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TexasTowelie

(112,150 posts)
Fri Jun 13, 2014, 01:52 PM Jun 2014

Sanders Puts His Foot Down--Breaks With The Political Elites Of Both Parties Over The Fed Reserve



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."

- See more at: http://downwithtyranny.blogspot.com/2014/06/bernie-sanders-puts-his-foot-down.html .
45 replies = new reply since forum marked as read
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Sanders Puts His Foot Down--Breaks With The Political Elites Of Both Parties Over The Fed Reserve (Original Post) TexasTowelie Jun 2014 OP
Where are the Democratic Party leaders? Scuba Jun 2014 #1
Sadly, that includes the president lark Jun 2014 #6
Oh yeah, he's a Democrat too. I almost forgot. Scuba Jun 2014 #13
You're forgiven Plucketeer Jun 2014 #30
Hahaha billhicks76 Jun 2014 #33
Cloistered insiders coming through the revolving door are "non-controversial". pa28 Jun 2014 #2
K&R liberal_at_heart Jun 2014 #3
"requires the Fed to maximize employment and minimize inflation" bvar22 Jun 2014 #4
^^^^^^^^ Yeah! n/t truedelphi Jun 2014 #21
Sanders/Warren or Warren/Sanders FiveGoodMen Jun 2014 #5
This message was self-deleted by its author guyton Jun 2014 #7
That's a match-up that would rock the establishment. Their brand of campaigning NorthCarolina Jun 2014 #9
I seriously doubt it would be effective. Raksha Jun 2014 #14
As the Cantor race just proved, a populist talker can take on the Nay Jun 2014 #23
The only reason Brat one was because Cantor’d hate of the President didn’t go far enough. busterbrown Jun 2014 #42
As a voter in Cantor's district, I must disagree. Cantor hated the Prez Nay Jun 2014 #44
This wuld be especially true if we had a ticket like... nikto Jun 2014 #35
Not to worry... ReRe Jun 2014 #32
How did Warren vote? anti partisan Jun 2014 #16
Here. JDPriestly Jun 2014 #31
Thanks, but still can't see how she voted on these confirmations (edit: she voted Yea for all 3) anti partisan Jun 2014 #45
Du rec xchrom Jun 2014 #8
What does the BOG say? BrotherIvan Jun 2014 #10
Easy. JackRiddler Jun 2014 #11
Won't sanders be thrown under the bus for dissing the President's nominees? BrotherIvan Jun 2014 #22
They think Snowden should be drawn and quartered. nm rhett o rick Jun 2014 #26
Sanders does the right thing, again. nt Shemp Howard Jun 2014 #12
Bernie Sanders is the real deal MissDeeds Jun 2014 #15
Thank You Bernie Sanders cantbeserious Jun 2014 #17
Another person who refuses to choose between two plantations. Just need a few more. n/t jtuck004 Jun 2014 #18
The bosses are brown nosing their bosses again and reserving a spot on K Street. Tierra_y_Libertad Jun 2014 #19
I love how Bernie got a chance to lay it all on the line here. This video needs more attention! freshwest Jun 2014 #20
This country desperately needs sulphurdunn Jun 2014 #24
^^^Correct answer!^^^ TexasTowelie Jun 2014 #25
It is up to us to turn the Democratic Party more socialist anti partisan Jun 2014 #28
That would be fine with me. sulphurdunn Jun 2014 #29
We need to find some leftwing banks and leftwing big corporations to fund us... nikto Jun 2014 #36
the situation is different. tomp Jun 2014 #40
A real leader. Thank you, Sen. Sanders. bigwillq Jun 2014 #27
The Fed is run for the benefit of the corporate banking cartel and Wall Street. AdHocSolver Jun 2014 #34
I wish we had a few more like him..... n/t bobGandolf Jun 2014 #37
K&R! This post should have hundreds of recommendations! Enthusiast Jun 2014 #38
No, Bernie what that was before was an illusion..... DeSwiss Jun 2014 #39
Oh Sanders is just another Libertarian whiner Armstead Jun 2014 #41
He broke with Elizabeth Warren on this matter, too. He makes some very good points about MADem Jun 2014 #43
 

