The Federal Reserve and the Banksters... 2 Peas in a Pod!

I was rudely awakened from my Financial Slumber this evening by our old friend Mish Shedlock. As usual, he has his foot mashed down on the gas pedal, hurling us into the realization that the Federal Reserve does not give a damn about the little guy, as it contends, but rather it watches out for the banksters and their ill gotten gains.
Here is a snippet from an Article by Yves Smith of Naked Capitalism.  Thanks to Yves and Mish for the wake up call...

In other words, readers are supposed to take Yellen’s claims at face value, when the Fed’s policy of saving banks by goosing asset prices and convincing itself that ordinary people would benefit because the “wealth effect” would lead to more consumption. The result has been widening income and wealth disparity and corporate profits at record levels as a percent of GDP, meaning workers are getting less than they’ve ever gotten. Yellen as the head of one of the regional Federal Reserve Banks and member of the FOMC can’t escape from responsibility for these policies. And there’s no evidence of meaningful opposition; unlike some Federal Reserve presidents, like Charles Plosser and Dick Fisher, who have often taken issue with the Fed’s official position in their speeches, Yellen made little use of her bully pulpit at the San Francisco Fed.

Here is the link to the article. Fascinating reading...

http://www.nakedcapitalism.com/2014/07/yellen-tells-whoppers.html

That this grandmotherly appearing woman can be so disingenuous is hard to swallow. But as Bob Campbell often says, these people have never had a real job. They're clueless politicians.