themcglynn.com

09 Oct

A Moment of Truth with Bill Moyers, Marcy Kaptur, and Simon Johnson

MARCY KAPTUR: And they also move people. In other words, Mr. Geithner came from the New York Fed, he came from Wall Street, and he becomes Secretary of the Treasury. His– his– predecessor, Mr. Paulson, came from Goldman Sachs, and he becomes Secretary of Treasury. You can go back decades, and you will see that there’s this– revolving door between Wall Street and Washington. And I recently asked Chairman Bernanke of the Federal Reserve, “Let me ask you a question. Would you be willing to consider a reform where the Cleveland Fed would have equal power to the New York Fed, in terms of how the Fed is run?” And his answer was, “No.”

BILL MOYERS: And why did you ask that question?

MARCY KAPTUR: Because I think we need to democratize the Fed. I think that my region of the country, which is suffering so heavily from these decisions that were made by Wall Street and Washington, we need to have voice. And our bankers, who didn’t do the bad things. Our community bankers, who are having to pay higher fees– shouldn’t be treated this way. Why should the people who did it right be penalized for those that did it wrong?

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