Just the Facts Ma'am

Here is a post by Dean Baker on his Beat the Post blog that points out just who inside the Federal Reserve is working hard to sabotage the US economy: the private sector banks!

A segment on Morning Edition noted that 3 members of the Fed's Open Market Committee (FOMC) opposed the plan to shift from shorter term debt to holding longer term bonds in an effort to drive down interest rates. It would have been worth mentioning that all 3 of the no votes came from the district bank presidents. The bank presidents are essentially appointed by the banks in the district.

The 5 bank presidents who are voting members of the FOMC split 3-2 against this measure. By contrast, the 5 Fed governors who were appointed through the political process (by both Presidents Bush and Obama) voted 5-0 in support further action.

This is a striking split between the FOMC members who essentially represent banks and the members who were appointed by democratically elected officials. It would have been worth mentioning this fact in this story. (The NYT and the Post commited the same sin.)

I guess the rich and powerful are nice and comfy with their wealth and their ability to strangle the economy for their own benefit. Why let the bottom 99% have a better life if this might inconvenience or threaten the ultra-rich?