Scuba

(53,475 posts)
1. Where are the Democratic Party leaders?
Fri Jun 13, 2014, 02:27 PM
Jun 2014

Oh yeah, most of them are in Wall Street's pockets, along with virtually all the Republicans.

pa28

(6,145 posts)
2. Cloistered insiders coming through the revolving door are "non-controversial".
Fri Jun 13, 2014, 02:42 PM
Jun 2014

Want to know what would make a "controversial" nominee? An outsider dedicated to working in the public interest.

It should be the other way around.

bvar22

(39,909 posts)
4. "requires the Fed to maximize employment and minimize inflation"
Fri Jun 13, 2014, 02:50 PM
Jun 2014

"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."


Thank You Bernie Sanders.
I wish we had 99 more like you in the Senate.

Response to FiveGoodMen (Reply #5)

 

NorthCarolina

(11,197 posts)
9. That's a match-up that would rock the establishment. Their brand of campaigning
Fri Jun 13, 2014, 03:26 PM
Jun 2014

would likely become electric given today's political climate and overall mood of the country. I'm not sure how the establishment would choose to fight back, but I seriously doubt it would be pretty.

Raksha

(7,167 posts)
14. I seriously doubt it would be effective.
Fri Jun 13, 2014, 03:54 PM
Jun 2014

The establishment has no real way of fighting back against a true progressive populist.

I mean besides assassination, and that would be just too obvious. I don't think they'd try it.

Nay

(12,051 posts)
23. As the Cantor race just proved, a populist talker can take on the
Fri Jun 13, 2014, 05:21 PM
Jun 2014

establishment and win against an entrenched and wealthy incumbent. I think Brat is a fake populist, of course, since his writings and speeches indicate that he is both a religious nut and a Libertarian.

The Dem establishment has no way to fight back against a Dem populist, either. Most of us have been praying for a populist for, oh, about 6 years now. We've seen what centrist Pub-lite Dems do for us and we aren't impressed. We ARE impressed with the panic that some obscure teabagging professor has caused the Pub establishment; I'd like to see us pull something that would scare the sedentary Dem leadership into actual action rather than just lots of pretty words.

busterbrown

(8,515 posts)
42. The only reason Brat one was because Cantor’d hate of the President didn’t go far enough.
Sat Jun 14, 2014, 10:31 AM
Jun 2014

These far right nut jobs have no understanding of what drives economics and they have little interest
leraning.. Unless it proves further that Obama is a Muslim Fascist..who is destroying our country.. That they understand..

Nay

(12,051 posts)
44. As a voter in Cantor's district, I must disagree. Cantor hated the Prez
Sat Jun 14, 2014, 12:03 PM
Jun 2014

plenty. He was, however, thought to be totally dedicated to his own rise in the Republican hierarchy and so uninterested in his constituency that he felt he didn't even need to throw them red meat once in a while. He didn't hold town meetings, he was snotty in letters to his constituents, etc. He paid no attention to the fact that at his last election, a Dem from nowhere with a couple hundred thousand to spend got 40% of the vote with no effort. He was arrogant enough to think he was invulnerable.

Also, Brat actually got out there and said he thought a bunch of bankers needed to go to jail. Lots of voters on the left and right think exactly that, but few in the hierarchy of either party will come out and say it because they are bought and paid for. The fact that Brat said it galvanized his campaign like nothing else would. It would galvanize a Dem campaign, too, if we only had the guts (and an unbought candidate) to do it.

Finally, there's this misconception that VA is a purple state. It is not. Cantor's district is deep red, and there are thousands of real teabaggers and religious fundies waiting to vote for someone just like Brat (that is, the Brat who has most recently presented himself as a populist who'll throw bankers in jail). Brat is an idiot, but he's their idiot and that's all that matters.

