A Furious Ralph Nader Calls Out The Fed As “Tribune To Plutocratic, Crony Capitalism”; Janet Yellen Responds

On October 30, a very angry Ralph Nader wrote Janet Yellen an open letter on behalf of “Savers of America”, asking her to imagine “what we, the savers, have to endure because of plutocratic, crony capitalism for which the Federal Reserve has long been a leading Tribune.”

In the letter, reproduced below, Nader Bashesthe “tediously over-dramatic indecision as to when interest rates will be raised“; demands that the Fed not “lecture us about the Fed not being “political.” When you are the captives of the financial industry, led by the too-big-to-fail banks, you are generically “political.” So political in fact that you have brazenly interpreted your legal authority as to become the de facto regulator of our economy, the de facto printer of money on a huge scale (“quantitative easing” is the euphemism for artificially boosting the stock market) and the leader of the Washington bailout machine crony capitalism when big business, especially a shaky Wall Street firm, indulges in manipulative, avaricious, speculative binges with our money“, and in short wants to know when the Fed will put the interests of Main Street over those of Wall Street, and stop crushing the savers of America.

His Ralph Nader wrote Janet Yellen an open letter