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Bankers fear 'populist' uprising
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Bloomberg reports that Wall Street Sets Campaign on ‘Populist Overreaction’ . The Securities Industry and Financial Markets Association has set out a PR campaign headed by Former Secretary of the Treasury Henry Paulson who oversaw the bank bailouts under President Bush. Their plan is to target media figures and institutions to try to stifle the growing sentiment against Wall Street due to the financial crisis and bank bailouts. "SIFMA represents about 600 securities firms, brokerages and asset-management companies. It counts among its members the biggest U.S. banks, including Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co."
The organization put out memos on how it can influence the media and politicians to improve the image of Wall Street. One of the documents said “It is imperative that in this historic period of reform, the industry be recognized as playing a positive role in seeking change and providing solutions to the problems we face."
Goldman Sachs, which was bailout last year, has made record profits on the backs of the tax payers while our economy sinks. Reuters reports that "the bank said its second quarter earnings rose 33 percent to $2.7 billion, and that it had put aside $6.65 billion for salaries, bonuses and benefits in the quarter, up by nearly half from a year ago". Goldman Sachs was Obama's second top source of campaign contributions and SIFMA Chairman Henry Paulson who oversaw the bailouts under Bush was the former CEO of Goldman Sachs.
In regards to the bill originally sponsored by Congressman Ron Paul to audit the Fed, Federal Reserve Vice-Chairman Donald Kohn said, in front of the House of Representatives Financial Services Subcommittee, putting monetary policy under political influence would hurt the U.S. economy, “Any substantial erosion of the Federal Reserve's monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation.”
The Fed is a very secretive institution with little to none government oversight. What most people do not know is that the Fed is a private bank. The Fed continues to print money out of thin air to bail out Wall Street, subsidize our nation building overseas, as well as to pay our debt to private bankers. With the recent financial crisis and the bailouts of Wall Street, Congressman Ron Paul's warnings about our unsustainable financial policies have been vindicated. Ron Paul believes that the Federal Reserve should be abolished all together and replaced with a Constitutional sound currency such as a gold standard. The Constitution grants Congress the right to issue currency, therefore the Federal Reserve in Unconstitutional.
The Bankers on Wall Street and the Federal Reserve fear that the American people are finally waking up to their economic exploitation of the tax payers and workers who form the foundation of the American economy. People are angry that their hard earned tax dollars are being used to bailouts ultra wealthy bankers and their cartels. Thanks in large part to Congressman Ron Paul people are finding out that the Federal Reserve is a fraudulent entity and there is finally a bill to audit it. The Bankers are in a desperate PR campaign to cover up for their crimes because they know their corrupt system is being exposed.
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