Today on the Glenn Beck radio program he and his team played audio from a recent Obama speech on immigration. I heard this on the way to work and feel compelled to have as many people as possible listen to it. In just a few sentences Obama manages to lie, make stuff up, impose morals and quote scripture. I thought all of that was bad, at least according to the left. It sure is hard to keep things straight under the rule of liberal hypocrisy.
This excerpt is from Glenn Beck’s Insider Extreme access, I highly recommend it. You get live video access to his three-hour radio program, plus a fourth hour of extra content, plus lots of other informative stuff. I’m not paid to say that, I just want to give credit where appropriate. I don’t think he will mind me sharing this short segment in an effort to get the word out about this excellent example Obama’s ridiculous stance on the border and the hypocrisy and double-standard of our liberal administration. If he asks me to take this down I will certainly do so.
Yesterday the Fed announced that it will be printing up to $900 billion in new money to buy bonds. Let’s ignore for a moment the fact that this equates to monetizing the debt, which Fed Chairman Ben Bernanke said under oath that he would not do.
Why do the actions of the Fed scare me, and why should they scare you? Because the Fed is led for the most part by people with no actual corporate experience, With the exception of three of the sevetneen Fed leaders, all of them entered the government work pool out of college and have no real corporate, job producing, paycheck writing experience.
The Fed board, with the exception of one member, has zero corporate experience, Elizabeth Duke held leadership roles at several banks prior to joining the Fed. Of the dozen current reserve bank presidents, only two have real experience in the private sector. Both of them are former military too, go figure. Here’s how it breaks down, all data below comes from federalreserve.gov. If something is missing, blame the Fed.
The Fed Board:
- Ben Bernanke – Has never had a real job, he has been in academia and the government his entire life.
- Janet Yellen – Ibid.
- Kevin Marsh – Before the fed he spent seven years at the Mergers/Acquisitions division of Morgan Stanly (95-02, a SWEET time to be there)
- Elizabeth Duke – Prior to Fed she was COO of Townbank, EVP at Wachovia and SouthTrust, CEO at Bank of Tidewater (VA).
- Daniel Tarullo – Lawyer, worked for the government straight out of law school. Never had a real job.
- Sarah Raskin – Ibid Another law student to government migration. No real work experience.
Reserve Bank Presidents:
- Boston – Eric Rosengren, joined the Fed out of college in 1985.
- New York – Wiliam Dudley, 20 years at Goldman Sachs prior to joining Fed in 2009.
- Philadelphia – Charles Plosser, pure academia, Joined Fed in 2006, prior served as board advisor or consultant to Chase among others.
- Cleveland – Sandra Pianalto, joined the Fed out of college in 1983
- Richmond – Jeffrey Lacker, academia only prior to joining the Fed in 2004.
- Atlanta – Dennis Lockhart, Marine from ’68-74, worked Citi from ’71-88, worked all over the world, Heller Financial from ’88-01, equity firm ’01-03, academia, then Fed in 2007.
- Chicago – Charles Evans, pure academia prior to joining Fed in 2007.
- St. Louis – James Bullard, pure academia prior to joining Fed in 2008.
- Minneapolis – Narayana Kocherlakota, pure academa prior to joining Fed in 2009.
- Kansas City – Thomas Hoenig, joined the fed out of college in 1973.
- Dallas – Richard Fisher, started in private sector, worked as asst. to Carter’s Secretary of the Treasury, went back to private sector. Joined Fed in 2005.
- San Francisco – John Moore, joined last month, filling the seat until replacement is found. Joined Fed out of college in 1980.
Does the list above give you any confidence that the Fed is leading America in the right direction? They are academics playing with a big monetary toy. I personally don’t like this game, the stakes are far too high for me. Take a look at the video below and tell me where you think Glenn Beck has it wrong.
