Congresswoman Kaptur Rips Bernanke a new one
Watch the first 1 minute to see her encapsulate the huge financial mess we are in:
“Very privileged and powerful bankers in our country have hurt our nation deeply yet it seems that they get special treatment from the Federal Reserve and other financial regulatory agencies that should be protecting the public interest. and these bankers have earned huge profits for themselves but when their imprudent behavior causes vast economic dislocation they throw the cost of that on the backs of taxpayers, raising our national debt. Taxpayers who are hurt, homeowners lose their homes, people lose jobs, people lose their companies, bankruptcies go up. They don’t get the same treatment. I’m interested in the favoritism exhibited towards theses bankers. as well as the non-transparency of financial rescues…”
She asks the tough questions about BlackRock, 47% owned by Bank of America which got ‘no bid’ contracts from the Fed to manage assets, after creating and selling the assets that became toxic and caused our current financial crisis..
A short video like this is mind-blowing in its clarity.
We’ve been HOSED.
There are a variety of organizational forms that might replace Fannie Mae and Freddie play Mac that could likely provide mortgage credit without the systemic risks associated with these institutions in the past.