I found it interesting that former Fed Chairman, Alan Greenspan, said he shouldn't be blamed for "imposing a deregulatory mindset," even though one of the biggest periods of deregulation in the banks was under his watch. Well, if he's not to blame, then who is?
Bernanke claims that diluting the Fed's powers would hurt the central bank's ability to protect the economy and to respond to financial emergencies. The irony is that the Fed creates those emergencies.
The Fed isn't really a bank and isn't really American. We don't know who owns the Fed, who they do business with, and how much money the owners of the Fed make. The Fed is primarily a banking cartel, just as OPEC is an oil cartel. They have a vested interest in maintaining power - and it isn't "your" interests.
"Defaulted Loans May Haunt Seniors" (Wall Street Journal) - the Treasury will soon reduce Social Security payments to seniors who owe the government money. ~ While we bail out the ultra-rich firends of the Fed, the US Treasury goes after retirees to pay the bill. As a nation we're so deeply in debt that we're now picking on the old and poor.
"How the Four-Day School Week Costs Parents" (Wall Street Journal) - recent trend of states reducing the school week to four days due to a shortage of funds. This policy hurts kids and dual-income families.
While some people believe the crisis is over, to me it's clear that the crisis is getting worse for millions of people, people who didn't profit from the crisis but who are picking up the tab.
This is more than a tragedy; it's a disgrace. We need financial education not only for ourselves but also for our leaders.
