Nuggets of Wisdom

Wednesday, December 23, 2015

Cute: Bernie Wants To End The Fed

Ah, how cute: old grandpa Bernie Sanders thinks he can steal Rand Paul's supporters by calling to reign in the Federal Reserve:
Wall Street is still out of control. Seven years ago, the Federal Reserve and the Treasury Department bailed out the largest financial institutions in this country because they were considered too big to fail. But almost every one is bigger today than it was before the bailout. If any were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time.

To rein in Wall Street, we should begin by reforming the Federal Reserve, which oversees financial institutions and which uses monetary policy to maintain price stability and full employment. Unfortunately, an institution that was created to serve all Americans has been hijacked by the very bankers it regulates.
Oh, so close! Sorry, Bernie, but the Fed wasn't "hijacked" by the big banks. It was created by them. The Fed has always served them because that's what it was created to do. Nothing has changed since then.

Also, if you care so much about the Fed, why did you completely destroy the Audit the Fed amendment? Sorry, you're just not the populist that Ron and Rand are.