Bernie Sanders Puts His Foot Down-- Breaks With The Political Elites Of Both Parties Over The Federal Reserve
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There were three votes in the Senate yesterday confirming President Obama's Fed nominees. Stanley Fischer was confirmed to be Vice Chairman of the Fed's Board of Governors and Jerome Powell and Lael Lael Brainard were both confirmed as members of the Board of Governors. The nominations were not considered "controversial" and all three sailed through the Senate, with no one opposing them except a handful of Republican obstructionists who, basically, oppose everything and anything. Oh, and Bernie Sanders. His perspective is that foxes were being hired to guard the chicken coop. Two of the nominees have Wall Street banking ties and one was a corporate consultant.
Brainard, a former Treasury official, was voted on first and he was approved 61-31, all the Democrats plus 11 Establishment Republicans voting aye. Next up was Powell, a Republican and already a member since 2012 but confirmed for a new 14-year term; he did even better, with a 67-24 super-majority. Even some of the real fire-breathing extremists like Beauregard Sessions (R-AL), Ron Johnson (R-WI), Chuck Grassley (R-IA) and Dick Shelby (R-AL), who all voted against Brainard, approved Powell. But not Bernie. He wasn't playing childish partisan games.
Last up was Fischer, a former head of the Bank of Israel, and he was confirmed 63-24 with more senators skipping out of the chamber and not voting at all.
Bernie's statement on why he voted against all three makes a lot of sense-- and certainly doesn't have anything to do with why the Republican obstructionists voted no. "Congress," he reminded Obama and his economic team, "requires the Fed to maximize employment and minimize inflation. At a time when real unemployment in the United States is more than 12 percent, it is clear that the Fed is not doing enough to help create the millions of decent-paying jobs that Americans desperately need. We need Fed governors who will act with a fierce sense of urgency to address the unemployment crisis that our nation faces. We also need tough financial regulators who will stop the reckless gambling on Wall Street and prevent another financial crisis from happening again. We need the Fed to stand up to Wall Street and their powerful lobbyists and fight for policies that protect the working families in our country. I do not believe that any of these nominees fit that bill."
We have a presidential election in 2016. Why settle?
Labels: Bernie Sanders, Federal Reserve, obstructionist Republicans
posted by DownWithTyranny @ 6:00 AM
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As a strong conservative, strong social conservative, we're completely different politically. But I follow Before It's News and when something is interesting, it's interesting. It's good to see Bernie Sanders acknowledging that the economic and employment situation is not as rosy as our own government tries to tell us. But I'd like to know how the Federal Reserve itself is going to create ONE JOB let alone millions. Certainly not with regulations. And they'll likely not regulate Wall Street too hard anyone. The Federal Reserve is a collection of private banks still shrouded many ways in secrecy in terms of how and why they do what they do. They're pretty friendly with "Wall Street", and it has been their policies and their negligence that has caused some of our economic troubles in the past. Trusting the Federal Reserve to do anything good is not an answer. But yeah, he didn't vote with the Democrats. Of course, he's not really a Democrat anyway as someone who actually comes out and admits he's a socialist and is affiliated with the Vermont Progressive party, he's not a Democrat by name these days. Of course, he does caucus with them because in many ways their views are the same, or similar anyway.
We have a presidential election in 2016. Why settle?
For that matter, why vote? You are choosing between two plantations - either conservatives who are ignorant of economic policy and will drive the country into the ground, or liberals who can't tell the difference between a hand out and a hand up, who are going to leave us with 15 million more people in poverty that we had when this administration started, also driving the country into the ground, just slower.
All while banks post record profits. And the President reports that his net worth has increased from $1 million to about $13 million, or a little less than a $1 for every person who is in poverty that wasn't when he became president.
Both parties are full of ass clowns and need to be shown the door. If not, one could flip a coin to decide who to vote for, because it really won't matter either way.
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