Forbes: Occupy Wall Street should target the Fed

What about republicans .Give them a check and send them to Alabama to never bother us again.

How can Senators and House members vote on EPA/environmental legislation when they own stock/investments in mining companies, oil companies, agribusiness companies, chemical companies, drug companies, genetic engineering companies, lumber companies, offshore drilling companies etc. Some U.S. congressmen are now worth hundreds of millions of dollars. Congressmen should have their pay and retirement increased and then be BANNED BY LAW from having any outside investments when they're in office, and when they're out of office. They should be like priests, but their church will be the U.S. people/general public/the poor and middle class.

Interesting. Some people put the blame of corruption more on wall street than Washington. Others vice-versa. Whose more guilty during a bribe? The person giving the bribe or the person recieving the bribe?

The federal reserve has never been audited and never will be.No accountability

Thomas Jefferson - "The 'central' bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered."

Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.

This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.

This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.

What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure.

Baby forbes is hardly a self made billionaire..he inheritied it all

As a result of the Great Depression, the Glass Steagall act was passed in 1933 to keep large banks from risky trading using our FDIC insured bank accounts. It worked fine for 66 years, but was repealed in 1999. It took 8 years after the repeal for this thing to come crashing down. Don't just listen to Fox, Rush or Forbes. Googel Glass Steagall, do your own research. Forbes daddy made a lot of money, if you paid attention to financial news you would know , him and his siblings are in financial trouble. But when your daddy was rich, somehow you still get the podium. Even though you can't make it yourself.

The banks made the meltdown. Bring back Glass-Steagall to prevent the next one.

Large banks are to blame with their risky business practices. Had anyone been professionally ethical within the system, the housing bubble would not have been created.

Did anyone in Congres ever find the 9+ Billion CASH that came up missing in Iraq in 2004 and did they ever account for the estimated, maybe more than 34 Billion that was wasted in Iraq and Afganistan since 2001? I believe that the Republicans were in full control of Congress from 2001 to 2006 maybe they can enlighted everybody what happened to all those billions.OH! and before anybody says that i am biased, the Democrats are guilty too.How come all this has been swept under the carpet? There was one hearing and that was it.Where are you Darell Issa how about it, the investigation.

"I agree it must be earned. The problem arises when there are tax breaks that allow corporations to pay no federal tax, subsidies to companies profiting billions each quarter, two billion dollar bailouts, all freebees to the true freeloaders paid for on the back of the working middle class taxpayer. Talk about redistributing wealth, that is what Congress has been doing for the wealthy for years. All freebees should stop, not just the ones for the working class."

OCCUPY CONGRESS! TERM LIMITS!

End the legal person definition of corporations, nationalize the FED, nationalize housing and wipe clean all mortgages owed to the parasites, eliminate tuition for all public education K through university, write off student loans with the stroke of a pen, and begin a massive public infrastructure project to put people to work. Forbes is just scared and trying to pass the buck to another head of the beast that needs slaying...

The fed wouldn't be printing money if taxes on high earners weren't cut during a period of two expensive wars, the passage of two expensive health plans, and a recession caused by the big banks along with the entire mortgage industry. The fed helped fuel the bubble by keeping interest rates too low too long, but Wall street is very much at fault as well. It was the derivatives market that the banks created, the ratings agencies that falsely gave them high ratings, and a congress that failed to regulate that helped cause implosion of our economy. Forbes is just passing the blame.

Pay your fair share, Mr. Forbes.

Between 1979 and 2007, the top 1 percent of Americans with the highest incomes have seen their incomes grow by an average of 275 percent, according to the non-partisan Congressional Budget Office. The 60 percent of Americans in the middle of the income scale saw their incomes increase by just 40 percent during the same time.

Dear Mr. Forbes,
We did not make trillion dollar mistakes! We didn't do debt equity swaps and we didn't create financial instruments which undermined the whole economy! We didn't create this mess... so why are we the ones who have to pay the bills? Why isn't anyone there to bail us out? We don't own a bank? Well shame on us!

The house buyer bought the home thinking it was going to be a 50% increase value in 5 to 10 years, the realitor loved their commision check, the bank made a 4 to 5% on money they borrowed from the fed at 1%, then sold them by the bushel to larger banks like Freddie and Fanny, Call it whatever you want, it's still greed from start to finish. with no consequences of what the outcome will be down the road. It was just make me rich today. And Corporate America is still there today. The CEO want a big bonus, the stock holder a great return, thinking if I get rich enough I can withstand anything. But they are shooting there costomer base in the foot. How many new tv's can you sell to a population that is 90% poor?

Said like a true billionare.