The View From 1776
Sunday, August 28, 2011
Bernanke’s Bailout Of Foreign Banks
Wall Street and the world banking community have unexpected reason to love the Fed’s debasement of the dollar.
As I have written several times since July, the only real beneficiaries of massive intervention by Obama and the Fed are Wall Street stock brokers and the giant banks. A column in the August 27, 2011, New York Times by Gretchen Morgenson (one of the few Times reporters who has any understanding of financial markets and business) seconds that position.
Walker F. Todd, a research fellow at the American Institute for Economic Research and a former assistant general counsel and research officer at the Federal Reserve Bank of Cleveland [as well as a long time board member of the Committee for Monetary Reform and Education], said these details from 2008 confirm that institutions, not citizens, were aided most by the bailouts.