Ellen: Good evening, it’s great to get to talk to a body of students on bridging loans. Of course I want to talk about public banking and loans systems and why we need them, but first before I get to my PowerPoint, I just wanted to say I actually had to do an interview with FOX News this morning.
It was four minutes but it was on the possibility of a student debt jubilee as well as bridging loans. And of course they are totally opposed. So what I was arguing was that it’s quite possible and feasible.
The Federal Reserve, only the Federal Reserve can do it because that’s the only body that has the power to just create money with accounting entries, it won’t cost the tax payers a penny. Quantitative Easing One involved $1.3 trillion of toxic mortgage back securities that were bought off of the books of the banks, Wall Street Banks of course.