Daily Reminder: March 5, 2012

Three years ago this week, during Federal Reserve Chairman Ben Bernanke’s testimony before the Senate Budget Committee, Vermont Sen. Bernie Sanders explained that he found it “unacceptable” that the Fed loaned trillions in taxpayer money without disclosing to whom the loans were made.

“My question to you,” asked Sanders, “is, will you tell the American people to whom you lent $2.2 trillion of their dollars?”

Bernanke refused, arguing sheepishly that disclosure would unnecessarily stigmatize lending institutions and dissuade them from borrowing from the Fed.

Sanders cut him off. “Isn’t that too bad,” he said, gesturing toward the Fed chairman. “They took the money but they don’t want to be public about the fact that they received it.”

Sanders, mind you, is a self-proclaimed, unapologetic socialist. Or, as Reuters described him, “an independent who usually votes with the Democrats.”


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