feel when Goldman Sachs, after receiving $69 billion in Fed secret liquidity funding (according to Bloomberg), announced $111 million in bonuses at the end of 2010 – with chief executive Lloyd Blankfein and president Gary Cohn on the receiving end of $24 million?
Well here’s a clean way to heal your hurts, Ben. Grant the same direct access to liquidity to American citizens that you granted to the likes of Morgan Stanley, Citigroup, RBS, Bank of America, Goldman Sachs, JP Morgan Chase, State Street, UBS AG, Deutsche Bank, Barclays, Merrill Lynch, Lehman, Credit Suisse... and many, many others.
You named your memoirs, “The Courage to Act.” Here’s another question: What was it that took all that ‘courage?’ Did you have any of your own personal wealth at stake? Or did it take all that courage to… release Fed records in response to Bloomberg’s FOIA requests revealing who received all of the the trillions of dollars in Fed ‘secret liquidity lifeline’ emergency loans?
And finally, you declared that there was “a reasonably good chance that, barring stabilization of the financial system, that we could have gone in to a 1930’s-style depression.”
OK. you did what you thought you had to do. At the same time, millions of working Americans lost their jobs. Some 14 million families lost their homes to foreclosure action.
The very banks that you bailed out turned right around and foreclosed on millions of American families. Nice work, Ben. You saved the system. And we’re all sorry that your feelings were ‘hurt’ by some bumper stickers.
That being said — it is now high-time to reset the field. It is time to grant direct access to liquidity to U.S. citizens – and restore financial health to American families.
The Leviticus 25 Plan 2015 – $70,000 per U.S. citizen The Leviticus 25 Plan 2015 (1148)