Eliot Spitzer is back - "The Fed has done an absolutely disastrous job..."

[jaqeboy]

Spitzer: Federal Reserve is 'a Ponzi scheme, an inside job'

By Daniel Tencer

Published: July 25, 2009

The Federal Reserve — the quasi-autonomous body that controls the US's money supply — is a "Ponzi scheme" that created "bubble after bubble" in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York.

In a wide-ranging discussion of the bank bailouts on MSNBC's Morning Meeting, host Dylan Ratigan described the process by which the Federal Reserve exchanged $13.9 trillion of bad bank debt for cash that it gave to the struggling banks.

Spitzer — who built a reputation as "the Sheriff of Wall Street" for his zealous prosecutions of corporate crime as New York's attorney-general and then resigned as the state's governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to "America's greatest theft and cover-up ever."
...

[KBCraig]

Spitzer thinks a managed economy is just grand, so long as he's in charge.

[slim]

Sptizer if there was ever a definition of hypocrite he would be it. I saw the crap on MSNBC website yesterday and I can see that he wants to get back in to politics he took a few months off to let the scandal get pushed out of NYers minds and now that almost no voter in NY will remember that he was even in office he can get back in to the system and become a ruler of the surfs again.

[John Edward Mercier]

I'm a little lost... wasn't the 'bank bailouts' a congressional (treasury) thing?
And if he was such a 'Sheriff of Wall Street', one has to wonder whether the sheriff was on the take with all the collapses in his backyard.

[jaqeboy]

Spitzer thinks a managed economy is just grand, so long as he's in charge.

Did you catch the part about the Fed being a Ponzi scheme, the bailout being an inside job, etc.?

[KBCraig]

Spitzer thinks a managed economy is just grand, so long as he's in charge.

Did you catch the part about the Fed being a Ponzi scheme, the bailout being an inside job, etc.?

Yes. Coming from Spitzer, it's hollow self-promotion.

[John Edward Mercier]

Especially since the Federal Reserve System is a seigniorage scheme, not Ponzi.
And the 'inside job' was perpetrated by the US Treasury empowered by Congress.

I'm sure each congressional member saw the national, and local district, polling and realized the populous did not support the TARP program. Just not sure why they enacted the program.

[Pat McCotter]

Their new leader said we needed to do it - the populace be damned.

[John Edward Mercier]

I'd love to see the explaination the constitutional wording that allows for the 'investment' of taxpayer dollars in a private business.