Trump and his (many) followers know that being in control of the Federal Reserve means money like a spigot flowing to them foerever.
The Federal Reserve started the unusual process of printing money and buying Corporate Bond ETF's, OUTSIDE THE BUDGET OR APPROVAL BY CONGRESS PROCESS, in April of 2020.
Trump and his (many) followers know that being in control of the Federal Reserve means money like a spigot flowing to them foerever.
The Federal Reserve started the unusual process of printing money and buying Corporate Bond ETF's, OUTSIDE THE BUDGET OR APPROVAL BY CONGRESS PROCESS, in April of 2020.
The Fed is STILL doing that every night.
It is the largest giveway to corporate America in history and it is NOT EVEN ON THE BOOKS of the FEDERAL GOVERNMENT. It is on the books of the FED itself.
This process is what makes Republican's mouth water. Keeping that going forever?
It's a game, it's a game, it's a game ... look at middle American (white) culture - at least in my lifetime - game shows, contests/prizes, trivia, one hook after another - from 'Queen For A Day' to 'The Price Is Right' to 'The Weakest Link' to 'The Apprentice', ... more games ... and the big opportunity is to invest in the markets - do you know, to make real money in the markets, to get in early where real gains are, you have to have a million dollars already, just to qualify to invest?!? Balls and chains, on either side of the walls ... something deeper has to call us in our hearts ....
Why I can’t watch tv anymore, I worry that Dems still think politics is a gentlemen’s game. As Derek Del Gaudio said “It’s not a game, it just looks like one”
Mike, Even more ridiculous is the fact that most people think the Fed is a government entity. It is not. Each of the 12 Federal Reserve Banks is a private entity, has regional member banks which hold stock that earn dividends. And, as you say, it is designed to benefit the few. Its dysfunction is just another straw on the camel's back pushing us closer to the edge.
Daria A good friend of mine (we resigned from the Foreign Service at about the same time) was president of the NY Fed for a number of years. (We would lunch in his office above zillions of dollars of gold). The NY Fed is by far the most important of the Fed regional banks. It is ‘private’ in name only.
The Federal Reserve Board is principally comprised of Senate-approved, White House-nominated members. It determines fiscal policy. Powell, the current Fed chair, is distinguished and independent in his actions. He works well with Yellin, the former Fed chair who now is Treasury Secretary.
The Fed engaged in massive ‘quantitative’ actions to check the recessionary impacts of the prolonged pandemic. Though this has had a short-term impact on inflation, together with massive government deficit spending with its support for individuals and corporations, Paul Krugman and others whom I admire, have been supportive of these emergency actions. [The Republicans express opposition, while their constituents have benefited from these job-saving interventions.]
The Republicans unanimously opposed the $1.9 trillion cash-infusion into our economy in 2021. [They also sharply limited such initiatives under Obama in 2009, which prolonged the Great Recession.]
I can quibble about some Fed policies but, on balance, I applaud it for what it has done during the prolonged pandemic. A family friend was Fed chair in 1950. He vigorously opposed what Treasury Secretary John Snyder sought to do. In a major policy showdown, Tom McCabe won on policy after which he agreed to resign.
The Fed had an independent backbone then. I trust Powell and (Yellin) to do what they consider best for our country now. Meanwhile, gratuitous fiscal advice is being offered from lots of folks, including Senator Manchin (wrong headed).
Keith, Yellin is now Secretary of the Treasury and Jerome Powell, President of the Board of Governors of the Federal Reserve. That said, I agree with you about Yellin, know little about Powell.
Judith Oophs, of course. My historical memory skipped a chord in Washington’s musical chairs.. I’m yellin for Yellin while I should be wow with Powell. My friend at the NY Fed was kept there after retirement age by Greenspan, who was loudly touted back then, but has caused historical tears in recent years. I’m Fed up with this!
"I can quibble about some Fed policies but, on balance, I applaud it for what it has done during the prolonged pandemic."
Republicans specifically opposed ALL legislation that benefitted anything that approximated a common American.
But, no Republican has objected to the Fed's overnight Corporate Bond buying and ALSO, that action was never voted upon by a single "representative" of our "democracy".
Mike, you have highlighted a ‘sticky wicket.’ What is the border between Fed actions and the need for Congressional legislation? This was a crisis situation in 2008-2009, when the Fed and the Treasury pushed the envelope in providing emergency funding for AIG and others (but not Lehman Brothers).
The ‘quantitative’ bond buying during the pandemic is a massive Fed intrusion into our monetary system. Short-term it provided funding in a crisis market while also, so contributing to a short-erm inflation jump. I would never wish to have Fed actions contingent upon timely Congressional legislation. Indeed, such a Congressional ‘debate’ would be political rather than fiscal.
After the Fed’s massive involvement during the Great Recession (2008-2009) some restrictions have been placed on its unilateral actions.
Daria,
Trump and his (many) followers know that being in control of the Federal Reserve means money like a spigot flowing to them foerever.
The Federal Reserve started the unusual process of printing money and buying Corporate Bond ETF's, OUTSIDE THE BUDGET OR APPROVAL BY CONGRESS PROCESS, in April of 2020.
The Fed is STILL doing that every night.
It is the largest giveway to corporate America in history and it is NOT EVEN ON THE BOOKS of the FEDERAL GOVERNMENT. It is on the books of the FED itself.
This process is what makes Republican's mouth water. Keeping that going forever?
Priceless.
