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One Percent or Workers: Who Will Fed Serve with Today's Rate Decision?


#1

One Percent or Workers: Who Will Fed Serve with Today's Rate Decision?

Deirdre Fulton, staff writer

Progressives are cautioning the U.S. Federal Reserve against slowing the economy by raising interest rates "prematurely"—a decision the Fed will announce Thursday.

The U.S. central bank will issue its highly anticipated short-term interest rate decision following a two-day policy meeting, with a 2 pm news conference led by Fed Chair Janet Yellen.


#2

The Feds need to be disbanded, gotten rid of. Who are they - Gods?


#3

Whatever the Fed does today will not, "Serve the workers." The Fed is there to serve the bankers, and that's who it has served, and will serve.


#4

Low interest rates has driven up land prices/homes for over 20 years and now is effecting the cost of leases for new business' nation wide and cost of rents nationwide. It has driven investor class to invest in gambling on commodities driving up costs of these commodities which most of us need to exist but not all. These banksters and millionaires became billionaires and maybe trillionaires.

It is disgusting that people are still writing articles to keep rates low. Yes, I have a vested interest - my savings as I do not invest in the gambling institutions that the Feds created and only have CD's and savings which make close to zero.

Jobs have not been created for over 25 years or lets say net jobs after all the losses of jobs to overseas slave shops created by the multinationals who benefited from the Fed actions. China has become a powerhouse because of our multinational billionaires from around the world using China's sweat shops.

Middle class continued to grow during the 70's and 80's with very high interest rates because these corporations were paying taxes and creating jobs and paying their workers well even though they were kept in line by strong unions which started to be destroyed by Saint RR. Wages have not increased since and the interest rate being low since early 90's has not created jobs in any large numbers, Internet created wealth in the 90's for a few and the housing market kept our economy afloat even though it was becoming a bubble like the internet IPO bubble created by banksters.

Low interest rates created Billionaires and Trillionaires.


#5

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#7

Interest rates go up rates on credit cards go up, interest rates go down rates on credit cards stay the same but fees go up. It's a lose lose game for the 99%


#8

Zero rates have also contributed to real inflation in things like rents. See this report about rents.

High rents have been created by the failure to stop all the foreclosures on homeowners after the 2008 crash, followed by the purchase of a lot of the foreclosed houses by Wall Street firms fueled by these zero interest rates. The people have had their housing confiscated, and then bought up by the oligarchs with help from the Fed's policy.

So zero rates have had a downside for the mass of people in this country. Furthermore, since rents are such a high percentage of the expenses of most people, it is quite ridiculous for the Fed to claim that there's no inflation just because other items, like gas, are falling in price.


#9

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#11

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#12

with you here. I'm stunned that these people claiming to speak for an entire alliance they don't even remotely represent are taking this position. And I'm sick to death of them hijacking the term "progressive' without having even an inkling of its actual meaning. Next time, call them whatthey are: liberal Democrats.
Neither Ms Fulton nor the rest of this coterie of self-appointed policy lords speaks for anyone on the left. We can represent our own positions, thank you.

That said, this decision had, um, zero to do with helping ordinary people and everything to do with stabilizing artificially high stock values. And to even suggest that their interests and ours are even remotely aligned is an outrage.


#13

Maybe our government should look at fiscal policy instead of relying almost entirely on monetary policy. Don't just throw money at safety net and/or jobs programs. Invest in much needed repairs and improvements on all our run down infrastructure. Replacing fossil fuel with renewable energy is the one big project left for our nation. Both solar and wind provide jobs for installers even when too big to fail MIC firms do much of the manufacturing. And we need relief from catastrophic climate change driven by anthropogenic global warming, even more than we need jobs for most skill levels.


#14

Despite what we may or may not need, and I totally agree that we need action on climate change, higher interest rates make interest payments on our obscene debt problematic to say the least. Until debt is reduced we will be looking at low interest rates and lied about CPI inflation. Low interest and inflation are how a overly in debt country gets out of debt and that is probably exactly what we are going to do.

As he was wrong about everything else, Dick Cheney was also wrong about deficits. Deficits do matter. Once deficits become unsustainable they drive poor monetary policy decisions throughout the rest of the economy.


#15

Well, duh. Essentially the banksters who comprise the Fed are saying, "No, we don't think we will give people a decent return on the money they deposit in our banks. We'd rather pay them next to nothing while we continue to print billions of dollars and pay ourselves huge fees and bonuses with those dollars, and the whole thing goes onto America's credit card."
How did this ridiculous situation come about and what ever happened to the federal regulators who were supposed to protect the public? It's as if in 1920s Chicago, Al Capone and his gang somehow gained control of the city's government and began paying themselves huge salaries. America has become a kind of surrealistic Kingdom of the Absurd.