The timing of the sellout by Senator Bernie Sanders (I-Vt.) could not have been more politically auspicious — or more suspicious. For months the Senator had been denouncing the secrecy of the Federal Reserve’s bailout operations, which have exceeded two trillion dollars. For months he had been pledging that he would push for a genuine audit of the Fed. He authored an amendment in the Senate identical to “Audit the Fed” legislation in the House (H.R. 1207) authored by Congressman Ron Paul (R-Texas).
When former Comptroller General Bill Walker, who headed the U.S. Government Accountability Office, said two years ago that the “official” debt of the United States “is only around $10 trillion,” he wryly suggested that since this number was produced by “government accounting, which … allows one to ignore Social Security, Medicare and the new prescription drug benefit [it was like] ignoring rent, food and utilities in your household budget [and] it will lead to a few bounced checks.”
More than a dozen top American banks were involved in a conspiracy to swindle taxpayers by rigging auctions in the $2.8 trillion municipal bond market, according to an indictment filed by the Department of Justice and multiple lawsuits across the country.
Item: The April 22 Washington Post reported that President Obama was making an “assertive stride into the debate on financial regulatory reform.” The President flew to New York “to deliver a stern address to an audience that included prominent financial executives, telling them that greater government oversight is in the best interest of the industry — and the country. ‘Unless your business model relies on bilking people, there’s little to fear from these new rules,’ he said.”
Will the politicians in Washington succeed in freezing our economy to death under the pretext of saving us from a non-existent global warming crisis? With our national economy and the global economy in the worst recession since the Great Depression of the 1930s, common sense and sound economic policy argue in favor of lessening the regulatory and tax burdens on the struggling private sector.