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Isn’t The Federal Reserve As Much To Blame For The Financial Crises As Wall Street?

For instance wasn’t Turbo Timmy Geithner (current Treasury Secretary) the head of the NY Federal Reserve while all these „risky” investments were taking place??http://www.huffingtonpost.com/2009/12/12?
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are „fighting tooth and nail with their lobbyists” against new government controls.
In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the „irresponsibility” of Wall Street institutions that „gambled on risky loans and complex financial products” in pursuit of short-term profits and big bonuses with little regard for long-term consequences……………The president also told CBS’ „60 Minutes” that „the people on Wall Street still don’t get it. … They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year … in decades and you guys caused the problem,” Obama said in an excerpt released in advance of Sunday night’s broadcast of his interview.

Isn’t The Federal Reserve As Much To Blame For The Financial Crises As Wall Street?

For instance wasn’t Turbo Timmy Geithner (current Treasury Secretary) the head of the NY Federal Reserve while all these „risky” investments were taking place??http://www.huffingtonpost.com/2009/12/12?
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are „fighting tooth and nail with their lobbyists” against new government controls.
In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the „irresponsibility” of Wall Street institutions that „gambled on risky loans and complex financial products” in pursuit of short-term profits and big bonuses with little regard for long-term consequences……………The president also told CBS’ „60 Minutes” that „the people on Wall Street still don’t get it. … They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year … in decades and you guys caused the problem,” Obama said in an excerpt released in advance of Sunday night’s broadcast of his interview.

Isn’t The Federal Reserve As Much To Blame For The Financial Crises As Wall Street?

For instance wasn’t Turbo Timmy Geithner (current Treasury Secretary) the head of the NY Federal Reserve while all these „risky” investments were taking place??http://www.huffingtonpost.com/2009/12/12?
While applauding House passage Friday of overhaul legislation and urging quick Senate action, Obama expressed frustration with banks that were helped by a taxpayer bailout and now are „fighting tooth and nail with their lobbyists” against new government controls.
In his weekly radio and Internet address Saturday, Obama said the economy is only now beginning to recover from the „irresponsibility” of Wall Street institutions that „gambled on risky loans and complex financial products” in pursuit of short-term profits and big bonuses with little regard for long-term consequences……………The president also told CBS’ „60 Minutes” that „the people on Wall Street still don’t get it. … They’re still puzzled why it is that people are mad at the banks. Well, let’s see. You guys are drawing down $10, $20 million bonuses after America went through the worst economic year … in decades and you guys caused the problem,” Obama said in an excerpt released in advance of Sunday night’s broadcast of his interview.

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