Originally published at http://www.commondreams.org/views/2020/09/09/no-federal-reserve-cannot-make-senate-gops-inaction
the Fed won’t even try to make up for the inaction–they are in favor of it----have participated in the screwing of the American people for decades–let us get real–if you are NOT a wealthy corporation or one of the corporate owners there has been and will continue to be is nothing there for you
The Feds have become just as destructive as IMF and World Bank. They all our oligarchs raiding the people coffers and destroying progress for third world countries and western societies…
Your correct about the feds action in the past, but even Powell sees the writing on the wall for this one. Back in July, right before the CARES Act ended, he came out and urged congress to “go big” with a new response package for the people, and admitted it was helping WS.
This guy has his head up his ass IMO. Why would we want to give the fed more powers when they routinely abuse the ones they have, such as creating $7 trillion and transferring it to large corporations recently? Now we have to hope that if and when all this money makes it’s way into the economy we don’t get a massive inflation. Basically the fed is there to prop up our massively dysfunctional capitalist system - that is causing more and more wealth disparity - that can’t survive on it’s own without them.
And it’s not fair to blame the republicans totally for this mess we’re in, the roots of which go back before the “great recession”. Both parties have been complicit in this with their failed policy decisions - that often put corporations first - and their obsession with running up debt spending on defense and our global police force. Now with the national debt at about $27 trillion our government is having to spend massive amounts of money on interest payments and debt repayment that could be used to help people out of this crisis we’re in.
The only way can see out of this is to tax the wealthy and corporations a lot more (and make sure they pay it by doing away with loopholes and tax shelters) and to spend drastically less on defense. Obviously both parties aren’t going to agree to do this so we’re doomed the way I see it. The best we can hope for is that we die before the shit has a chance to hit the fan.
Thanks Josh for putting the responsibility on the worst
“terrorist group in the world”–(GOP), Noam Chomsky.
But what’s mystifying about insatiable greed putting
Some old argument, no? No, the Republican politicians are not in favor of helping people either, any more than most of the Dems are.
They just have to tell a different lie come election year.
The Fed is pushing interest rates into negative territory. They want to ensure people can NOT save money as it will simply vanish if kept in a bank account. They want to ensure the people spend any money they earn and or invest it in stocks so as to prop up that stock market.
One reason why so many people have to savings so as to handle an emergency is that they are punished for saving their money.
What happens when people have to spend rather then save is all of the money ends up in the hands of the 1 percent even as them (the 1 percent) owning 80 percent of all stocks ensures the 1 percent reap the majority of the benefits from the stock market climbing.
The Fed has its priorities. This:
The Fed Has Loaned $1.2 Billion from its TALF Bailout Program to a Tiny Company with Four Employees
In a capitalist system, the capitalists, like shareholders in a corporation, say they should be entitled to the company’s profits because they have their own money at risk. But the Fed (representing the public) has $7 trillion at risk in these corporations, but gets no share of the profits, only a minute (under market) interest rate.
How’s that for the public being taken for a ride?
How’s that for ending the nonsense, what has always been fraudulent or stupid nonsense, “the government is not the solution. The government is the problem”.
Wowsa. So they loan what seems to be an investment firm 1.2 billion dollars at around 1 percent interest.
This firm can then invest that 1.2 billion dollars in stocks/bonds/gold/ whatever and even if they only earn a 5 percent return they just “earned” 60 million dollars in a single year. They pay back the loan and each of the four puts 15 million in their pockets.
Meanwhile people sleep under bridges because they cannot afford rent at minimum wage.
Fuck Capitalism. What a con.