By Pam Martens and Russ Martens | 1 May 2019
WALL STREET ON PARADE — Could Bernanke, Paulson and Geithner have possibly picked a more self-serving title for their latest revisionist history of their secret $29 trillion bailout of the most insidiously corrupt industry in America? Their new book is titled Firefighting: The Financial Crisis and Its Lessons. Every municipal and volunteer firefighter in America should come together to file a class action lawsuit against the three for invoking an honorable profession in their dishonorable gambit to set Wall Street up for another obscene heads-we-win, tails-you-lose bailout.
What the shameless trio – former Fed Chair Ben Bernanke; former Treasury Secretary under G.W. Bush and Ex-CEO of Goldman Sachs Hank Paulson; and former New York Fed President and Treasury Secretary under Obama, Tim Geithner – are up to is to provide cover for the Wall Street lobbyists who are trying to bully Congress into repealing the sections of the Dodd-Frank financial reform legislation that prevent the Fed from throwing another $29 trillion at Wall Street in the next crisis while accepting toxic waste as collateral.
The public can’t be expected to remember the gritty details of the thousands of shills in service to Wall Street. So here’s a quick refresher course. Without any Congressional awareness or oversight, Bernanke, as head of the Fed during the crisis, authorized loans cumulatively totaling over $29 trillion to the most serially charged banks on Wall Street, as well as to foreign banks and hedge funds serving billionaires. Bernanke’s Fed fought the U.S. media in court for years to keep from making this information public. The gory details were only fully revealed when the Government Accountability Office (GAO) published its audit in July 2011 of just some of the Fed’s so-called “emergency lending” programs ($16 trillion) and the Levy Economics Institute added in the other secret programs to round out the tab to $29 trillion in December of that year. […]