Merkeley Calls For "Urgency And Creativity" In Bolstering The Economy
To yesterday's revelation about the details of the multi-billion dollar payday that financial companies got courtesy of secret Federal Reserve lending at the height of the crisis. "These extraordinary actions of the Fed may have been necessary, as many have argued, to prevent a larger financial collapse" he writes, "but our economy still went into a freefall, and the resulting pain has been heavily brone by middle class homeowners. We have still not summoned the same measure of urgency and creativity to help those working families who were hurt by the financial crisis caused by the big banks."Yesterday, Bloomberg Markets Magazine reported that the Federal Reserve provided major financial institutions with $7.77 trillion dollars in loans or guarantees as of March 2009 as part of the ultimately successful effort to save our financial system and economy from ruin. Because these loans and guarantees were offered at special below-market rates, these institutions garnered an estimated $13 billion in profit. As Bloomberg noted, “The Fed says it typically makes emergency loans more expensive than those available in the marketplace" but "during the crisis, Fed loans were among the cheapest around, with funding available for as low as 0.01 percent in December 2008."
These extraordinary actions of the Fed may have been necessary, as many have argued, to prevent a larger financial collapse. But our economy still went into a freefall, and the resulting pain has been heavily borne by middle class homeowners. We have still not summoned the same measure of urgency and creativity to help those working families who were hurt by the financial crisis caused by the big banks.
Mr. President, we should heed the wise counsel of Franklin Roosevelt, who knew something about confronting massive economic challenges: “The country needs…bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something.” Large banks are again paying out record salaries and bonuses thanks in no small part to extraordinary interventions by Congress, your administration and that of your predecessor, and the Fed. Let us gather the same vigor and determination for working families trying to stay in their homes.
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Senator Jeff Merkely (D-Oregon) is out today with a letter that I think encapsulates the correct response to yesterday's revelation about the details of the multi-billion dollar payday that financial companies got courtesy of secret
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