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News Link • Revolutions, Rebellions & Uprisings

Bernanke on ‘Occupy Wall Street’: Fed not part of the problem

• RawStory.com

Federal Reserve Chairman Ben Bernanke sympathized with the “Occupy Wall Street” movement’s dissatisfaction with economic inequality at a press conference Wednesday, but said protesters should not blame the Fed for bailing out the banks.

Bernanke responded to a question about “Occupy Wall Street” by saying that he was dissatisfied with the state of the economy as well, particularly with the high unemployment and income inequality.

“It’s been going on,” he said, “increases in inequality have been going on for at least 30 years. But, obviously, as that has continued we now have a more unequal society than we’ve had in the past.”

The Fed gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank.

Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion.

 

2 Comments in Response to

Comment by Venancio Tan
Entered on:

Bernanke does not deny the current bad state of the economy. Only a psychopath would do that.

If you study Economics, especially the role of the Federal Reserves in the national economy, the Fed has no control or has nothing to do with the clandestine agenda of greedy bankers and their crazy Wall Street accomplices that bust the economy. The Fed is there to provide the "cure" to either natural and man-made economic illnesses or financial disasters that took place. The economic pills it prescribed [i.e., bailouts during economic recession] are not palatable to some; in fact so many economic ignoramuses were raving mad at him. Since he is accused by the enemy within as some kind of a loony – some kind of a silly or know-nothing economist [with a Ph.D., his expertise is Economics] -- the more you should be careful in reading headlines printed in the Front Page that attack Bernanke or the Fed. For all you know they are just pulling your legs or you are just taken for a ride in a wild merry-go-round since violent anarchists launched this hate campaign against the Federal Government, the State and the Federal Reserves.

Never mind those angry badmouthing Ad Hominem specialists who with nothing above their shoulders are incapable of arguing the merit or demerit of this issue why the Fed is part of our economic problem.

 
Comment by David Jackson
Entered on:

      This is the motherlode of BS! The so-called "fed" is EXACTLY the problem...Not disrespect to the traitors on government who enable this shi--.

      I don't doubt for a minute that this lunatic expects all of us to believe his BS...It's a common trait amongst sociopathic liars and arrogant pricks! That's why this sutff is so much a part of all politics.


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