We all know that there is a group of shadow chess players in the background pulling all the strings. These people are above the game because they wrote the game, and the only rule we have to follow when it comes to what is happening in our country and world is to “follow the money”. The following is only shocking for a split micro-second when you remember that robber-barons from both sides of the aisle set up the Federal Reserve System.
Labor Leader Named Head of New York Fed
The Federal Reserve chose a labor leader to succeed a former Goldman Sachs executive as the chairman of the Federal Reserve Board of New York’s private-sector board of directors.
Denis Hughes, president of the New York state branch of the AFL-CIO, had been serving as acting chairman of the New York Fed board since May, when Stephen Friedman stepped down from the position.
Mr. Friedman, a former Goldman Sachs Group Inc. chairman and adviser to President George W. Bush, had faced questions about his purchases of Goldman stock while serving on the New York Fed’s board.
The Fed decision formalizes Mr. Hughes’s role as chairman through the end of 2009. The Fed board in Washington will announce in November or December who will serve as chairman in 2010. Columbia University President Lee Bollinger was named deputy chairman, a position that Mr. Hughes previously held. Mr. Bollinger has been a New York Fed director since January 2007.
The main job for chairmen of regional Fed bank boards is to choose the regional banks’ presidents, who play a role in the Fed’s interest-rate decisions. But the New York Fed already hired a new president, Bill Dudley, in January. The board also provides input to the Fed on the regional economy.
Did you catch that? “The main job for the chairmen of regional Fed bank boards is to choose the regional banks’ president…” The New York Fed controls the other 11 Federal Reserve banks in the system and controls who runs them. Everything is coming out of New York, and now the big unions are stepping up to the biggest trough of all – the direct pipeline to your pocketbook.
Can anybody explain to me how a labor leader and a university president know anything about economic policy? One could at least think that the president of Columbia University would know that the Federal Reserve System is UNCONSTITUTIONAL!
The takeover of our country by people only interested in hoarding money, resources, and power continues.
Market Ticker had some more great articles today on how all these toxic assets are being papered over with what amounts to accounting fraud.
It’s like they have pulled all the control rods out of the banking system nuclear reactor, it has gone beyond critical mass, and we are just waiting for the meltdown.
Dug – that is exactly what is happening. $644 TRILLION of this bad paper and the longer they “cover it up” – the worse the depression and assisting chaos is going to be. We are so screwed.
The good news? We are americans and if we can ever get this crap into the light – WE WILL FIX IT!
I hate liars….
They can try to cover it up…but from where I sit- it REEKS!! They have not been successful at covering up the smell. Soon it will seep through their covers, into the light for all to see, and on that day we are so screwed!
I hate liars too, DT…but is there more than a handful in DC that are not? Lawyers and banksters, the sum total population majority in DC, and non can be believed or trusted.
The Tree of Liberty is getting thirsty!