The 4th Branch of Govt.

Reader comment on: Letter to Ben Bernanke

Submitted by J.Johnson (United States), Nov 15, 2010 13:16

There's the Executive, the Judicial, the Legislative and now the defacto new branch, the Federal Reserve, with arguably more power and influence at times than the other 3 combined. Does anyone seriously think that the framers of the Constitution ever contemplated this could or would happen? It is now abundantly clear that Greenspan's cheap money policies were very effective at producing economic bubbles and thereby making a select group of money managers and TBTF bankers very very rich. Bernanke has doubled down on Greenspan's follies and the money managers and TBTF bankers are again looking at record bonuses. Extending the Bush tax cuts for these folks will truly be the icing on this rancid cake. As for many of the rest of us, we'll have to make do with 1% on our savings accounts or, maybe, trust our money to the stock market where we can face off against the HFT robots, dark pools, quote stuffing and other market manipulations.

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