80 U.S. Senators Just Showed You They Don't Care About Anyone But The Ultra-Rich
Jay Powell was confirmed as Fed Chair despite repeated personal trading & disclosure violations and disastrous policy failure on price stability
We’d like to take a few minutes, like Jay Powell did in a transparent PR stunt at his latest press conference, to address the American public. Occupy The Fed Movement has no outside funding. We have no hidden agenda. We don’t do this for fame or fortune. We do this for one reason and one reason only — unlike Powell and friends at the Federal Reserve, we give a damn about our fellow Americans, who are being destroyed by a rigged system. We are dismayed by how brazenly reckless and corrupt the supposedly “independent” public-private Federal Reserve System is — and how our elected politicians encourage it. And we’re willing to speak truth to power.
The Fed is bankrupting our country solely for the benefit of Wall Street and the 1%. They have intentionally driven wealth inequality to unfathomable levels. They seem hell-bent on making America into some neo-feudal serfdom in which the middle and working class own nothing, and yet shoulder the entire burden of working for peanuts and servicing the ultra-rich who get to live off stock returns and rental streams forever backstopped by American tax dollars (like $48 trillion in repo bailouts).
Earlier this year, we got fed up and decided to do something. We want to help expose the whole story that corporate media, which is more than ever owned and controlled by Wall Street, refuses to tell America. There are already some great outlets doing this important work like Walll Street on Parade, but they’re vastly outnumbered. And we need more decent Americans to join the movement and speak up before it’s too late.
We focus a great deal attention on Fed Chair Powell, and for good reason. No matter how much he seems to be a Wall Street puppet in the pocket of people like BlackRock CEO Larry Fink, he still wields a great deal of power himself as head of the Fed. But for too many years, corporate media has given him a total pass to enrich himself and his cronies on Wall Street without question.
Take, for example, the Wall Street Journal’s Nick Timiraos who just released a sycophantic book called “Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster.” We’re supposed to trust this guy’s coverage of Powell is unbiased after that?!
His colleague, Michael Derby, had the journalistic courage and integrity to break the Fed insider trading scandal open in September 2021. But sadly, to date, Derby received no accolades or book deals for his groundbreaking investigative work. And, for some reason, he and practically every other major financial journalist always stop short (or are ordered to stop short?) of actually criticizing or covering Powell’s own trading and disclosure violations or Powell’s reckless and disastrous monetary policy. We’ve contacted many a journalist about it, but they simply refuse to touch JPow.
This is an incredibly disturbing state of affairs for the American press. By refusing to cover Powell’s transgressions both personally and on a policy front, the media is complicit and encourages the Fed to continue its malfeasance. By keeping the American public in the dark, the media also allow our elected U.S. Senators to act as if reinstalling Jay Powell as Fed Chair is somehow appropriate when it’s far from it.
But there’s little question our Senators know or *should* know exactly what Jay is doing. There’s no question that Powell oversaw a widespread insider trading scandal at the Fed, even if there are Senators somehow blissfully unaware of Powell’s repeated personal trading and disclosure violations. There is no question that Powell’s Fed caused inflation to run out of control with CPI at more than 400% of the Fed’s supposed target. A Fed Chair who has allowed either of these things to happen on his watch should never be granted a second term, period, end of story.
Neil Irwin @Neil_IrwinHuh. Sen. Ossoff a "no" on Powell.
So why did 80 Senators vote to confirm Jay again this week? Well, no reporters asked the ones who voted for Powell. We can only assume it’s a combination of special and personal interests. Is it a coincidence that our Senators day-trade stocks like fiends (https://unusualwhales.com/i_am_the_senate) while Jay Powell literally holds more than a dozen inappropriate, off-the-record 1-on1- meetings with them every month (https://www.federalreserve.gov/foia/chairman-powell-calendar.htm)? Is it a coincidence that Senators supporting Powell overwhelmingly seek campaign contributions from and over-index for being part of the 1% richest in America?
We encourage every reader to look up their own Senators and see how they voted: https://www.senate.gov/legislative/LIS/roll_call_votes/vote1172/vote_117_2_00176.htm.
If your Senator(s) voted for Powell, then vote and campaign against them in the next election! It doesn’t matter if they’re Democrat or Republican, this issue is far bigger than red versus blue. Some key battleground races coming up in November are below:
We did everything we could to expose Powell for what he is before the vote. We came up short. But we aren’t done. Far from it. We’ll regroup and try even harder to educate the American people. That’s the key to everything. Far too few Americans know the truth about the Fed. If they did, they wouldn’t stand for it. So it’s time to wake everyone up. If you do one thing after reading this, tell all your followers, friends and families to watch this clip:
Golden Coast (Cassandra) @GregCrennan@OccupytheFeds @BP_Rising 13k views https://t.co/RePqmzChF5
As our Founders understood: "The people are the only legitimate fountain of power." We can’t continue to cede it to corrupt officials and politicians who don’t represent us. It’s not too late to save this great country if we all work together and do our part.