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Friday, October 21, 2011

Hell Freezes Over Again : Sen Bernie Sanders (I-VT) Right To Pillory Corrupt Fed

In SEEKING ALPHA, John Lounsbury relates selected sections from Vermont Senator Bernie Sanders' scathing indictment of the Fed.

Never thought I'd find myself saying this, but GO BERNIE !

This week some of the details of the structure and operation of the Fed were summarized in a “brief” 120 page report by the GAO (General Accounting Office) with the very unassuming title: “Federal Reserve Bank Governance: Opportunities Exist to Broaden Director Recruitment Efforts and Increase Transparency.”;
Sen. Bernie Sanders (I, VT) responded to the GAO report with what I have called a scathing indictment of the Fed. Sanders lists 18 former and current members of the Federal Reserve’s board affiliated with banks and companies that received emergency loans from the Fed during the financial crisis. He also summarized findings by the GAO that compares the Fed very unfavorably to other central banks.