Business

Fed Chairman Bernanke Calls ‘Wealth Gap’ in America a ‘Real Concern’

“I think most Americans perceive today that the middle class is collapsing, poverty is increasing, real unemployment–as you know–is about 16 percent; 25 million people without jobs or underemployed,” said Sen. Bernie Sanders (I-Vt.) in a video from the The Associated Press.

“And yet at the same time we have growing inequality—income and wealth inequality in America,” he added.

“The top 1 percent earns more income than the bottom 50 percent. The wealthiest 400 people own more wealth than the bottom 150 million Americans,” he said. “And that gap is the greatest of any major country on earth.”

Apparently, Sen. Sanders has a grievance with Wall Street and the “top 1 percent” and he wants everyone to know it. Earlier today, his staff voiced his apparent support for the Occupy Wall Street protests with this tweet:

Fed Chairman Bernanke To Sen. Sanders (I Vt.): The Wealth Gap Is a Real ConcernAnd earlier than that, while on MSNBC and via twitter, Sanders expressed his distaste for the allegedly corrupt members of America’s financial epicenter:

Fed Chairman Bernanke To Sen. Sanders (I Vt.): The Wealth Gap Is a Real Concern

“Do you believe that this economy will recover so long as we continue to have this growing gap between the very, very rich and everybody else? Where some people have so much and so many people have so little? Are you concerned about that issue?” Sanders asked.

“I am concerned senator,” replied Bernanke rather sheepishly.

“I’ve spoken on this issue. It’s not a recent development, you know, it’s been happening since at least the late seventies that the inequality has been increasing and (at the top in particular) there’s been an increase in income. There’s a whole variety of reasons for it,” he said in response to Sanders original question(s).

“I don’t necessarily know that the short-term recovery of the economy is crucially tied to it although it would help to have broader base purchasing power throughout the economy,” Bernanke said in a fairly reasonable answer to Sanders sociopolitically-heavy queries. “But I certainly agree that it’s a real concern and that, you know, it’s something we should try to address to this society.”

The exchange between the Fed chairman and the Independent Senator from Vermont was notable in that Sanders has not been shy about publicly expressing his disapproval of Bernanke’s job performance.

“I absolutely will not vote for Mr. Bernanke,” the Vermont senator said back in 2009 on ABC’s “This Week.”

“He’s part of the problem. If he’s the smartest guy in the world, why didn’t he do anything to prevent us from sinking into this disaster that Wall Street caused and which he was a part of?” he said in a report by the Huffington Post

By the looks of it, Sanders’ opinion of Bernanke has changed very little since 2009.

Watch The Exchange Between Sanders and Bernanke:

Comments (79)

1 2
  • ILUVJESUS
    Posted on October 4, 2011 at 11:27pm

    Do my comments make it on here?

    Report Post » ILUVJESUS  
    • cemorela
      Posted on October 4, 2011 at 11:52pm

      Some days I wander the same thing.

      The truth is the poor are getting richer and the rich are getting richer. Who cares? I don’t! I want to be rich like Bill Gates. Does that make me evil? You want to put things into perspective? Punch in your yearly income at this link and see where you rank in the world. You might be in for a little shock. http://www.globalrichlist.com/

      Report Post » cemorela  
    • coindexter
      Posted on October 4, 2011 at 11:57pm

      wow…what a story!!! this will keep america talking for…seconds if not minutes. what a bunch of insignificant cr@p.

      Report Post »  
    • Whirling Dervish
      Posted on October 5, 2011 at 12:16am

      Look who is talking, print money out of thin air, give it to your buddies in 0 interest and bail outs, have them suck people dry loansharking, regulate the rest out of their livelihood and lecture the rest of the sheeple on income inequality.
      Now that is a classy sustainable business model….not.

      Report Post » Whirling Dervish  
    • Falsegods
      Posted on October 5, 2011 at 12:35am

      Herman Cain is Solutions, and he has a replacement for the Bernanke problem.
      2012–No more dopey hopey change, with no real solutions .

      Report Post »  
    • resme
      Posted on October 5, 2011 at 12:51am

      A replacement? End the fed. The fed has created the wealth gap. Cain has changed his view of the fed just to get votes, if he gets in there will be no real change. 1913 was when our country died.