Unfortunately, now that Cantor is gone and an exciting new populist Pub is running, the Dem has no chance IMHO because those Pubs who hated Cantor and might have stayed home will come out to vote for this guy (barring any macaca moments). Unless the Dem has funding and is willing to run clips of Brat being stupid or frightening, Brat will win. We will see if Trammell gets funding from the Dem leadership; if he doesn't, we all need to ask ourselves WTF is going on.

ReRe

(10,597 posts)
32. Not to worry...
Sat Jun 14, 2014, 02:00 AM
Jun 2014

Wall Street and MSM would make mincemeat of them in no time. And you're right, it wouldn't be pretty. And that's sad. Electing Sanders/Warren or Warren/Sanders ticket would be a giant step forward in cleaning up the God-forsaken corporate-congressional mess this country is in.

anti partisan

(429 posts)
45. Thanks, but still can't see how she voted on these confirmations (edit: she voted Yea for all 3)
Sun Jun 15, 2014, 03:37 PM
Jun 2014
https://www.govtrack.us/congress/votes/113-2014/s191
https://www.govtrack.us/congress/votes/113-2014/s190
https://www.govtrack.us/congress/votes/113-2014/s189

She voted Yea on all 3, as expected.

I can't say I'm disappointed with her votes, but I don't understand the Warren cheerleading on the topic about Sanders making the principled Nay vote when Warren didn't do the same.
 

JackRiddler

(24,979 posts)
11. Easy.
Fri Jun 13, 2014, 03:41 PM
Jun 2014

They're going to avoid this one.

However, in some other thread, there will be some quote or graphic showing how Sanders endorsed Obama for some reason at some time in the past, therefore you leftists and liberals should shut up and do as he did.

BrotherIvan

(9,126 posts)
22. Won't sanders be thrown under the bus for dissing the President's nominees?
Fri Jun 13, 2014, 04:58 PM
Jun 2014

Since they avoid these threads, when others criticize these actions in general discussions, BOGers see it as some kind of hater's ambush. They don't know the actual facts behind the criticisms so chalk it up to made up reasons such as ODS, racism and Paul Love. If all you do is look at nice pictures and read the list, it seems completely irrational to criticize The Most Liberal President Since FDR™.

 

MissDeeds

(7,499 posts)
15. Bernie Sanders is the real deal
Fri Jun 13, 2014, 04:03 PM
Jun 2014

He exemplifies honesty, integrity, and a sense of justice. Wish we had many more just like him.

K&R

freshwest

(53,661 posts)
20. I love how Bernie got a chance to lay it all on the line here. This video needs more attention!
Fri Jun 13, 2014, 04:45 PM
Jun 2014

Also the link led me to many more good ones by Sanders and others and I've been gone a few hours checking them out and didn't reply. If I'd been willing to skip viewing and saving all of them, I'd have been the first reply on this reply with a hearty hurray.

I'm not sure when this hearing happened, but Sanders looks more than able despite his years to the task at hand. We need to get back to basics.

Bernie has been one of heroes for many years. I'm glad he's been getting more coverage than in the past. If the lousy MSM (oh, yeah, what am I thinking?) gave him air time this country would wake up and shake off the Koch brothers and the rest of the wealthy parasites.

I can only that hope Americans are not too cynical and brainwashed that they will ignore the words of Sanders. Sadly, there is little sign his words are getting traction, but he still holds firm.

Keep telling the world, Senator! Go Bernie!

anti partisan

(429 posts)
28. It is up to us to turn the Democratic Party more socialist
Fri Jun 13, 2014, 08:33 PM
Jun 2014

Look at what the Tea Party and libertarians have done to the GOP. Sure they have had more than their fair share of Koch money, but they have legitimately turned the party far to the right. This "at least they aren't Republicans" attitude is letting the Third Way oligarchs keep control with nothing to fear. WE need to turn the Democratic Party to the left.

