I grudgingly accept incompetent goverernance.
MGLICKER
Posts: 7,995 ✭✭✭
But cannot tolerate lying.
"""Almost all members judged that the new language should be qualitative in nature and should indicate that, in determining how long to maintain the current (low) federal funds rate, the Committee would assess progress, both realized and expected, toward its objectives of maximum employment and 2 percent inflation."
A couple of the voting members wanted to commit to keeping rates low if inflation remains persistently below the Fed's 2-percent goal."""
--Under 2%....my ass.
"""Almost all members judged that the new language should be qualitative in nature and should indicate that, in determining how long to maintain the current (low) federal funds rate, the Committee would assess progress, both realized and expected, toward its objectives of maximum employment and 2 percent inflation."
A couple of the voting members wanted to commit to keeping rates low if inflation remains persistently below the Fed's 2-percent goal."""
--Under 2%....my ass.
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Comments
Liberty: Parent of Science & Industry
<< <i>Misery loves company >>
I suspect that your misery lampoon should be directed to the young families that are working a couple of jobs and struggling to feed a growing family.
Most of my working days are behind me and this country offered an opportunity to succeed and maybe more importantly fail.
Now we have only two groups, the too big to fail and the too small to care about.
So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc.
<< <i>Now we have only two groups, the too big to fail and the too small to care about.
So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Nope. I am in favor of returning to a level playing field.
A place where a young man or lady can start a business without being overwhelmed by tax obligations. A place where an individuals income is not ransacked to cover tax credits to support Apple, Microsoft, Amazon, MLB, NFL and the stinking Cactus League, as it has in the fine state of Arizona.
A place where the valuation of the dollar is respected, and not dissolved into the ether by a quasi bank boss who relishes hearing his or her word revered as gospel.
A place where publicly funded doctors do not cash in for $6,000,000 a pop at the teat of Medicare (revealed in todays news). A place where a university does not beg for more tax dollars, while handing over $3,000,000 to not one, but two head coaches (Tucson).
A place where The Constitution is enforced by those that swear to enforce it and not treated as an obstacle by those that despise the very freedoms that it guarantees.
And finally, a place that reveres the Flying Eagle Cent and not the St Gaudens $20 as the finest coin struck!
<< <i>
<< <i>Now we have only two groups, the too big to fail and the too small to care about.
So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Nope. I am in favor of returning to a level playing field.
A place where a young man or lady can start a business without being overwhelmed by tax obligations. A place where an individuals income is not ransacked to cover tax credits to support Apple, Microsoft, Amazon, MLB, NFL and the stinking Cactus League, as it has in the fine state of Arizona.
A place where the valuation of the dollar is respected, and not dissolved into the ether by a quasi bank boss who relishes hearing his or her word revered as gospel.
A place where publicly funded doctors do not cash in for $6,000,000 a pop at the teat of Medicare (revealed in todays news). A place where a university does not beg for more tax dollars, while handing over $3,000,000 to not one, but two head coaches (Tucson).
A place where The Constitution is enforced by those that swear to enforce it and not treated as an obstacle by those that despise the very freedoms that it guarantees.
And finally, a place that reveres the Flying Eagle Cent and not the St Gaudens $20 as the finest coin struck! >>
Okay, that last line had to be a suck up cuz thems fightin' words.
<< <i>Okay, that last line had to be a suck up cuz thems fightin' words. >>
I dont.
Knowledge is the enemy of fear
<< <i>Now we have only two groups, the too big to fail and the too small to care about.
So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
There are 3 groups: too big to fail, too big to jail, and too small to care about.
I'd be in favor of returning to Glass-Steagall. What was so terribly wrong with our banking and financial system from the 1930's to 2001? What have been the benefits of removing GS for anyone but the TBTF banks?
So $300 TRILL in otc derivatives held by the largest US banks brings what positive things to our financial system? These hardly existed in 1989 (1000X increase since then). I don't favor raising min wage, expanding Obamacare,
and the rest of those suggestions. What do they have in common with a financial/banking system run amock? Hey, but someone has to pay the losses for the TBTF banks derivative's losses. We certainly can't expect them to
pay for the losses. US govt/taxpayers have paid off somewhere in the $15 TRILL to $30 TRILL range in round 1 over the past 6-7 years. Round 2 coming to a theater near you. It's all about control any ways. Less liberty...more
"security" (ie control).
