The Fed's "Public Representative" Shills For The Banks: Resignation In Order?

[marmar]

from the Working Life blog:



The Fed's "Public Representative" Shills For The Banks: Resignation In Order?

by Jonathan Tasini
Tuesday 23 of August, 2011


I doubt few people think the Federal Reserve is anything but a mouthpiece for the big financial institutions. And most people would be right--after all, the Fed's Board of Governors and the branches are effectively run by creatures of the banks.

But, the least we can do is make sure that we stay vigilant and hold accountable shills for the banks, who do their bidding with the cover of respectability of a phony title and try to undermine the public servants elected to protect the people.

Which brings me to the case of Kathryn S. Wylde--a case that makes abundantly clear that the Fed does not operate in the interest of the "public" as you and I might define that concept.

Yesterday, I wrote about the pressure the Obama Administration was bringing on New York's Attorney General Eric Schneiderman to get with the program. The program being that the Administration is not interested in coming down hard on the banks and Wall Street for their various corrupt and illegal practices over a long period of time, practices that led to the financial crisis, the loss of millions of jobs and the implosion of the American Dream many people had pursued, in part, through home ownership. ............(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15271

[woo me with science]

1. The Federal Reserve banks themselves are

privately owned banks.

The whole system is a scam to extract money from us by debt.

[Octafish]

2. Gee. This wasn't on my television screen.

Must be important. Obviously.

Confronting an elected representative of THE PEOPLE--the attorney general of New York--who is doing his job and demanding that he essentially get with the program is a blatant crossing of the line of "independence". Wylde was acting as an enforcer for the banks and, as the by-laws clearly state, the role of the directors--particularly those who are "public representatives"--is to make sure "that lenders should not dominate..."

From a guy whose house is worth less than he owes on it, that's a "Wow!"

Thank you for the heads-up, marmar. Great essay on The Fed and its, uh, purpose.

[OneGrassRoot]

3. K&R n/t