 

tomp

(9,512 posts)
40. the situation is different.
Sat Jun 14, 2014, 09:35 AM
Jun 2014

mainstream politics is moving to the right in general. the tea party is just the advance guard in that move.

any leftward movement would be totally contrary to the general trend and therefore it would would be harder to establish a lefter wing of the dems than it would to establish a righter wing of the repubs. i mean, for example, where is the far left equivalent of the kochs and the media?

AdHocSolver

(2,561 posts)
34. The Fed is run for the benefit of the corporate banking cartel and Wall Street.
Sat Jun 14, 2014, 03:23 AM
Jun 2014

The Fed is run for the benefit of the corporate banking cartel and has been a chief enabler of the stock market and real estate Ponzi schemes which have crippled the U.S. economy as well as transfer middle class assets to the 1 percent.

The Fed's keeping the interest rates artificially low was a key element in boosting the stock market and housing prices. Greenspan's claim that it was "flawed ideology" on his part is horse manure. He knew exactly what he was doing.

Artificially low interest rates were designed to "encourage" depositors to take their savings out of bank deposits, which earned them practically nothing due to the artificially low interest rates, and buy stock. Throwing all this money at the stock market (increased demand) drove the stock prices up. Fraudulent bookkeeping to inflate profits a la Enron was the other part of the scheme.

The Fed's keeping interest rates artificially low also fueled the real estate markets. Low interest rates kept mortgage payments low, and with banks offering Adjustable Rate Mortgages (ARM's), people were encouraged to spend more to buy a house than they could ever really afford. The house buying frenzy convinced people they could easily sell their overpriced houses before the ARM kicked in, and then repeat the process.

Another reason for keeping interest rates artificially low was to keep the spread of what banks paid depositors compared to what the banks charged for "loans" (such as mortgages and credit card charges) as wide as possible. A bank paying 0.1 percent on a depositor's account while charging 7 percent for a loan is getting 70 times back for its "cost" for using depositors' funds (.07 / 0.001 = 70).

Paying 0.1 percent to depositors while charging 14 percent (or more) on credit card balances gains the banks 140 times (or more) the cost of the use of depositors' funds.

With the repeal of financial regulations such as the Glass-Steagall Act and with the connivance of the Federal Reserve, we have seen the bankers pull the biggest bank heist in the history of the planet. Then, with the assistance of a bunch of clueless (if not duplicitous) politicians, they got the U.S. tax payers (and biggest victims of the scams) to bail out the bankers who did the heist (in the biggest inside job in history).

Keeping interest rates low these days enables Wall Street so-called "investment banks" to use customer deposits of allied "commercial bamks" at effectively zero cost to use this effectively "free" money to manipulate the stock market by buying large blocks of favored stocks to boost their prices.

Bank customers are losing their assets to the 1 percent as the return on bank deposits is not even keeping up with inflation.

Moreover, the Fed bankers who keep interest rates artificially low (since they claim inflation is low) are enablers of the Wall Street Ponzi schemes.

The verbal exchange between Sanders and Yellen (in the video) shows that she and the Fed are part of the problem.

 

DeSwiss

(27,137 posts)
39. No, Bernie what that was before was an illusion.....
Sat Jun 14, 2014, 05:28 AM
Jun 2014

...like Frank Zappa mentioned. This Oligarchy thing is what it was all along. This is just what it looks like when the furniture is removed.

- All those little niceties we used have, the ''Due Process Ottoman'' that sat over in the corner untouched for years. The ''Freedom from Rendition Chaise Lounge'' that was so comfortable you could fall asleep in it like you were dead, now death can really happen there. And the old ''Right to a Fair Trial by One's Peers instead of Being Assassinated Sofa'' -- all now just a memory.

But hey, we knew it would end this way. With Parker House Rolls and mint jelly.

Like the man said:

"A nation of sheep will beget a government of wolves." ~Edward R. Murrow





K&R

MADem

(135,425 posts)
43. He broke with Elizabeth Warren on this matter, too. He makes some very good points about
Sat Jun 14, 2014, 11:59 AM
Jun 2014

wealth distribution. I really do think we need some higher taxes for the stinking rich. We do expect more from those who have more--it's just how human nature rolls.

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