      Report Post » resme  
    • mils
      Posted on October 5, 2011 at 1:02am

      in a word…NO, they don’t…:)

      Report Post »  
    • mad_hatter
      Posted on October 5, 2011 at 1:19am

      NEW FINDINGS… ‘Occupy Wall Street’ Protesters are not just Obama supporters now a lot of them are telling America to vote for … guess who… RON PAUL: http://www.americanparchment.com/video/2011/oct/ows_elect_paul.html

      Report Post »  
    • ChristWarrior
      Posted on October 5, 2011 at 1:31am

      Jesus love you too. Why does this matter? Because caring for the least of these is our social mandate by His word, and I hear people attacking any liberal, democrat or conservative who cares. The wealth gap is a product of Republican tax breaks to the wealthy, demolishing the minimum wage, unions, and every method God helped us create in this society to keep the money changers out of the temple of our government. Why do I hear so much spite to those who defend the poor (most on food stamps are children!) on this site?

      Report Post »  
    • chalkdust
      Posted on October 5, 2011 at 2:05am

      The repeal of the Glass Stegal act in 1999 brought sweeping deregulation to the financial sector in the US. Glass Stegal prevented financial institutions from engaging in risky behaviors that would jeopardize the public’s money. If you were a savings and loan bank you couldn’t be an investment bank or an insurance company or all of the above. Unnamed Insurance companies sold insurance policies on financial instruments to anyone that would buy them. They sold thousands of policies on any bundled instrument! Like selling 1000 policies on your car, you have an accident they have to pay all of the policies. And how many bundled instruments did they sell polices on? A lot! Let that sink in. Odds in Vegas are better.
      All this to say that the repeal of the Glass Stegal act did not “cause” the collapse of 2008 but it would have prevented most of it. Many of your favorite congressmen and Senators voted for this in 1999 and had bipartisan support. Ironically, Bernie Sanders and Barney Frank voted against. What congress said to Wall Street that day in a de-facto manner was, do what you like, the US tax payer will back you up and dealt a blow to the free market system. It was not criminal, by all accounts, everyone thought it would mean prosperous times and it was for a little while. Instead it was a colossal mistake with profound consequences. Lets be careful about abolishing the Fed, it would put congress in control of the money supply. Look at their track record.

      Report Post » chalkdust  
    • DanWesson455
      Posted on October 5, 2011 at 9:04am

      So Ben, when are you going to give up that lucrative 6 figure salary for the benefit of us “middle class” folks?

      Report Post » DanWesson455  
    • Shiroi Raion
      Posted on October 5, 2011 at 9:05am

      I‘m about as poor as an American can get and I don’t care about the wealth gap. Some kids are lucky and are born with a silver spoon and I don‘t have any grudge against them for it as long as they don’t mock me for struggling for trying to gain what came easily to them. That behavior just shows how ignorant and snobby they are… and they’re usually Liberals that behave that way though not always.
      If you saw Glenn talk about America’s poverty in comparison to other countries yesterday, I only have a TV and an old VCR. I don’t have any of the other things on that list he showed. So, I’m truly poor, but I refuse to take a government handout and I believe in Capitalism. I believe that the difficulty I have in finding work is because of the government’s meddling.
      I can’t afford a college degree, but I bet I’d be a fantastic math teacher. I‘ve corrected engineers’ and teachers’ math errors and had the highest score in every math class I ever took; including Calculus-based statistics, all the calculus classes, numerical methods, and linear algebra. If you know how to find square roots without a calculator, I even taught an engineer why that works.
      I remember when the newspaper had a good 10-12 pages of “help wanted” ads in a much smaller city than I live in now. Now, I see usually a pathetic 2 and a half pages. I blame the loss of jobs over the decades on Progressives’ laws, regulations, and reckless spending – not the rich, the banks and the businesses

      Report Post » Shiroi Raion  
    • Applehead
      Posted on October 5, 2011 at 7:08pm

      Bernanke is a Marxist!!!

      Report Post »  
  • commonsenseguy
    Posted on October 4, 2011 at 10:56pm

    he says has distaste for the alleged corrupt members of americas financial epicenter. well, sir you are one of them,you and the other corrupt members of our government have been stealing from the taxpayers for years, yes,benanke and obama along with the other anti america,anti capitalist,anti constitution communist are destroying this country for a socialist { communist } ideology. so when yo support the idiots on wall street,you are encouraging them to continue with the destruction of america through whatever means possible, so the next time you want to blame someone,start with yourself,you are innocent,you have helped and you are now standing with communist and anarchist,who are hell bent on destruction ,so when all hell breaks lose, don’t run and hide,stand out there and take what comes along with the rest of us,and one more thing,you will be begging for conservatives and the tea party ,because you know that we are not violent,just patriots who love this country and their freedoms, you know it now,but you have sold yourself to the devil { big business,unions and socialist groups,anarchist and communist } so stand up and be a man and take the blame and take your punishment,before we all lose what is important to all of us,THE GREATEST COUNTRY ON EARTH “”“ AMERICA ””"”"

