The Federal Reserve's announcement on Wednesday that it would raise interest rates 0.25 percent was met with strong criticism on Tuesday with Sen. Bernie Sanders blasting the decision as "bad news for working families" and the country's "disappearing middle class."
Working families, impoverished Americans, our nation’s youth struggling under the burden of enormous student loan debt, families living hand-to-mouth, mothers/fathers working two or three low-wage jobs to make ends meet, etc. certainly are not considered in high level Fed decision-making. Their top-down approach to fiscal policy and management favors the high rollers. Years under Bernanke and Greenspan have brought the Fed to all-time lows.
The last President that tried to do something about the Fed. was JFK when he attempted to change the currency from Federal Reserve Notes to Silver Certificates. And you saw how well that worked out!
We got rid of the privately-owned Central Bank three times already in this country. This 1913 Fake-Federal one is the fourth one. The First Bank of the United States was abolished due to massive corruption. But just like the Terminator, it kept coming back from the dead.
President Andrew Jackson got rid of it again, and they sent an assassin with wet flintlocks who was unable to kill him since they both misfired. On his death bed many years later, he was asked what his greatest accomplishment as president was. He replied in a raspy voice, “I KILLED THE BANK!”
But the Rothschild bank mafia resurrected it again and again.
Lincoln got rid of the Central Bank, and they sent John Wilkes Booth in to shoot him. Far from being a lone wolf as we were told in American History, an identical attempt was made on the Vice President’s life the same week and failed. Lincoln and his VP had just shitcanned the Central Bank and issued their own money directly (with no middleman) called Greenbacks.
Then, as another poster pointed out, JFK got rid of it issuing “JFK notes” and they pulled the lone-wolf caper again on him.
Why are we paying dy-nasty families interest for printing OUR money??? They create it out of thin air, backed-up by absolutely nothing, and extort all of us with future debt payments. Since it is a complete fiction, I submit that there is no National Debt. It’s a complete and utter fraud.
Duplication is a good thing. It confirms in readers minds that I’m not just making things up!
Thanks for the great posts this year.
Yes, we have an adjustable mortgage… and we would never qualify for refinance… we have tried in the past… so… good luck to us…
The solution to that is a federal program to refinance adjustable rate mortgages to low rate fixed rate mortgages, not just keeping Fed interest rates at zero, which distorts all kinds of other areas of the economy …
Sorry, patching up this or that policy to appeal the middle class voters isn’t going to reverse America’s continued economic deterioration. One must be among the (comparatively) better off to qualify for a loan in the first place, and taking on a significant debt is ALWAYS a gamble. The middle class told the poor that the answer is to simply not purchase what you can’t afford. A call to block an increase on interest rates isn’t going to do anything to change the conditions that essentially keep America at the mercy of our economic/job market. It’s impossible to address America’s continued economic deterioration without legitimately addressing our poverty crisis. Tinkering at the edges, as Democrats have been trying to do for years, is futile.
Our mess, in the proverbial nutshell: America IS an economic entity. Period. The more people in poverty, the fewer the consumer purchases, the fewer products need to be made, the fewer workers are needed, the more people in poverty. Reversing this requires (as our 20th Century history shows) restoring reasonable regulations on financial/corporate powers, and restoring poverty relief (Most basic point on the latter: It’s impossible to get a job today once you no longer have a home address, phone, bus fare. The number in permanent, severe poverty continues to grow.) This generation doesn’t want to do either, so my advice is to adjust to conditions as they are.
The last thing Americans will tolerate is another program. The US went in the opposite direction, choosing to trust in the free market system.
The “Rothschild bank mafia…” Want to clarify that?
I think a bigger problem is: This isn’t the first time that the richest few gained too much power over government/policies, to the great harm of the country. Each time in the past, the poor and middle class, workers and the jobless, ultimately united to push back – to everyone’s (and the nation’s) benefit. That can’t happen this time. Liberals might welcome the poor to “stand in solidarity” with middle class workers – just don’t expect a crumb to trickle down. To sum it up: The proverbial masses were successfully divided and conquered.
I think you’re wrong about what the public would tolerate.
The Federal Reserve’s announcement on Wednesday that it would raise interest rates 0.25 percent was met with strong criticism on Tuesday with Sen. Bernie Sanders blasting the decision as “bad news for working families” and the country’s “disappearing middle class.”
So … those of us who are seniors and were responsible our working years and saved so we could have a reasonably secure retirement are just sh*t out of luck. We will just have to suck it up and learn how to live on less than one-half of one percent interest on our savings that we worked all of our lives to accumulate so we wouldn’t have to depend on the “state” to take care of us.
