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Forum Post: Bernie Sanders Calls Federal Reserve "Socialism for the Rich" After $16 Trillion Secret Bail-Outs, Including Foreign Banks.

Posted 8 years ago on July 30, 2012, 5:05 p.m. EST by LeoYo (5909)
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Bernie Sanders Calls Federal Reserve "Socialism for the Rich" After $16 Trillion Secret Bail-Outs, Including Foreign Banks.

Monday, 30 July 2012 14:27 By Ralph Lopez, War Is a Crime | News Analysis


After 89 Democrats in the House voted in a victory for bipartisanship for HR 459 to audit the Federal Reserve, some jaw-dropping numbers are emerging as a result of a partial audit conducted this year. It is no surprise that the news is dropping with a dull thud in the media. That's why you should get your news from the Internet and sites like this.

Senator Bernie Sanders at his official website reports:

The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."


The CEO Plan to Steal Your Social Security and Medicare

Monday, 30 July 2012 11:02 By Dean Baker, Truthout | News Analysis


Many people are following the presidential election closely with the idea that the outcome will have a major impact on national policy. However, according to Steven Pearlstein, a veteran Washington Post columnist and reporter, it may not matter who wins the election. In a column last week, Pearlstein told readers that the top executives of some of the country's largest companies are getting together to craft a budget package that they will try to push through Congress and get the president to sign.


Corporations Sell Longer Day, Chicago Teachers Aren’t Buying

Monday, 30 July 2012 11:10 By Howard Ryan, Labor Notes | News Analysis


[For an update on the Chicago situation, see Chicago Teachers Win Relief in Longer Day Battle, but War Not Over. http://labornotes.org/blogs/2012/07/chicago-teachers-win-relief-longer-day-battle-war-not-over ]

Teachers and labor activists nationally are watching high drama unfold in Chicago, where teachers have challenged "Mayor 1%" Rahm Emanuel with a stunning 90 percent vote to authorize a strike. The pivotal issue behind the showdown is the mayor's demand for a longer school day and school year, with a raise (2 percent) that doesn't match the increased teaching time (20 percent).

Chicago teachers already work an average of 58 hours per week during the school year, according to a recent University of Illinois report, "Beyond the Classroom: An Analysis of a Chicago Public School Teacher's Actual Workday."

On first glance, the mayor looks like another employer trying to squeeze more from workers—and he surely is that. But his push is also part of a bigger agenda. The longer school day and year is one of President Obama's top priorities for education.



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[-] 4 points by VQkag2 (16478) 8 years ago

Thanks to Bernie and fin reform bill he added his fed audit to.

Bernie rules!

Now lets arrest the 1% plutocrats.

[-] 3 points by Nevada1 (5843) 8 years ago

Corporate War Of Agression

[-] 2 points by nomdeguerre (1775) from Brooklyn, NY 8 years ago

Bernanke should be arrested, transferring funds to foreign banks was an illegal misuse of public monies.

Meanwhile Bernanke wouldn't bail out the states and localities because doing so would be illegal. "Bernanke Rejects Bailouts Fed Chief Says State and Local Governments Shouldn't Expect Federal Loans" -- http://online.wsj.com/article/SB10001424052748704739504576067602380461160.html .

They simply could have "printed money" to keep the states and localities running until the economy picks back up.

Bernanke/Fed to the states and cities: DROP DEAD. Bernanke/Fed to the middle class: DROP DEAD. Bernanke/Fed to America: DROP DEAD.

"I believe that banking institutions are more dangerous to our liberties than standing armies...The issuing power should be taken from the banks and restored to the Government, to whom it properly belongs."

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 8 years ago

Good post - twittered.

[-] -1 points by vvv0729 (-189) 8 years ago

"Twittered" to who? 112 virtual personae who may not even exist IRL?


[-] 0 points by hchc (3297) from Tampa, FL 8 years ago

You know someone is on point when the media doesnt give them too much air time.

I wonder what he is going to do about the Audit Fed bill sitting in from of Harold Reids desk?