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As subprime lending crisis unfolded, watchdog Fed didn’t bother barking

The Federal Reserve in their customary pose protecting the public

The Federal Reserve in their customary pose protecting the public

So says WaPo, citing community organizations who as early as 1999 begged the Fed to act against subprime, to no avail. But Alan Greenspan, an extreme right wing Ayn Rand disciple, was in charge of the Fed then. He just loved subprime, and creating bubbles too. First was the dot com bubble, then real estate. Alan smiled over it all. Hundreds of billions got transferred from the poor and middle class to the elites. Ayn Rand would have been proud of him, as her philosophy was greed is good, altruism is evil, and screw the poor because they are inferior and deserve to be exploited.

How well has the Federal Reserve performed for America? “Failed miserably” would be a good summation (except of course for the elites who got even richer.)

Mistrust of the Fed’s abilities is hardly a fringe view any more. The head of the World Bank also thinks they’ve failed consistently.

The Fed needs to be audited by an independent outside organization and their operations made more transparent.

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