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Forum Post: "The banks and Federal Reserve are in control of our nation’s economic destiny" - Dennis Kucinich

Posted 11 years ago on Sept. 10, 2012, 2:26 p.m. EST by TrevorMnemonic (5827)
This content is user submitted and not an official statement

“The banks—and the Federal Reserve that supports those banks—are very much in control of our nation’s economic destiny right now.

“It is time for us to face the fact that leaving the enormous and devastating problem of lowering the unemployment rate up to the Federal Reserve is a mistake that we have to change. Though the Fed has a mandate to maximize employment, most of what it has done has had the effect of expanding bank balance sheets. Tellingly, the Federal Reserve is not acting to achieve its mandate of full employment, but instead is targeting an unemployment rate of between six and seven percent. And last week, the Fed Chairman hinted that more quantitative easing is coming. This has been great for corporate profits, but it hasn’t done nearly enough to stimulate businesses to hire workers or to stimulate demand in the economy.

“We cannot leave the economic well-being of millions of Americans in the hands of an entity that serves the private financial institutions. Instead they’re talking about the same old solution that hasn’t made much of a difference so far: quantitative easing.

“We have trillions of dollars in crumbling infrastructure that private banks are not doing anything to fix, and neither is the Fed. If we want to strengthen our economy, it is time we stopped waiting and hoping for substantive action from the Fed Chairman.

“This has to change. We have to change it. Now is our time.”

  • Dennis Kucinich



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[-] 2 points by shadz66 (19985) 11 years ago

"The Fed Grants $7.77 Trillion in Secret Bank Loan - Now Do You Understand OWS ?" :

"Dennis Kucinich : Federal Reserve No More "Federal" Than Federal Express !" :

Dennis Kucinich :

fiat lux ...

[-] 1 points by TrevorMnemonic (5827) 11 years ago

I follow his website all the time. He posts great press releases at least once a week on real issues. That's where I got this post today.

My 2nd favorite Dennis Kucinich bad ass moment - http://www.youtube.com/watch?v=evpFtFfPWP8

[-] 2 points by richardkentgates (3269) 11 years ago

Hey, I like this guy. Time after time, he gets it.

[-] 1 points by beautifulworld (23789) 11 years ago

Corporate profits are up. Wages are down. Unemployment is up. Foreclosures are up. Home prices are down. Poverty is up. Corporate profits are up. What is wrong with this picture?

[-] 2 points by MattLHolck (16833) from San Diego, CA 11 years ago

the banks still lost the peoples money in the stock market

[-] 1 points by beautifulworld (23789) 11 years ago

Would they have lost it if it was their money?

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

I think they likely would not have been so reckless - but since it was not their money - they did not care.

[-] 3 points by beautifulworld (23789) 11 years ago

Exactly. That was my point.

[-] 1 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Sorry - I had to spell it out for those with comprehension difficulty - they need not be mentioned. {:-])

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

What is wrong is that artificial high that corp profits are running - they have about run out of all the shit that they can pull and they are losing customers daily - so eventually - and I think real soon - they are gonna run full tilt into the wall - and that will be one hell of a wreck.

People do not close your eyes - when - not if - when this wreck happens - everyone will feel it.

The meltdown was just the corpse's warming up.

[-] 1 points by beautifulworld (23789) 11 years ago

Exactly. Well said, DKA.

[-] 2 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Hey - BW - nice to take part in a real conversation. A discussion of realities that need to be faced.

[-] 1 points by TrevorMnemonic (5827) 11 years ago

Profits for the .01% are up.

Campaign financing is up.

Corruption is up.

[-] -3 points by oneandone (-67) 11 years ago

That's why we voted you out of office Dennis. You're an idiot