What is going on at the Fed? Is the Federal Reserve truly independent or has it been taken over by Trump with the ‘experts’? Richard Wolff joins the Thom Hartmann Program to discuss the Federal Reserve and US Treasury taking equity in corporations in trouble.
RICHARD WOLFF: I think what you're seeing is throwing away the veneer, it wasn't very thick to begin with, the veneer that the Federal Reserve is either independent of the rest of the government, or independent of the big banks it does most of its business with.
Other governments have thought it was necessary, as you say, to have professors of economics like Ben Bernanke or Janet Yellen, in that position. They don't bother with the veneer anymore. It's a bit of a hallmark of Mr. Trump.
You put the fox in to guard the henhouse...