The fact that real inflation is 5 times (or more) than what we can earn in interest is not relevant evidently. As a result, we fall further behind every year.
The message is clear – crystal clear. Seniors can eat sh*t and die. After all, we no longer “produce” for the capitalist system. Hence, our lives have no value to the capitalists … and Senator Bernie Sanders.
It is an exhilarating experience to know that responsible Citizens like yourself are interested in unseating the “Rothschild dynasty” as you call it. What a satanic racket that has prevailed for so long against the working people of this country. We ought to focus on the actual individuals who are pulling the strings and have been for too long, they are the root of all evil on earth.
I just want the posters above to take a good hard look @ themselves; I smell anti-Semitism in the phrase “Rothschild Bank.” I smell further anti-Semitism in blaming Sanders for financial policies he has been working all his political life to change–and one w/o biased eyes would notice that it is Sanders, not Clinton, who is speaking out against policies that hurt the middle class and the workers and the poor. Those w/whom Sanders joins in speaking out are also those who
have long been working for the same ones that Sanders has. Are you people looking for a Jewish scapegoat? Are you trolls trying to create dissension? Who ARE you with such biased views?
How do I know that the nation’s economy is turning around? Because I made enough money in the past four quarters to barely qualify for unemployment benefits. That’s significantly better than nothing at all.
All major countries in the world have central banks (e.g., the Bank of England). Only an idiot would want to abolish the Fed.
It is true that Jeferson was opposed to a central bank because he had the naive idea that the US could be a small, agrarian nation where yeomen farmers (not elites in Washington) would rule the country. Alexander Hamilton (by far the smartest of the Founding Fathers) understood that a central bank was necessary to finance the industrialization of the country. Jefferson was wrong and Hamilton was right because the US is now an industrialized, urban world power with only a few yeomen farmers running around. Jefferson was also enamored of the French Revolution where the peasants rose up and chopped the heads off of the King and aristocrats and took land away from the Church and divided it up among themselves (Marx obviously got his idea of violent revolution from the history of the French Revolution). Jefferson believed that “the tree of liberty must be watered with the blood of patriots and tyrants.”
Jackson opposed the central bank because he was as foolish as Jefferson. If anybody was a tyrant in our history it was Old Hickory. His claim to fame was killing native peoples. He was a slave-owner (like Jefferson). He fought many duels and had no qualms about hanging politicians who opposed him. John C. Calhoun of South Carolina decided that states have the right to nullify any federal law they don’t like (this was obviously a precursor to secession). Old Hickory was so outraged by this that the old general was ready to lead the troops to South Carolina and hang Calhoun. Henry Clay brokered a compromise and Old Hickory did not have to hang Calhoun. Although, he did say on his deathbed that his two greatest regrets in life were that he didn’t shoot Clay and hang Calhoun.
Before the Federal Reserve Act (in the twentieth century), the central bank in the US was private. The Federal Reserve Act set up a governing board with a chairperson appointed by the president. That is why the bank is called the Fed.
The Fed is not responsible for poverty in the US; capitalism is responsible for poverty becaus capitalism is predicated on selfishness (“selfishness is a virtue,” Ayn Rand, the high priestess of laissez-faire capitalism). When selfish people interact in a free market, the result will be the concentration of wealth in a few hands. This is bad because as Supreme Court Justice Louis Brandeis famously said: “You can either have concentration of wealth in a few hands or you can have democracy, but you can’t have both.” Teddy Roosevelt understood this and that is why he proposed steeply graduated income and inheritance taxes to redistribute the wealth.
What was Hillary’s comment on this,ow she is busy pushing fear!—The banks immediately rose interest rates on loans but not on savings-go figure!–If a person puts money in a bank long term there should be a real return because the bank is using that money–why we should have state owned banks. The adjustable rate is a gimmick so people come back and refinance every three years. Its interesting how the the movie"Its a wonderful life " a christmas holiday classic speaks to these issues of today a 1950’s movie. The savings and loan puts people and the community first,the bank only cares about making money. We live in the world of Mr. Potter. And we are very far down the rabbit hole in the world of Mr. Potter.
Whats scary is that Bernie Sanders seems to be the only person addressing real issues!
You might want to lock in a fixed rate (somewhat higher) if this trend continues.
Well after 50 years he is finally coming in handy for Hillary. They know very well that Hillary could not win it alone. She has far too many negatives, comes across as elitist and arrogant and changes her mind back and forth depending which way the wind blows.
Here comes Bernie to round up all the lost Democrats by running in the Democratic party. His message once again sounds wonderful, just like Obama’s did, but that’s where most of it always ends up = nowhere.