<< <i>There are 3 groups: too big to fail, too big to jail, and too small to care about. >>
The first two are Siamese twins.
<< <i>I grudgingly accept incompetent goverernance.
I dont. >>
Correct answer. Was waiting for someone to pick up my set up line.
<< <i>
<< <i>There are 3 groups: too big to fail, too big to jail, and too small to care about. >>
The first two are Siamese twins. >>
Maybe. But the TBTF group is a smaller subset of the TBTJ.
<< <i>So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Return of Glass-Steagall doesn't even belong in the same sentence with the others. Appears you need a better understanding of what Glass-Steagall accomplished and what the lack of it has created.
Repeal of Glass-Steagall Caused the Financial Crisis
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Return of Glass-Steagall doesn't even belong in the same sentence with the others. Appears you need a better understanding of what Glass-Steagall accomplished and what the lack of it has created.
Repeal of Glass-Steagall Caused the Financial Crisis >>
This.
<< <i>Now we have only two groups, the too big to fail and the too small to care about.
So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
1) Glass-Steagall: yes, reinstate this law immediately! The Volcker Rule was gutted before it was added to the Dodd–Frank Wall Street Reform and Consumer Protection Act; thus, let's just reinstate Glass-Steagall.
2) Yes, let's raise the minimum wage to $10.10 an hour; this will result in a major boost to our economy primarily (admittedly not solely) at the expense of fat cats such as Walmart and McDonald's.
3/4) Let's trade Obamacare for an increase in Medicare coverage i.e. let anyone who wants to, buy into Medicare. It's not a great program, but it does one very very important thing, which Obamacare doesn't, it holds down medical costs by negotiating rates. Let's also expand Medicare by giving it the ability to negotiate prices of prescription medicines (there is no reason why Canadians should be paying less than we do for prescription drugs).
5) Let's keep Social Security and keep it solvent. In a time when corporations are gutting their pension plans, or trading defined-benefit for defined-contribution plans, let's make sure Social Security is still there. Raise the cap and increase the matching corporate contribution.
Although I must say I loathe politics and politicians. They charge us money to go to the killing fields.
<< <i>2) Yes, let's raise the minimum wage to $10.10 an hour; this will result in a major boost to our economy primarily (admittedly not solely) at the expense of fat cats such as Walmart and McDonald's. >>
Let's not fool ourselves. Any rise in production costs is passed on to the consumer. Let's end the vicious cycle of "more pay for the workers, more payment from the customers" by adopting and maintaining a zero inflation rate policy.
<< <i>3/4) Let's trade Obamacare for an increase in Medicare coverage i.e. let anyone who wants to, buy into Medicare. It's not a great program, but it does one very very important thing, which Obamacare doesn't, it holds down medical costs by negotiating rates. Let's also expand Medicare by giving it the ability to negotiate prices of prescription medicines (there is no reason why Canadians should be paying less than we do for prescription drugs). >>
Better yet, let's address the lobbying powerhouse that not only wrote the Health Care Act, but that ensures medical costs of every type continue to go through the roof. We could probably provide free medical care to all with what spend outside of our own borders buying foreign support that is not even there when we need it.
<< <i>5) Let's keep Social Security and keep it solvent. In a time when corporations are gutting their pension plans, or trading defined-benefit for defined-contribution plans, let's make sure Social Security is still there. Raise the cap and increase the matching corporate contribution. >>
Too late. Future promises of payments guarantees future rising costs to current and future contributors. Nothing short of a Ponzi that is banckrupting the nation. End SS withholding, abolish the program, refund contributions to those not drawing from the fund and honor remaining payments only to those receiving supplemental retirement payments (a return of their own investment). Workers need to learn to provide/plan for their own retirement. Those drawing checks through other SS programs (actually the largest cost to the SS fund) need to man up and learn to depend on themselves.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Try opening a Kool-Aid stand without buying a city license and paying for some sort of inspection. This is what you get when you keep thinking that the government ought to "do something" every time you perceive that there's some type of idiotic deficiency with the utopian society we have.
