Yes, James Freeman, We Do Know How Bad the Federal Reserve Is
By Pam Martens and Russ Martens
Posted October 25, 2018
Earlier this week, James Freeman, the Assistant Editor of The Wall Street Journal’s editorial page, wrote an opinion piece headlined as “We’ll Never Know How Bad the Federal Reserve Is.” Freeman is also a Fox News contributor so one might be prone to suspect there is that typical right-wing bias to bash the Fed.
Most people, even those paying close attention to the Fed’s bailouts of Wall Street, think that the big banks were fine until the 2008 crash. But the public will never really know because Wall Street got another secret bailout from the Fed after the terror attacks of September 11, 2001. (Read our previous report here.) There is the forgotten history that Wall Street was already heading for a crash before the planes struck on 9/11. In fact, on the day before 9/11, the Nasdaq stock market had lost 66 percent of its market value over the preceding months and had evaporated $4 trillion in wealth. The economy had contracted for two consecutive quarters and was facing another quarter of negative growth. More…