OpEdNews Op Eds 11/15/2013 at 14:29:56
Where's the Outrage? Fed Insider Exposes Giant Central Bank "Easing" Swindle
By Mike Whitney (about the author)
"This was a program (QE) that was devised to help mortgage lending in America...Instead, what we saw was massive Wall Street earnings." ~~ Andrew Huszar, Bloomberg TV Interview
A former Federal Reserve official who helped the Central Bank manage its bond buying program, dubbed QE, has admitted that the program is a fraud. In a shocking op-ed in Monday's Wall Street Journal, Andrew Huszar apologized for his role in the Fed's $1.25 trillion asset purchase program which he described as "the greatest backdoor Wall Street bailout of all time."
So far, no one at the Fed has responded to the charges, nor has Congress or the Department of Justice (DOJ) taken steps to investigate allegations that the multi-trillion dollar program was not intended to help Main Street as announced, but to shore up flagging bank balance sheets and zombie financial institutions that would have defaulted without the Fed's stealth welfare program.
Surprisingly, Huszar's credibility has not yet been challenged nor his claim that he played a pivotal role in overseeing the program. As he notes in his confession, he was "managing what was at the heart of QE's bond-buying spree -- a wild attempt to buy $1.25 trillion in mortgage bonds in 12 months." He was asked "to quarterback" the largest giveaway to Big Finance on record. The fact that his allegations have not prompted a thorough investigation of criminal malfeasance at the Fed boggles the mind and points to a justice system that makes no pretense of operating in the interests of the people it is supposed to serve.
Huszar admits that he left the Fed -- where he'd worked for seven years -- because he'd "witnessed the institution deferring more and more to Wall Street," that is, implementing policies which only benefited the banks."...
Something Really Insane Just Happened In Congress, And You Probably Haven't Heard A Word About It
If you think it should be illegal for the people in charge of regulating Wall Street to accept piles of campaign money from Wall Street, you could share this.
You can find the article this vlog is based on, including hyperlinked sources for all of the facts and figures above, at
http://daily.represent.us/theres-some..
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What derivatives are, as explained by Planet Money [
www.npr.org/blogs/money/2012/1
...] and a man named Paddy (of APM Marketplace) [...]
Written and performed by Mansur Gidfar
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Feminist. We Just Call Out Bulls**t Where We See It.