    Report Post »  
    • ILUVJESUS
      Posted on October 4, 2011 at 11:25pm

      Spending trillions has has helped them dismantle America. Now, they have a spending bill which they are calling a jobs bill for the idiots out there. Next, they are going after every penny they can get from taxing you. They will begin with those who gave the most. They motivate the ignorant masses through class warfare.
      Then, they’ll be coming for the rest of you (yes baby, you)!
      Youll be beggingthe gov to take care of you. They will live a they ar now, like Gods, and you will e their slave. Get ready kids!

      Report Post » ILUVJESUS  
    • Hobbs57
      Posted on October 4, 2011 at 11:29pm

      Absolutely Right ! It seems the more and more our politicians and government interfere and regulate the markets, the gap only increases. All these idiots who claim this is a reason to say capitalism and free-markets failed, fail to reflect on the reality that the only reason this huge disproportion of wealth is because of ALL of these greedy ****** in control. It’s one thing when a citizen becomes super wealthy through hard work and determination, but it is a whole other story when people become wealthier raking and fleecing the people of this country because of regulation and back door crony capitalism. The Federal reserve has fleeced this nations wealth at least 6 times. 1877, the international bankers fleeced the land of the homestead, forcing the markets to fall, with drawling the money supply and repossessing millions of acres of land that people had died setting up and establishing. Forcing these people to foreclose or sell off their land because of the bankers. Same thing happened during the great depression and again with this housing bubble. The Federal Reserve or International bankers have over and over again raked the wealth from the people of this great land and I had enough. It is not theirs to be had. It is the constant fear mongering of society that constantly leads to our people to be set up to be whacked by these people. Then they play savior on the other side of the fence. Evil Greedy ******

      Report Post » Hobbs57  
  • scola91660
    Posted on October 4, 2011 at 10:54pm

    The next president must can Bernanke. This moron is not their to make social (socialist) policy.

    Report Post »  
    • commonsenseguy
      Posted on October 4, 2011 at 11:05pm

      sanders calls him the smartest man in the world, wow, i am not so sure about that, with all he and obama and the other cronies have done ,it really make one wonder if they really did get an eduction,or a ideology on the destruction of america. the smartest man in the world, now that is funny and scary at the same time.

      Report Post »  
  • Slayer
    Posted on October 4, 2011 at 10:53pm

    Mr. ‘worried about the gap between rich and poor’ Bernanke has no intention of parting with his millions for the common good, does he? Then he needs to STFU.

    Report Post » Slayer  
  • scola91660
    Posted on October 4, 2011 at 10:53pm

    I am sick of these people.

    Report Post »  
  • BetterDays
    Posted on October 4, 2011 at 10:48pm

    Bernanke also came out in support of the Wall Street maroons,.
    Ok, so I know Bernanke is a Globalist visa vie the Council On Foregin Relations and the FED, the Globalists use socialism as a tool to enslave, literally to enslave us. The European Union was first proposed, then implimented in Germany in 1942, ok that follows socialism=Fascism. Obama is also a CFR member, but only Micheles name shows up now, but that’s common for the sitting president ( there’s been more than one!). The Wall Street protester are supported by Moveon, Tides, Ford Foundation, all little Soros the socialist agendas. They are also supported by SEIU, AFL/CIO more thugs of ill intent, socialist. Gee, I’m seeing a pattern, like Glenn said last year.
    Oh I wonder what these socialist want, it wouldn’t be to over through a nation would it?

    Report Post »  
    • The10thAmendment
      Posted on October 4, 2011 at 10:50pm

      I‘d love to rip bernake’s head off and crap down his neck. I’m sick of communists. Sick of them.

      Report Post » The10thAmendment  
  • chicago76
    Posted on October 4, 2011 at 10:42pm

    The Feds total purpose is to steal wealth. by the use of the power of the printing press, from the middle class and redistribute it to the wealthy and to a lesser extent the poor. Ultimately, the poor will be made destitute. It is what happens in third world countries where printing money destroys economies, and puts all the wealth of the country in control of a totalitarian group. It is happening in Greece now. The EU is trying to take control of the wealth of their country.

