The Real Fed News

Monetary Policy: The renomination of Fed chief Ben Bernanke to a second term came as no big surprise. The same can't be said for the naming of a union activist as head of the New York Federal Reserve.

Understand, this is a time of great financial peril. That's the main reason why Bernanke was renominated. The idea of changing Fed leaders in the middle of a financial crisis was too much.

Bernanke has printed close to $2 trillion in new money to help refloat the economy. President Obama is no doubt happy — if for no other reason than it will let the White House claim its $787 billion "stimulus" is the real reason the economy's starting to grow again.

But the naming of Hughes as the top banker at the New York Fed is the real news. And it's quite astounding.

He has no significant finance experience. Nor does his educational background — "Brother Hughes," as the AFL-CIO's Web site calls him, has a B.S. degree from the Harry Van Arsdale School of Labor Studies at Empire State College — reassure us.

Of greater concern is his career as a bought-and-paid-for union official and political operative. The New York Fed chairmanship is hardly a place for a person whose entire career has been spent fighting and strong-arming the very people he'll now be regulating.

Un-F’ing-beleavable!

Empire State College ... union shill ... quid-pro-quo at its worse.

There truly is no longer any doubt that Yobama wants to take down the capitalist system in this country.

Add this to the ridiculous appointment of “...former United Steelworkers adviser Ron Bloom from head of the auto task force to “industrial policy czar.”” And you can easily connect the dots to this madman's ultimate agenda.

Has there been any “criticism” or “condemnation” from Yobama’s political opponents yet? From the banking industry? **crickets**

...that’s where union boss Fred Kinnan comes in.

“All I’ve got to say is that you’d better staff that Unification Board with my men,” he said. “…Or I’ll blast your Point One to hell.”

(Point One states that nobody can quit).

“I intend, of course, to have a representative of labor on that board,” said Mouch dryly…”

“No cross-sections,” said Fred Kinnan evenly. “Just representatives of labor. Period.”

“But that will give you a stranglehold on every business in the country!” [objects Orren Boyle]

“What do you think I’m after?”

“That’s unfair!” yelled Boyle. “I won’t stand for it! You have no right!”

“Right?” said Kinnan innocently. “Are we talking about rights?”

“But, I mean, after all, there are certain fundamental property rights which – “

“Listen, pal, you want Point Three, don’t you?”

(Point Three deals with the government expropriating all patents and copyrights).

“…Then you’d better keep your trap shut about property rights from now on.”

Kinnan is forcing the gaggle of self-deluders to face what they really are doing. He certainly knows what he is doing.

“...Only I’m not going to say that I’m working for the welfare of my public, because I know I’m not. I know that I’m delivering the poor bastards into slavery…and they know it, too. But they know that I’ll have to throw them a crumb once in a while if I want to keep my racket, while with the rest of you they wouldn’t have a chance in hell…I’m a racketeer – but I know it and my boys know it, and they know that I’ll pay off. Not out of the kindness of my heart, either, and not a cent more than I can get away with, but at least they can count on that much. Sure, it makes me sick sometimes, but it’s not me who’s built this kind of world – YOU did – so I’m playing the game as you’ve set it up and I’m going to play it for as long as it lasts – which isn’t going to be long for any of us!”

From Alas Shrugged, "Miracle Metal".

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