<< So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Return of Glass-Steagall doesn't even belong in the same sentence with the others. Appears you need a better understanding of what Glass-Steagall accomplished and what the lack of it has created.
Exactly correct. Repealing Glass Steagall simply opened a can of worms that kicked wide open the door for the abuses that followed. The other programs aren't on the same page, chapter or volume as Glass Steagall, so I don't get the analogy.
Let's not fool ourselves. Any rise in production costs is passed on to the consumer. Let's end the vicious cycle of "more pay for the workers, more payment from the customers" by adopting and maintaining a zero inflation rate policy.
I agree. And eve ry time that there's a major "reform", such as obamacare - you can lay odds that the people that it's advertised as helping the most will be the ones who get screwed the most. The main purpose of changing all the rules is to throw the deck of cards into the air so that the people with money and attorneys can scoop up the business. If the rules seldom changed, gosh - everyone would know what they could rely on and save for. At this point, they really don't have that benefit.
I knew it would happen.
And you thought the economy was bad now. Careful what you wish for.
Knowledge is the enemy of fear
That's called price control; Gerald Ford tried it, it didn't work. But here's a "Whip Inflation Now" button for you, maybe that will work.
<< <i>That's called price control; Gerald Ford tried it, it didn't work. >>
It was Nixon that implemented wage a price freezes in the early 70's. As with every Washington brainstorm, it failed.
Ford attempted to talk down the rising prices with the WIN program. Again, failure.
The correct zero inflation policy is one of federal fiscal responsibility, not placing additional imposition on the business community.
Knowledge is the enemy of fear
<< <i>There is nothing wrong with businesses failing. >>
As long as new govt regulations aren't the primary reasons for failures (ie new taxes, new employment regs, changing min wages, onerous reporting reguirements, constantly changing environmental regs based on other than
proven scientific evidence, etc.).
Govt needs to get out of the business of picking the winners and losers. There is something wrong about that.
<< <i>Govt needs to get out of the business of picking the winners and losers. There is something wrong about that. >>
Particularly in an era when ex presidents pick up 7 figure honorariums from the "winners".
<< <i>There is nothing wrong with businesses failing. >>
Provided competition and free market forces get to decide which ones survive. Unfortunately corporate political influence is often judge, jury and executioner when it comes to small business.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>A place where a young man or lady can start a business without being overwhelmed by tax obligations. A place where an individuals income is not ransacked to cover tax credits to support Apple, Microsoft, Amazon, MLB, NFL and the stinking Cactus League, as it has in the fine state of Arizona.
Try opening a Kool-Aid stand without buying a city license and paying for some sort of inspection. This is what you get when you keep thinking that the government ought to "do something" every time you perceive that there's some type of idiotic deficiency with the utopian society we have.
<< So, you must be in favor of returning to Glass-Steagall, raising the minimum wage, expanding Obamacare, medicare and medicade, Social Security, etc. >>
Return of Glass-Steagall doesn't even belong in the same sentence with the others. Appears you need a better understanding of what Glass-Steagall accomplished and what the lack of it has created.
Exactly correct. Repealing Glass Steagall simply opened a can of worms that kicked wide open the door for the abuses that followed. The other programs aren't on the same page, chapter or volume as Glass Steagall, so I don't get the analogy.
Let's not fool ourselves. Any rise in production costs is passed on to the consumer. Let's end the vicious cycle of "more pay for the workers, more payment from the customers" by adopting and maintaining a zero inflation rate policy.
I agree. And eve ry time that there's a major "reform", such as obamacare - you can lay odds that the people that it's advertised as helping the most will be the ones who get screwed the most. The main purpose of changing all the rules is to throw the deck of cards into the air so that the people with money and attorneys can scoop up the business. If the rules seldom changed, gosh - everyone would know what they could rely on and save for. At this point, they really don't have that benefit. >>
Someone said "Banking isn't supposed to be sexy, you loan money to people who have a reasonably good chance of paying you back for a reasonable amount. If you want to run fast and loose with other peoples money, it isn't a bank and shouldn't be in a position to endanger the economic health of the Nation." Or words to that effect.
A bit of transparency perhaps.
