Somehow, this line passed without ridicule at the WSJ. Maybe Mr. Bernanke missed it, but his independent Fed gave us the largest financial and economic crisis since the Great Depression. Does anyone really think that things would have been worse if the Fed had been more accountable?
Last fall, Mr. Bernanke told Congress that the Fed's policies had led to a situation in which the economy would completely collapse if it did not immediately approve $700 billion in loans for the banks. It is hard to imagine greater instability than what the Fed brought about with its current level of independence from Congress.
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved
