Federal Reserve Board’s Mission
Pension plans are $1.3 trillion short of money because government failed to prevent the bubble economy, failed to protect dividend income, stimulated the housing bubble with zero cost money, and allowed companies to use fictitious stock prices instead of putting real money away to pay future pensions.
The Fed fights price inflation aggressively to protect the wealthy, but denies responsibility for asset inflation in stocks or real estate that hurts ordinary people. The Fed pumps borrowed money into speculation, not job growth; deregulates finance but bails out bankers after dumb loans; and stands by while companies walk away from pension obligations!
This Fed must change its mission from protecting Wall Street to helping Main Street. The present mission is destroying the savings of the same people whose taxes will have to pay future pensions. Democratic action must challenge the Fed to use available tools of taxes, bank reserves, and stock margin limits to control currency and credit for the general welfare.