The readers here may, but Joe Six Pack certainly does not- and I would suspect that may here do not appreciate that the very Too-Big-to-Fail Banks are the actual owners of the Fed and therefore hold all of us hostage to bailing them out if their own bets go wrong. This is exactly what Andrew Jackson charged when he refused to sign the bi…
The readers here may, but Joe Six Pack certainly does not- and I would suspect that may here do not appreciate that the very Too-Big-to-Fail Banks are the actual owners of the Fed and therefore hold all of us hostage to bailing them out if their own bets go wrong. This is exactly what Andrew Jackson charged when he refused to sign the bill to re-charter the BUS. He said:“Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!"
The readers here may, but Joe Six Pack certainly does not- and I would suspect that may here do not appreciate that the very Too-Big-to-Fail Banks are the actual owners of the Fed and therefore hold all of us hostage to bailing them out if their own bets go wrong. This is exactly what Andrew Jackson charged when he refused to sign the bill to re-charter the BUS. He said:“Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin!"