Thursday, April 14, 2011

Wall Street and the Fed

We've been debating over budgets that will have ramifications for generations. We have been waiting and watching as our lawmakers quibble over a couple million for NPR and Planned Parenthood while they largely ignore the revenue problem of the federal government. What we didn't know was that the Federal Reserve was giving away billions to foreign and domestic banks, Wall St. CEO's and the CEO's wives.

This most recent article by Matt Taibbi discusses why the Fed budget has ballooned to be equal in size to the federal budget we all know, and how and why it was hidden from the public until now.

After reading this, I have a nagging sense of impending financial doom. How can such practices be rooted out? How can we regulate fiscal malpractice between the Fed and Wall Street if our lawmakers can't even come to a common sense decision to raise taxes to help the economy and get rid of debt? Right now, all the people are focusing on is the congressional budget. They're watching the debate over raising taxes and cutting funding. The underlying cancer of deliberate financial roulette with taxpayer dollars to benefit the super-rich (who the cons are defending as being to strapped with taxes already) is not being addressed. Until we force the Fed to give up these practices and keep taxpayer dollars working for the taxpayer, we're not going to get an inch closer to financial stability and deficit and debt reduction.

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