Yellin about the inequity

Discussion in 'Politics, Religion, Social Issues' started by citizenzen, Oct 17, 2014.

  1. citizenzen macrumors 65816

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    #1
    I would not have expected my liberal champion to arise from the Federal Reserve. It's so refreshing to hear someone in the establishment honestly admit to the problem in America.

     
  2. rdowns macrumors Penryn

    rdowns

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    #2
    At least 113 staffers at U.S. Fed earn more than Yellen


     
  3. VulchR macrumors 68020

    VulchR

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    #3
    In the UK living standards for the majority have gown down in spite of 'growth', in spite of low inflation and interest rates, and in spite of reducing the rate at which the country is accruing debt. The Austerity Fairy is at work indeed....
     
  4. citizenzen thread starter macrumors 65816

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    #4
  5. senseless macrumors 68000

    senseless

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    #5
    The Federal Reserve has helped fuel inequity by starving ordinary savers and rewarding speculators and arbitrage players. That's the unfortunate side effect of the low rate policy.
     
  6. citizenzen thread starter macrumors 65816

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    This is the kind of rhetoric that would usually come from the White House.

    But Obama has been ridiculously (IMO) circumvent in framing this argument and putting it before the people. If Yellin wants to take on the job of championing wealth inequality, then I'll take whatever I can get.
     
  7. senseless macrumors 68000

    senseless

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    #7
    She's in a position to stop the monkey business in our financial markets and let rates go to normal levels again. I hope that's what she's talking about. Also, our tax laws are ridiculous. That's not going to change.
     
  8. Sydde macrumors 68020

    Sydde

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    No, she is a woman, of course she gets paid less.
     
  9. Dmunjal macrumors 65816

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    She cannot let rates go back to normal. The stock market will crash. Second, the federal government would go bankrupt. What is the annual interest payment on $18T at 5%? Close to a $1T vs. about $250B now? Where would the difference come from?
     
  10. Ugg macrumors 68000

    Ugg

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    The problem lies though with those who don't make enough to save anything.
     
  11. senseless macrumors 68000

    senseless

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    #11
    The stock market already has modest interest rate hikes priced in. I'm assuming that the Treasury has mostly long term bonds financing the debt, so that won't be a problem for a while. But it's going to be a problem eventually.

    On the brighter side, a painting that's nothing more than a painted sign just sold for 20 million dollars. :(
    http://www.businessweek.com/article...er-wools-apocalypse-now-soars-with-art-market
     
  12. Dmunjal macrumors 65816

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    #12
    Maybe she's part of the problem?

    Central Banker Admits Central Bank Policy Leads To Wealth Inequality
    http://google.com/newsstand/s/CBIw-4L8wB8
     
  13. noodlemanc macrumors regular

    noodlemanc

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    #13
    Because it's not like the federal reserve diverts money from Main Street to Wall Street, funnelling wealth into the pockets of a few who are politically connected....
     
  14. Dmunjal macrumors 65816

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    #14
    The only real question is are they doing it on purpose or are they really that incompetent?
     
  15. citizenzen thread starter macrumors 65816

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    It looks like she has the potential to being part of the solution.

    Awareness of the problem and admitting to it is an important first step.
     
  16. Dmunjal macrumors 65816

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    #16
    You honestly believe that?

    My question was a bit rhetorical. They know EXACTLY what they're doing. That is, stealing purchasing power from the middle class and giving it to their 1% cronies. It's sad that the majority, including you, have yet to figure it out.

    I count only Elizabeth Warren and Rand Paul who are against the Fed policies and the banking-government complex.
     
  17. citizenzen thread starter macrumors 65816

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    Yes. I honestly believe that I am surprised to hear the head of the Fed admit that wealth inequality is hurting the economy.

    As I said, I wouldn't have expected that message to come from that source.
     
  18. Dmunjal macrumors 65816

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    #18
    That was marketing for the masses. Where is the admission that their policies are CREATING and MAINTAINING the wealth inequality?

    And more importantly, after six years, where is the change in policy? Stop the bailouts, raise rates so the middle class can earn decent interest on their savings, remove the ZIRP policy that enables Wall Street speculation and enriches the 1%.

    Liberal champion my ass!
     
  19. citizenzen thread starter macrumors 65816

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    Don't you think that's part of where the discussion leads?
     
  20. Dmunjal macrumors 65816

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    After six years of the same policy, I doubt it.

    If Yellen ends QE, raises rates, and speaks like Warren does against the big banks, I'll believe it. She would be going against decades of Fed policy and would likely be replaced very quickly.

    If she extends QE next month, keeps interest rates at zero for the foreseeable future, and doesn't change her rhetoric, will you let go of your "liberal champion?"

    Which do you think will happen?

    I'll follow this thread and see what happens at their next meeting on 10/31.
     
  21. Symtex macrumors 6502a

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    I know I might get crucify for this but the reality is Capitalism at its pure form is a total failure. What you are seeing right is exactly what happen when you live in a society that ideology is solely bases on profits. the balance has tip and unless there is a drastic change in the U.S culture, it will only get worst. Corporation needs to be regulated to protect the population. I know this might be a foreign concept to a lot of people. Government is needed. The conservation/republican has been spreading fear on how government is evil. In reality, if they didn't exist, the gap between the rich and the poor would even be greater than what it is right now. Banks and fund manager have a license to steal and have zero accountability while the middle class have less and less money to spend.
     
  22. Dmunjal macrumors 65816

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    Why would you call a system where large corporations (especially banks) are protected by government and a central bank controls the value of money Capitalism?

    This is really crony capitalism or more accurately, fascism.

    We haven't had capitalism for decades. And I blame both sides. No partisanship here.
     
  23. Symtex macrumors 6502a

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    #23
    Moderation is the key in any system. That's why communism failed. You can't go too far to the right or left. Their has to be a middle ground. The culture of capitalism is still well and alive in the USA. As long as lobbyist can dictate rules and regulations, things will never change.
     
  24. Dmunjal, Oct 23, 2014
    Last edited: Oct 23, 2014

    Dmunjal macrumors 65816

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    Lobbying government to dictate rules and regulations is not capitalism. In the 1950s, the federal government was a fraction of its size today and didn't have the regulatory power they do today.

    With increased power comes increased responsibility. Unfortunately, what we've seen is that this increased power and authority has only benefited the corporations and 1% and not the middle class.

    But hey, let's give the federal government even more power! Don't be upset if that power is used against you.
     
  25. Symtex macrumors 6502a

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    #25
    The problem is that the current government is not control with the people interest in mind but to satisfy corporation and lobbyist. Your mind has been poison for years by the right wing conservative anti-establishment movement. Its in their best interest to not restore the balance between the rich and the poor. What they don't realize is that concentration of wealth will eventually bite them back.

    There is different thing you can due to reduce the government size. First, you can force an increase in minimum wage. If people could actually afford to live they wouldn't need government handout to survive. Its impossible to live on a minimum wage. Many studies has proven that when you raise minimum wage, the economy grows with it. Of course, corporation has spread misinformation and fear to prevent this from happening.
     

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