1932: “The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt.”
“Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over… This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.”
Today, Senator Jim Bunning, R-KY, who was the sole NO vote on Bernanke’s appointment 4 years ago, had the following HARSH words, calling Bernanke ‘the definition of moral hazard‘:
Under your watch, the Bernanke Put became a bailout for all large financial institutions, including many foreign banks. And you put the printing presses into overdrive to fund the government’s spending and hand out cheap money to your masters on Wall Street, which they use to rake in record profits while ordinary Americans and small businesses can’t even get loans for their everyday needs.
Take the time to read the full prepared statement from Jim Bunning. Every high school and college student should have it as required reading.
Here is Bunning introducing the Transparency Resolution:
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