By Pam Martens: July 2, 2012
We’ve received some snarky comments about our article at AlterNet today (and here) on the factually challenged reporting at the New York Times, suggesting anyone who wants to restore the Glass-Steagall Act is a raging socialist. (Interestingly, the attackers are silent on the boatload of misreported “facts” in the New York Times.)
Yes, those wild-eyed socialists at the Dallas Federal Reserve and Thomas Hoenig, FDIC director and recent director of the Kansas City Federal Reserve and John Reed, former CEO of Citibank, don’t know what they’re talking about either when they say the big banks must be broken up.
I recall a veteran activist telling me once, you can gauge the strength of the challenge by the degree of the backlash.