Give Mr. Williams credit for his willingness to offer an honest assessment….
You Can’t Make This Up: NY Fed President Slams Bankers For Risk-Taking Behavior
ZeroHedge, Jan 14, 2020 – Excerpts:
NY Fed president John Williams, who spoke earlier today to students at the London School of Economic (excerpt from his speech):
When we talk about company culture in the context of financial services, the first thing that comes to mind is the risky, unethical, and sometimes criminal behavior in the banking industry, particularly during the financial crisis. And 10 years on from the crisis, this behavior persists. Instances of fraud, money laundering, and scandals related to foreign exchange and LIBOR continue to make the headlines.
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Note again: “And 10 years on from the crisis, this behavior persists. Instances of fraud, money laundering, and scandals related to foreign exchange and LIBOR continue to make the headlines.”
This revelation provides the United States with a fully justifiable economic strategy shift.
It is time shift away from fire-hosing the banking industry, inbred with “risky, unethical, and sometimes criminal behavior,” with liquidity infusions…
Which have done nothing to wean major banks from the Fed’s umbilical cord and nurse them ‘back to health’ for long-term financial viability…
Which have done nothing to reign in public and private debt growth in the U.S… and thereby have done nothing to lighten the burden of debt service obligations and reduce the choke-hold that high debt loads place on economic growth…
And have done nothing to reduce dependence on government…
And have done nothing to set America on course for long term economic growth and security…
It is time now shift course, granting U.S. citizens the same access to direct liquidity extensions that were granted to the likes of Morgan Stanley, JP Morgan, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, AIG, State Street, Merrill Lynch, Credit Suisse, Barclays, Deutsche Bank, RBS, UBS AG… and numerous others during the financial crisis.
It is time now to begin at ‘ground level’ and strengthen the economic foundation in America.
The Leviticus 25 Plan is a dynamic economic initiative providing direct liquidity benefits for American families, while at the same time scaling back the role of government in managing and controlling the affairs of citizens. It is a comprehensive plan with long-term economic and social benefits for citizens and government.
The inspiration for this plan is based upon Biblical principles set forth in the Book of Leviticus, principles tendering direct economic liberties to the people.
The Leviticus 25 Plan – An Economic Acceleration Plan for America
$75,000 per U.S. citizen – Leviticus 25 Plan 2020 (3513 downloads)