Apparently, Fed chairs may speak the truth only after they have done their bit
for Wall Street and the 1 percent.
The root cause of this
terrible distress is the failure of Congress to do what everyone in Washington
promised to do, talks endlessly about doing, but never gets around to actually
doing: creating good paying jobs in the obvious place -- infrastructure.
The need was obvious in
2008. It was obvious in 2012. It is obvious today. Jobs at a good wage are
everything and infrastructure is the obvious place to start.
This is what the
suddenly alert Bernake now urges: --a well-structured program of public infrastructure
development, which would support growth in the near term by creating jobs and
in the longer term by making our economy more productive."
But it is not going to
happen. The Fed, which pumped upwards of $20 trillion into Wall Street after
the last crash, has steadfastly refused to make even a fraction of that
available to state and municipal governments -- a move that could have stopped
the "Great Recession" in its tracks seven long years ago.
And the GOP Congress
will do nothing that might make President Obama and the Democrats look good
before the next elections -- like improve the lives of more than 300 million
Americans by putting the nation back to work..
The American people are
trapped between a Fed that works for Wall Street and a GOP Congress that can't
decide who it works for: Wall Street, the American people or itself.
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