    Report Post »  
    • The10thAmendment
      Posted on October 4, 2011 at 10:55pm

      Basically that’s right.

      America M U S T return to the gold standard and money abolished F O R E V E R!

      Report Post » The10thAmendment  
    • cromag11b
      Posted on October 5, 2011 at 10:46am

      And how do we dial the population back to a size that can deal with a gold standard? Or where do we get the amounts needed to support it?
      And articles like the above would be much clearer under the gold standard as most Americans would have none.

      Report Post » cromag11b  
  • asybot12
    Posted on October 4, 2011 at 10:39pm

    And how many MILLIONS do these two liars have in the bank??? probably none, it is all real estate or gold!! Wake up the West you are being plowed under!! These guys are so adept at lying it is surreal!!

    Report Post »  
    • chicago76
      Posted on October 4, 2011 at 10:46pm

      Exactly, they are printing money and using it to buy hard assets. They are stealing everything like rats leaving a sinking ship. They know the countries going down, and they are going to print and spend as much as they can and get as much power and wealth as they can before it goes down. These guys are evil traitors.

      Report Post »  
    • commonsenseguy
      Posted on October 4, 2011 at 11:01pm

      and the stupid keep on believing that bernanke and sanders are really trying to save this country and really trying to stop corruption in the financial system, but they are the problem they are the rich,they are the reason this country is going down the hill,like a snow ball heading for hell, but they continue to support them and believe every lie,what a bunch of useful idiots.

      Report Post »  
  • chicago76
    Posted on October 4, 2011 at 10:27pm

    Bernanke is so stupid, how did anyone with such a low IQ get his position. Printing money causes wealth redistribution to the wealthy, those who have power to receive the printed money. I know he knows that, he has to. So what is he looking for some form of revolution or is he looking for more money giveaways, now for everyone. Like I’ve said it before. He should just start printing and make everyone a millionaire. Then everyone will be poor, even the millionaires.

    Report Post »  
  • Duck and cover
    Posted on October 4, 2011 at 10:16pm

    Hey Bernanke I just got a great idea, lets print more money. Either you are criminally stupid or, more likely, just a criminal, AKA Traitor. And I don’t quote dick perry, I can’t stand that cookie cutter globalist/progressive ass.

    Report Post » Duck and cover  
  • MrMagoo
    Posted on October 4, 2011 at 10:16pm

    The whole Federal Reserve,Sanders and many,many others would all be behind bars for treason in a just USA.Talk about construction and law enforcement jobs.Prisons.

    Report Post » MrMagoo  
  • amanfrafo
    Posted on October 4, 2011 at 10:11pm

    If Americans can’t make it, Americans don’t need it! Buy American and start criticizing the corporate traitors who bring plasticrap from overseas.

    Vote O’Bama! Vote ALL criminal illegal aliens!

    Report Post »  
    • amanfrafo
      Posted on October 4, 2011 at 10:16pm

      Let Americans make the plasticrap you buy at Wal-Mart. We used to have productive work. Now what? Part-time cashier work bagging up Chinese garbage?

      Vote O’Bama! Vote ALL criminal illegal aliens!

      Report Post »  
  • swdavis1682
    Posted on October 4, 2011 at 10:11pm

    OMG! This idiot is supposed to be a professional?!

    Report Post » swdavis1682  
  • A Conservatarian
    Posted on October 4, 2011 at 10:08pm

    The fed engineers inflation, they dont keep it in check. They print the money: they control the inflation. They set the fractional reserve requirements: they control the inflation. Agreed, they’re phukkkkkked up.

    Report Post » A Conservatarian  
  • Chuckkel
    Posted on October 4, 2011 at 10:07pm

    The gap between the rich and poor will continue to increase forever.
    In a 1,000 years, when the average person earns $1 million per day, those who choose not to work will earn nothing. Poverty is the reward you receive when you fail to work and succeed in society. Don’t blame me, blame yourself for your failures. My family comes first and gets the fruit of my labor. I’ll help those in true need, but not the lazy bums or those who think I must give them something.

