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Ben Bernanke has said that the dollar and US economy would be in danger if an audit took place.
Ron Paul to Ben Bernanke "What Would It Take For You To Admit You Were Wrong?
Richard M. Salsman , Contributor I cover the intersection of economics and politics. Opinions expressed by Forbes Contributors are their own. US Federal Reserve Chairman Ben Bernanke speak... Image by AFP/Getty Images via @daylife As usual, when Fed chairman Ben Bernanke testified before Congress this week not a single Congressman asked him why he deliberately and transparently triggered the Great Recession of 2007-2009, which was accompanied by a frightening financial crisis, gargantuan bailouts and huge fiscal deficits. Nor has Bernanke been held accountable for his culpability during previous Congressional testimony or during his press conferences.
It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it.
The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.
More at Source-RS
THEY LIED TO PASS THE BAILOUT
Today what few remember about the bailouts is that we had to approve them. It wasn't like Paulson could just go out and unilaterally commit trillions of public dollars to rescue Goldman Sachs and Citigroup from their own stupidity and bad management (although the government ended up doing just that, later on). Much as with a declaration of war, a similarly extreme and expensive commitment of public resources, Paulson needed at least a film of congressional approval.
originally posted by: nOraKat
Not sure what 9 Trillion dollars your talking about ?
and a repudiation of the independence of the Federal Reserve
originally posted by: seasonal
a reply to: StallionDuck
That video is telling, she just basically says I'm not going to tell you anything and the people behind her are making sure she walks that fine line between lying and saying that investigations are in process and at a different level.
originally posted by: seasonal
a reply to: o0oTOPCATo0o
The wall street tax is a great idea.
And scare tactics like these are almost as worn out as calling people racist for asking general questions about Obama's admin decisions.
If this happens, it could change the way money gets around. The main function of the fed is to keep the boom bust cycles from occurring. Fail, but I bet all that sweet sweet $ the owners of the Fed get is makes it all worth while for them.