Federal Reserve Can’t Find Wrongful Foreclosures After Months of Looking For Them

Posted on March 11, 2011


This little bon mot is relevant to our discussions because of the reality it demonstrates. Not that anyone at the Federal Reserve is stupid, far from it. Not that they are corrupt, or that they participate in some giant conspiracy, either.

The Federal Reserve is part of the banking crowd, and they see the world from that perspective. The brightest and most educated minds in the scientific community in the Nineteenth Century, upon accepting the idea of natural selection, were upset that human genes were being reproduced randomly. Of course they weren’t. The women were selecting whose genes got reproduced. But the male scientists were so wrapped up in their own beliefs that they couldn’t see that.

It’s the same with the Federal Reserve. The economists at the Federal Reserve couldn’t see past their own worldviews to find one case of wrongful foreclosure. of course, there’s nothing like a scathing article (thank you, Huffington Post) and a good old-fashioned leak to open one’s mind.

Since the report in question hasn’t been released yet, doubtless America’s best and brightest economists are right now rewriting their conclusions.

See article this commentary is based on at Huffington Post.