Senator Bernie Sanders: ‘Bernanke is Part of the Problem’
2009-12-05 0:00


Sen. Bernie Sanders, who has been a constant critic of the fed, and of Bernanke, said on Dylan Ratigan’s show he will vote against the reconfirmation of Federal Reserve Chairman Ben Bernanke.

During the interview Sen. Sanders slams the Fed Chief saying it is unacceptable that the central bank risks taxpayer money without detailing where the funds go. Sanders recalls his testy exchange at a hearing before the Senate Budget Committee back in March with the Fed Chairman where he pressed Bernanke to name the firms that borrowed from the Fed, the central bank chairman replied, ‘No, I won’t tell you’.

“If the taxpayers of this country have spent $700 billion bailing out Wall Street because they are too big to fail” said Sander, “why is it that 3 out of the 4 largest financial institutions today are bigger than they were before the bailout. Why is it okay that 4 large financial institutions write half the mortgages, two thirds of the credit cards in this country and control 40% of the deposits. The bottom line to me is that the middle class in this country is collapsing…we have seen this trend downward for many many years. We need a new direction.”

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