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Nothing but the Truth!
By Will Power
November 4, 2010 (San Diego)--For those of you that do not think the banking industry makes up the Fourth branch of government- ponder this. The day after the GOP won the house, the Fed announces $600 billion in new loans to banks.
There's nothing like rewarding a bunch of crooks for screwing up the economy in order to screw a leader of the Democrats.
Meanwhile, the foreclosure crisis has lost many of its liberal critics, meaning the investigation into phantom signatures on dubious document forgeries will probably be stopped.
My prediction is this: the stock market will grow due to this infusion of money, but so will the National Debt.
The Fed has been the unrecognized tool of the Republican Party for years. During the Carter Administration, the Fed raised interest rates to 18%, driving inflation and gas prices to record highs and causing shortages and a serious recession,
In the Obama years, the Banking Industry has used hedge funds and insider trading to produce unconscionable profits for investment banks and brokers.
Meanwhile, tax cuts for the rich have ensured these new oligarchs will never pay taxes on their stolen money. That money is being invested in China and India, driving jobs overseas and ensuring the Balance of Trade will remain negative. In effect, US Banks have been betting against the National Security of the United States.
Republicans are already calling on Congress to repeal Health Care Reform. I suppose the repeal of new Banking Regulations is not far behind. Isn't Democracy grand?
Will Power is a retired history teacher and creative writing instructor. The opinions in this column reflect the views of its author and do not necessarily reflect the views of East County Magazine.
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