It's a game, it's a game, it's a game ... look at middle American (white) culture - at least in my lifetime - game shows, contests/prizes, trivia, one hook after another - from 'Queen For A Day' to 'The Price Is Right' to 'The Weakest Link' to 'The Apprentice', ... more games ... and the big opportunity is to invest in the markets - do you know, to make real money in the markets, to get in early where real gains are, you have to have a million dollars already, just to qualify to invest?!? Balls and chains, on either side of the walls ... something deeper has to call us in our hearts ....
Why I can’t watch tv anymore, I worry that Dems still think politics is a gentlemen’s game. As Derek Del Gaudio said “It’s not a game, it just looks like one”
It's a game - a deadly, cut-throat game ... as Joni Mitchell says ...,
"Dog Eat Dog" ....
https://m.youtube.com/watch?v=EIrz6uCDnu8&feature=emb_imp_woyt
The Live version and lyrics:
https://www.youtube.com/watch?v=V0xPxNMrj1g
It's dog eat dog, I'm just waking up
The dove is in the dungeon
And the white-washed hawks pedal hate and call it love
Dog eat dog
Holy hope in the hands of
Snakebite evangelists and racketeers
And big wig financiers
Dog eat dog
On primetime crime, the victim begs
Money is the road to justice
And power walks it on crooked legs
Primetime, crime
Holy hope in the hands of
Snakebite evangelists and racketeers
And big wig financiers
Where the wealth's displayed
Thieves and sycophants parade
And where it's made
The slaves will be taken
Some are treated well
In these games of buy and sell
And some, like poor beasts
Are burdened down to breaking
Dog eat dog
It's dog eat dog, ain't it flim flam man
Dog eat dog, you can lie, cheat, skim, scam
Beat 'em any way you can
Dog eat dog
You'll do well in this land of
Snakebite evangelists and racketeers
You could get to be
A big wig financier
Land of snap decisions
Land of short attention spans
Nothing is savored
Long enough to really, really understand
In every culture in decline
The watchful ones among the slaves
Know all that is genuine will be
Scorned and conned and cast away
Dog eat dog
People looking, seeing nothing
Dog eat dog
People listening, hearing nothing
Dog eat dog
People lusting, loving nothing
Dog eat dog
People stroking, touching nothing
Dog eat dog
Knowing nothing
Dog eat dog
Songwriters: Joni Mitchell
Thank you Ron!!
You can beat the game if you're not afraid to die ...
Mike, Even more ridiculous is the fact that most people think the Fed is a government entity. It is not. Each of the 12 Federal Reserve Banks is a private entity, has regional member banks which hold stock that earn dividends. And, as you say, it is designed to benefit the few. Its dysfunction is just another straw on the camel's back pushing us closer to the edge.
Daria A good friend of mine (we resigned from the Foreign Service at about the same time) was president of the NY Fed for a number of years. (We would lunch in his office above zillions of dollars of gold). The NY Fed is by far the most important of the Fed regional banks. It is ‘private’ in name only.
The Federal Reserve Board is principally comprised of Senate-approved, White House-nominated members. It determines fiscal policy. Powell, the current Fed chair, is distinguished and independent in his actions. He works well with Yellin, the former Fed chair who now is Treasury Secretary.
The Fed engaged in massive ‘quantitative’ actions to check the recessionary impacts of the prolonged pandemic. Though this has had a short-term impact on inflation, together with massive government deficit spending with its support for individuals and corporations, Paul Krugman and others whom I admire, have been supportive of these emergency actions. [The Republicans express opposition, while their constituents have benefited from these job-saving interventions.]
The Republicans unanimously opposed the $1.9 trillion cash-infusion into our economy in 2021. [They also sharply limited such initiatives under Obama in 2009, which prolonged the Great Recession.]
I can quibble about some Fed policies but, on balance, I applaud it for what it has done during the prolonged pandemic. A family friend was Fed chair in 1950. He vigorously opposed what Treasury Secretary John Snyder sought to do. In a major policy showdown, Tom McCabe won on policy after which he agreed to resign.
The Fed had an independent backbone then. I trust Powell and (Yellin) to do what they consider best for our country now. Meanwhile, gratuitous fiscal advice is being offered from lots of folks, including Senator Manchin (wrong headed).
Keith, Yellin is now Secretary of the Treasury and Jerome Powell, President of the Board of Governors of the Federal Reserve. That said, I agree with you about Yellin, know little about Powell.
Judith Oophs, of course. My historical memory skipped a chord in Washington’s musical chairs.. I’m yellin for Yellin while I should be wow with Powell. My friend at the NY Fed was kept there after retirement age by Greenspan, who was loudly touted back then, but has caused historical tears in recent years. I’m Fed up with this!
My own memory hiccups from time to time as well.
"I can quibble about some Fed policies but, on balance, I applaud it for what it has done during the prolonged pandemic."
Republicans specifically opposed ALL legislation that benefitted anything that approximated a common American.
But, no Republican has objected to the Fed's overnight Corporate Bond buying and ALSO, that action was never voted upon by a single "representative" of our "democracy".
Mike, you have highlighted a ‘sticky wicket.’ What is the border between Fed actions and the need for Congressional legislation? This was a crisis situation in 2008-2009, when the Fed and the Treasury pushed the envelope in providing emergency funding for AIG and others (but not Lehman Brothers).
The ‘quantitative’ bond buying during the pandemic is a massive Fed intrusion into our monetary system. Short-term it provided funding in a crisis market while also, so contributing to a short-erm inflation jump. I would never wish to have Fed actions contingent upon timely Congressional legislation. Indeed, such a Congressional ‘debate’ would be political rather than fiscal.
After the Fed’s massive involvement during the Great Recession (2008-2009) some restrictions have been placed on its unilateral actions.
Holy Schitt, I had forgotten that. Well, the end is out there, someday, doomsday, me thinks.
Oh but inflation, right?