On “The Daily Show” last night, John Oliver reported on what has to be one of the most interesting stories to come out of the financial crisis. I don’t want to ruin too much for you, but it involves a big bank, foreclosure and repo men. I think you will be surprised how this one turns out. (more…)
In pointing out the ongoing difficult with the economy, Federal Reserve Board Chairman Ben Bernanke stressed high unemployment and foreclosure rates. The foreclosure rate comment is particularly disturbing in that the Fed had made a point with its various emergency liquidity actions during the crisis that returning a flow of credit to American families and businesses was a priority.
While the Fed made sure the banks got theirs, there has been no sign of diligence from the Fed on the rest. Why didn’t someone ask Ben specifically what have you done to “restore the flow of credit to American families and businesses” or more specifically, why didn’t you make the largesse you offered the banking sector conditioned on restoring that flow of credit.
