Econ Problems & Issues – Week 8/ Discussion 1
“Money and the Financial System”
—— Please respond to the following: ——
4 short but fascinating videos on President Andrew Jackson, as well as various U.S. founding fathers, on fearing the actions and corruptions of big bankers!!! Sound familiar to today!!
1) President Andrew Jackson and Big Banks–sounds like today!!!) –(from History Channel)- http://www.youtube.com/watch?v=Knf8KA5aAjw&feature=related
2) (Also Thomas Jefferson) — http://www.youtube.com/watch?v=3cnItVN1Gk0 and
4) ( from HBO film mini series on President John Adams– (Watch at the dinner table–George Washington, Thomas Jefferson- who had just returned from Paris, Alexander Hamilton, our first Secretary of the Treasury, and John Adams) http://www.youtube.com/watch?v=UrxKOO0nKwc
Cartoon video 5 million hits on You Tube This You Tube Cartoon video has had over 5 million hits!!!! Fortune magazine even had an entire article on it–where they discussed people were learning economics by cartoon. Quantitative Easing (“printing money” of Treasury/Fed)
“How Fed Works” cartoon video http://www.youtube.com/watch?v=Oe0fGXzKb1o&feature=related
Robert Reich Facebook post Nov. 23. 2014
1 hr ·
On Friday, William C. Dudley, president of the New York Fed, told Senators his examiners were “not like a cop on the beat” but “more like a fire warden.” But the NY Fed is supposed to ensure Wall Street banks obey the law, not put out fires after they break it. The Senators focused their ire on the revolving door between the NY Fed and the banks (a former examiner now with Goldman Sachs recently got confidential information from a former Fed colleague about a pending investigation, for example). But the bigger problem is presidents of the NY Fed, like Dudley, aren’t chosen by Congress or even by the Federal Reserve Board in Washington. They’re chosen by the 9 directors of the NY Fed, six of whom are elected by the banks they’re supposed to oversee. It’s bad enough when foxes are in charge of chicken coops, worse when they’re in charge of foxes.
Wall Street is once again out of control, the biggest banks are bigger than ever, and their campaign contributions are preventing any fundamental reform (the Dodd-Frank act has been watered down to cold soup). We must resurrect Glass-Steagall and break up the big banks. But how do we get this done?
***This is a DISCUSSION not a paper. Please NO plagiarism. ***
The corruption of big bankers started a while ago as noted by the founding fathers. In the videos, President Andrew Jackson shut down the second bank of the U. S in 1833 fearing instances of massive corruption. He used his executive power to remove all the federal funds from the bank and called on investigations…………..