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Where Was the Fed?

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The American people overwhelmingly voted last year for a change in our
national priorities
to put the interests of ordinary people ahead of the
greed of Wall Street and the wealthy few. What the American people did not
bargain for was another four years for one of the key
architects
of the Bush economy.

Fed Chairman Ben Bernanke, in charge of the central bank since 2006, could
have demanded that Wall Street provide adequate credit to small and
medium-sized businesses to create decent-paying jobs in a productive economy,
but he did not.

He could have insisted that large bailed-out banks end the usurious
practice
of charging interest rates of 30
percent
or more on credit cards, but he did not.  He
could have broken up too-big-to-fail
financial institutions that took Federal
Reserve assistance, but he did not. 

He could have revealed which banks took more than $2
trillion in taxpayer-backed secret loans
, but he did not.

The American people want a new direction on Wall Street and at the
Fed.  They do not want as chairman someone who has been part of the
problem and who has been responsible for many of the enormous difficulties that
we are now experiencing. It’s time for a change at the Fed.



We need a new chairman. We need somebody who is going to pay attention to
small- and medium-sized business, somebody who is going to do everything he or
she can to grow our economy and create decent paying jobs, somebody who is
going to protect consumers against outrageously high interest rates on their
credit cards, and somebody who is going to stand up for ordinary people.



I
am going to do my best
to see that Mr. Bernanke’s nomination is defeated.

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