Originally published July 25, 2011: http://sanders.senate.gov/newsroom/news/?id=ca3bd5d9-0ebe-4ee4-a005-9e59f9bc73d2
For over three and a half years, Vermonters and people throughout this country have experienced the worst economic crisis since the Great Depression. Millions of Americans, through no fault of their own, have lost their jobs, homes, life savings and ability to send their kids to college. Small businesses have been unable to get the credit they need to expand their businesses, and credit is still extremely tight. Wages as a share of national income are now at the lowest level since the Great Depression with workers who still have jobs working longer hours for lower wages.
Meanwhile, when small business owners and Vermonters were being turned down for loans at private banks, the Federal Reserve provided trillions of dollars in loans at nearly zero interest to the largest financial institutions, major corporations and some of the wealthiest people in the world with virtually no strings attached.