By Cliff Montgomery – Dec. 4th, 2009
The American Spark normally does not openly condone the actions of a particular social organization. But wefeel the group A New Way Forward–which works to dismantle the near-monopolies currently controllingAmerica’s banking and financial industries–may be on to something.
A New Way Forward works to “change the American financial industry from one that skirts and dictates laws toreap profits for the few…into one that takes its proper place as a facilitator of general prosperity,” according toits mission statement.
The group yesterday released a public statement against giving Ben Bernanke another four years as chief ofthe U.S. Federal Reserve.
Ben Bernanke “was sworn in on February 1, 2006, as Chairman and [as] a member of the Board of Governorsof the Federal Reserve System,” states his official biography, found at the Federal Reserve’s website.
Bernanke “was appointed as a member of the Board to a full 14-year term, which expires January 31, 2020,and to a four-year term as [Federal Reserve] Chairman, which expires January 31, 2010,” adds the bio.
The American Spark offers its readers a re-print of A New Way Forward’s statement on Bernanke, below:
“Can you honestly stand to live in a country where giving Ben Bernanke another four years [as] the FederalReserve [chairman] is supported by our President and most in Congress? Honestly, after this crisis and thebailout he engineered… Where is our system of accountability and democratic values?
“Our political system is supposed to represent the public, not the top 15 largest banks. Dear Congress andObama: We’re fed up – do not confirm Bernanke!
“For the past four years, Bernanke has been the leading bank regulator in our country. He [initially] turned hisback on the problems in big finance – and then when it all crashed his only idea was to give as much freetaxpayer money to the big banks as he could. He has utterly failed. Why is President Obama and Congresstrying to push Bernanke to a new term?
“Our economy and [our] politics are distorted by the big banking elite – the marketplace and our political systemare not democratic and not fair.
“With the help of the cronies on Wall St. and in Congress, the biggest banks dominate the market with themost exploitative credit card rates in civilized history, our country is trillions of dollars in debt, and ourgovernment has given hundreds of billions of free taxpayer dollars to the biggest banks. Nothing [substantial]has been done to stop foreclosures and unemployment. NOTHING.
“Can you please help tell others in your neighborhood about what Congress, Obama, and the Fed are doing?Everyone needs to know, if we want to restore political and economic power [to] the public. Help those in yourneighborhood now or share on the Internet.”
