"Do not blame Wall Street, do not blame
the big banks. If you do not work and if you are not rich,
blame
yourself."
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Everyone should submit a resume,
unemployed and underemployed protestors, showing a real situation in
numbers. Also individuals not spending time at occupation could
get involved via webpage (submit a resume and demand a social change)
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This will answer if
"blame yourself" reflects reality or if "qualified" determined job
seekers are desperately looking and there are simply no jobs out there.
Then maybe macro assistance is needed . |
The list of institutions that received the
most money from the Federal Reserve can be found on page
131 of the GAO Audit
http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts
http://www.scribd.com/doc/60553686/GAO-Fed-Investigation
What was revealed in the audit was startling: $16,000,000,000,000.00 had
been secretly given out to US banks and corporations and foreign banks
everywhere from France to Scotland. From the period between December
2007 and June 2010, the Federal Reserve had secretly bailed out many of
the world’s banks, corporations, and governments.
The Federal Reserve likes to refer to these secret bailouts as an
all-inclusive loan program, but virtually
none of the money has been returned and it was loaned out at 0%
interest. Why the Federal Reserve had never been public
about this or even informed the United States Congress about the $16
trillion dollar bailout is obvious — the American public would have been
outraged to find out that the Federal Reserve bailed out foreign banks
while Americans were struggling to find jobs.
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It is only fair to
request the banks charge same 0% interest on struggling to survive
Americans and since the debts accumulated by Americans during 2008-2011
are greatly consist of unpaid high interest rate applied to the money
that Americans spent to feed their families and pay the rent, banks
under the government supervision must reduce the amount of money owed by
Americans 70% ?(hypothetical number)
Citigroup: $2.5 trillion
Morgan Stanley: $2.04 trillion
Merrill Lynch: $1.949 trillion
Bank of America: $1.344 trillion
Barclays PLC (United Kingdom): $868 billion
Bear Sterns: $853 billion
Goldman Sachs: $814 billion
Royal Bank of Scotland (UK): $541 billion
JP Morgan Chase: $391 billion
Deutsche Bank (Germany): $354 billion
UBS (Switzerland): $287 billion
Credit Suisse (Switzerland): $262 billion
Lehman Brothers: $183 billion
Bank of Scotland (United Kingdom): $181 billion
BNP Paribas (France): $175 billion
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Explain what the
Federal Reserve is doing. What does it do for the benefit of whole
country or citizens and the individual?
After explanation, we will have better understanding and could request
reform or closure.
is the FED for banks and corps only?
From WIKI:
The primary motivation for creating the Federal
Reserve System was to address banking panics.
Other purposes are stated in the Federal Reserve Act, such as "to
furnish an elastic currency, to afford means of rediscounting commercial
paper, to establish a more effective supervision of banking in the
United States, and for other purposes".
Before the founding of the Federal Reserve, the United States underwent
several financial crises. A particularly severe crisis in 1907 led
Congress to enact the Federal Reserve Act in 1913. Today the Federal
Reserve System has broader responsibilities than only ensuring the
stability of the financial system.
Current functions of the Federal Reserve System include:
To address the problem of banking panics
To serve as the central bank for the U.S.
To strike a balance between private interests of banks and the
centralized responsibility of government
To supervise and regulate banking institutions
To protect the credit rights of consumers
To manage the nation's money supply through monetary policy
to achieve the sometimes-conflicting goals of
maximum employment stable prices, including prevention of
either inflation or deflation moderate long-term interest rates
To maintain the stability of the financial system and contain
systemic risk in financial markets
To provide financial services to depository institutions, the U.S.
government, and foreign official institutions, including playing
a major role in operating the nation's payments system
To facilitate the exchange of payments among regions
To respond to local liquidity needs
To strengthen U.S. standing in the world economy
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