    Report Post »  
  • NewContinentalArmy
    Posted on October 4, 2011 at 10:06pm

    The Wall Street protesters are demanding a Star Trek style of government, free everything, a Utopian society where everyone is equal. Just read their list of demands, they are unbelievable.

    http://www.conservativedrypowder.blogspot.com

    Report Post » NewContinentalArmy  
    • A Conservatarian
      Posted on October 4, 2011 at 10:11pm

      What they want is a resource based economy, not a monetary-fiscal based economy. I can’t stand Marx, I’ve read Capital and if you look at the tenants of a resource based economy the first step of that economy is that it does NOT look at every individual as an economic unit (which is what the FED and Soc/Commie governments like ours consider every citizen) ;;)

      Report Post » A Conservatarian  
  • smackdown33
    Posted on October 4, 2011 at 10:00pm

    Ben Bernanke works for an organization that has two loyalties. The Fed has a loyalty to the American people and a loyalty to the world’s other central banks. For the last 50 years the Fed has sacrificed America’s interests for those of the other international central banks.
    End our involvement in the Fed. It is leading to our demise for the benefit of a very few, well placed, individuals.

    Report Post »  
  • Lotus503
    Posted on October 4, 2011 at 9:58pm

    Yeah…so why doesn‘t the our government and Federal Reserve allow us to keep our own money rather than taking it away and ’redistributing’ it to people that do not and have never contributed productively to our society?

    Creeps!

    Report Post »  
    • A Conservatarian
      Posted on October 4, 2011 at 10:06pm

      Their aim as a private institution is to always seek profit, nothing wrong with that… except they‘re doing the government’s job and the government should never seek to profit off the american people for its own gain. A friend of mine asked why they were so bad, I put it this way to her: If you could make your own credit card, you wouldn’t charge yourself interest… then why in the WORLD (if you could make your own credit card) would you go to a private company to get a credit card and pay them interest. Last, a fun fact about the Income Tax – a Reagan commission found that all the money from the Fed Income Tax is paid directly to the fed to pay for the interest of printing our debt. I call it printing debt as what they print is NOT MONEY. Wake the F(_)CI< up everyone. It's the swindle of the ages being perpetrated on our ignorant populous.

      Report Post » A Conservatarian  
  • grickm
    Posted on October 4, 2011 at 9:55pm

    Sanders should be reminded, frequently, that the banks and Wall Street did what they did in reaction to the government essentially mandating that they make very risky loans. Guess what Bernie, when you take a big risk, sometimes things don’t work out so well. But Bernie, being a leftist, ignores facts that contradict his view of reality. Anyone who wants the details on this disaster should read “Reckless Endangerment” by Morgenson and Rosner.

    Report Post » grickm  
  • copyCAT3
    Posted on October 4, 2011 at 9:54pm

    WHY THE HELL DOES IT MATTER!? Who cares what the gap is? Just worry about yourself, work hard and earn more money if you want. All of our “poor” have airconditioners, state-of-the-art video games and 2 or more flatscreen TVs. Stop worrying about what your neighbor has! Thou shall not covet thy neighbor’s house?

    Report Post »  
  • A Conservatarian
    Posted on October 4, 2011 at 9:47pm

    He’s telling the truth, the wealth gap is a concern: the wealth gap is not large enough for him or the private banks owning the federal reserve that he represents.

    No… I’m not joking either.

    Report Post » A Conservatarian  
    • chicago76
      Posted on October 4, 2011 at 10:34pm

      By printing money and redistributing it to the wealthy and powerful, he is creating the increasing wealth gap himself. He knows it. The Fed is stealing the wealth of the poor and middle class of this country and redistributing it to the chosen wealthy and powerful.

      Report Post »  
  • wordweaver
    Posted on October 4, 2011 at 9:47pm

    Ben, you need to read your job description again. Nowhere does it say “redistribute the wealth” so that we are all equally poor. Read it and heed it, or take a long walk off a short pier.

    Report Post » wordweaver  
  • designbyinspiration
    Posted on October 4, 2011 at 9:43pm

    Bernake, you fool. You are the one who gave away 16 TRILLION of our dollars to the european banks. And you wonder why some are poor. Why dont you enable more people to sit on their arse longer.. oh wait.. idiot.

    Report Post »  
  • bedspirit
    Posted on October 4, 2011 at 9:41pm

    What surprises me is that Bernie Sanders and Ron Paul are on the opposite sides of the political spectrum but would likely agree more often then the so-called moderates.

    Report Post »  
  • broker0101
    Posted on October 4, 2011 at 9:39pm

    Sorry, Ben, but there will always be business owners in America and, sadly, there will always be those who’d rather whine about being unemployed than take a well-paying job offered them by one of those business owners. You could more honestly call this a “Laziness Gap”. The time for pity is over. Let the lazy starve.

    Report Post » broker0101  
1 2

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love