Trust in government is at an all-time low. That’s not because Washington is too heavy-handed with Wall Street. Quite the contrary! The American people are angry and disillusioned because they see our government act boldly to protect Wall Street CEOs but not ordinary Americans. When Wall Street needed a $700 billion bailout, the government was there for them. When working families need an end to excessive oil speculation and real relief at the gas pump, the government has failed to act.
The same Dodd-Frank bill that required commodity regulators to limit speculators included my amendment calling for an audit of the Federal Reserve from Dec. 1, 2007, to July 21, 2010, the period of the financial crisis. What we learned was that the Fed provided $16 trillion in secret, low-interest loans to every major American financial institution and to other central banks, large corporations and wealthy individuals. The audit provision was vigorously opposed by the Federal Reserve chairman. It was right, however, that the veil of secrecy at the Fed was lifted and the American people learned about its actions.
This sums it up. The USG effectively fails to oversee the Fed and giving out loans of $16 trillion seriously fucks with our economy. Think about it: 16 trillion new dollars injected into our economy. It’s a miracle the USD is worth anything at this point. It’s like we’re injecting water into our bloodstream because we think the more liquid is in our veins and arteries the more blood we have. So, when the USG doesn’t bother to audit the Fed like they’re supposed to and when the USG openly bails out big businesses and banks, it makes We, The People, wonder just what the hell government is there for.
“…for the people, by the people,” my ass. More like “for banks and corporations, by the guys who used to run them.”
Read the rest of Sanders’ piece on his website and learn about how oil prices are being artificially hiked by excessive futures speculation.