I was just catching up on some of Matt Taibbi’s Rolling Stone blog posts when I read, with great disappointment, the following paragraph.
The audit of the Fed was undertaken because Bernie and a few other members of congress fought very hard during the Dodd-Frank regulatory reform debate to force open Ben Bernanke’s books, and as a result we now know the staggering details of the secret bailout era. We know that Citigroup received $1.6 trillion in loans, and Morgan Stanley $2 trillion, and Goldman Sachs – the same Goldman Sachs that bragged about how quickly it paid back its $10 billion TARP bailout – over $600 billion. We know that hedge fund billionaires who moved their corporate addresses to the Cayman Islands to avoid U.S. taxes were rewarded by their buddies in government with huge Fed loans; we know that the U.S. government likewise has been extending massive loans to a variety of Japanese car companies at a time when many American auto workers in Detroit have seen their wages cut in half, to $14 an hour. There’s that and there’s more on the outrage front, and we know it all because Sanders kicked and screamed and stamped his feet about Fed secrecy until just enough other members of the Senate decided to go along with him.
Bernie Sanders? Really? I don’t recall Sanders writing End the Fed or spending the last three decades fighting tooth and nail to turn over the boulder of Fed secrecy to bring the creepy, slimy insects residing under it into the cleansing sunlight. I do remember Congressman Ron Paul doing those things and more. To be sure, I am happy that Sanders finally woke up and joined Dr. Paul in his crusade. Mr. Taibbi truly has a very good understanding of the Fed, as evidenced by his The Fed’s Magic Money-Printing Machine post, but gives Sanders far too much credit.