Kucinich: Federal Reserve has captured control of our government

[babsbunny]

http://www.rawstory.com/rs/2011/11/29/kucinich-federal-reserve-has-captured-control-of-our-government/

By Eric W. Dolan
Tuesday, November 29, 2011

Rep. Dennis Kucinich (D-OH) called for the U.S. Federal Reserve to be reformed after Bloomberg reported the central bank secretly loaned nearly $8 trillion to financial institutions from 2007 to 2009.

Tens of thousands of documents obtained by Bloomberg under the Freedom of Information Act showed that banks reaped an estimated $13 billion in profits thanks to the low-interest loans. JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley accounted for $4.8 billion of that total.

“Remember the great debate we had here over the 700 billion in TARP funds?” he said on the House floor Tuesday. “There was no debate over the 7.7 trillion the Fed gave the banks.”

[robertpaulsen]

1. K & R! Keep speaking truth to power Dennis!

:kick:

[redqueen]

2. K&R

[blkmusclmachine]

3. "The Banks Own The Place."

[sarcasmo]

27. You got that right, bankers run this Empire.

[KoKo]

4. K&R

:kick:

[fascisthunter]

5. 7.7 trillion... and they have the audacity to blame our crisis on social programs

bunch of lying sociopaths who support fascism.

[freshwest]

14. Absolutely! K & R this whole thread.

[sarcasmo]

28. +1

[Fire Walk With Me]

6. #Occupy!

Thanks Dennis!

[JohnyCanuck]

7. K&R n/t

[robertpaulsen]

8. Crossposted in Political Videos

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x638877

[Huey P. Long]

9. occupy!

[Zorra]

10. Dennis is Occupy Congress. nt

[Enthusiast]

11. Kicked and recommended!

Yeah, I have no idea what OWS is complaining about. They're just a bunch of spoiled whiners. :eyes: :crazy: :grr:

[Earth_First]

12. I cannot believe no one has swooped in to sh*t on Kucinich yet... n/t

[banned from Kos]

13. Not worth it. You mean the Fed made emergency loans like it was set up to in 1913?

Stop the Presses! No way!!!

[Zorra]

15. "the central bank secretly loaned nearly $8 trillion to financial institutions

from 2007 to 2009."

Do you think that's a good idea?

I know there are some folks here that don't think transparency in government is necessary, but secretly loaning out $8 trillion to financial institutions?

That's not a problem for you?

[banned from Kos]

16. I like the new law on this in Dodd-Frank - the Fed has two years to disclose all loans.

You can't do it real-time.

If a temporarily weak bank PUBLICLY uses the lending facility it would face credit downgrades, customer flight, and worst of all short sellers who try to force the bank out of business by driving its equity down.


Hedge funds do that. They are worse vermin than any bank.

[woo me with science]

17. K&R Finally, the truth is being spoken.

Support OWS.

[banned from Kos]

18. Another problem people don't get. The trillions in loans don't exist as taxpayer money.

Bank ABC needs a $50 billion loan - the Fed just creates the money temporarily, say for 60 days. Bank ABC repays $50 billion plus about $800,000 interest. The Fed "destroys" the $50 billion principal and pays the Treasury $800,000.


This process INFURIATES goldbugs (including the ones here).

[annabanana]

19. that's OUR money!

How can the RW be fooled into begrudging the poor and old a living and NOT scream blue murder about this?

[fivepennies]

22. How can it be "our" money?

Wouldn't "our" money have to be issued by the Treasury Department instead of a private corporation owned by the 12 member banks - Banks that then loan us "their" money and charge us interest on it that is never printed? Ours? Really?

end the fed.
clean goldman sachs and out of the treasury department.
put the treasury dept to work doing what they were intended to do.

Then it can be called "our" money.

[babydollhead]

20. speak it Dennis!

[Huey P. Long]

21. .

[femrap]

23. And today, the Banksters

are getting even more so they can play w/ stocks, bonds, and commodity markets.

If tptb really wanted the economy to improve, they'd give all of this newly printed money to the working people and the unemployed...we'd spend it.

[Electric Monk]

24. +1

[Odin2005]

25. Error: you can only recommend threads which were started in the past 24 hours

[sarcasmo]

26. Time for the proles to rise up .