<< <i>There was nothing wrong with Lehman, BSC, Washington Mutual, AIG, JPM, BoA, Citi, GS, and MS all failing in 2008. And they ALL would have. But, the last 5 on this list were bailed out and allowed to survive. The first 4 were given thumbs down and were either wiped out or acquired. Winners and losers were chosen. >>
I had no idea that AIG was "wiped" out
<< <i>I had no idea that AIG was "wiped" out I'm curious to find out who paid back their loan with interest >>
...and then sued the US government because they didn't like the bailout terms.
Lord are we suckers to the shylocks on Wall Street.
Edit to add a laffy.
I don't think the American people are disciplined enough to save for their own retirement. Even if SS is eliminated, the savings from the tax probably would not go into a retirement fund, unless the government mandates that it be put in a private retirement plan You also would be depending on Wall Street mainly for your retirement if you want a decent return. Good luck with that. Most live paycheck to paycheck, eliminating SS would probably cause wide spread poverty again among the elderly. I would think that would cause an even bigger burden on Medicaid because more Seniors would be living in nursing homes. The SS Trust Fund would be solvent if the politicians did not pilfer it and replace it with Treasury IOUs and it would not be a Ponzi scheme.
Box of 20
The American people may have no choice at some point. We got to this point because most people think that "someone", i.e., the government - will swoop in and take care of everything. That's not the way it used to be, and that's not the way it works when resources are depleted. What most people don't realize is that they will be old and vulnerable too, at some point. Until then, we tend to be severely myopic.
The politicians love the trappings of power & privilege, and they love having us finance it for them. Everything in government is treated as a gigantic skimming operation, not much different than when the mob ran Vegas. The problem has become acute because there is nothing easy left to skim.
I knew it would happen.
This country, (and human society), made a conscious effort to extend the natural life of humans, without thought of consequence. Now the unintended must be dealt with.
Knowledge is the enemy of fear
<< <i> I would think that would cause an even bigger burden on Medicaid because more Seniors would be living in nursing homes
This country, (and human society), made a conscious effort to extend the natural life of humans, without thought of consequence. Now the unintended must be dealt with. >>
It's the extension of government provided entitlements that should to be addressed. There is no problem with extending life as long as it is done at the expense of the those whose life is being extended.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>There was nothing wrong with Lehman, BSC, Washington Mutual, AIG, JPM, BoA, Citi, GS, and MS all failing in 2008. And they ALL would have. But, the last 5 on this list were bailed out and allowed to survive. The first 4 were given thumbs down and were either wiped out or acquired. Winners and losers were chosen. >>
I had no idea that AIG was "wiped" out
Without FED and USTreasury bailouts they were easily wiped off the financial face of the earth due to $TRILLIONs in derivative failures. The FED handed out money all around the globe that was owed from those failed AIG bets.
Not making good on those bets would have created a very long daisy chain taking down numerous corporations and institutions along with AIG. The "loan" + interest was a smoke show that didn't even address the failed
derivatives. Smoke and mirrors if you believe the American taxpayer was made whole from the 2008-2009 derivative's fiasco. Hey, but it makes good news print for those who don't want to known the real story. AIG failed
pure and simple. No different than Lehman. Only difference is that AIG's failed bets were all covered by the "house." Lehman had to pay off on their own losses.....and could not. Their otc derivative's "portfolio" realized approx
10% of what they had valued it at (90% loss). That gave an indication of what the $300 TRILL in remaining otc US Bank derivative's contracts might end up being worth if push came to shove (ie 10% of mark to model value).
I knew it would happen.
<< <i>
<< <i> I would think that would cause an even bigger burden on Medicaid because more Seniors would be living in nursing homes
This country, (and human society), made a conscious effort to extend the natural life of humans, without thought of consequence. Now the unintended must be dealt with. >>
It's the extension of government provided entitlements that should to be addressed. There is no problem with extending life as long as it is done at the expense of the those whose life is being extended. >>
Thats all well and good derry but human life had never been extended before. How was society or individuals supposed to prepare for such an event? Were they even aware they needed to at the time?
<< <i>Bailing out AIG allowed AIG to pay off Goldman Sachs, to the tune of about $15 billion as I recall. Goldman should have had to take the hit as well. Instead, they all got bonuses. >>
Let us not forget the sometime Socialist Warren Buffett who profited handsomely with his Goldman investment.