Tuesday, November 2, 2010

Read This Before You Vote Today, November 2, 2010

The 5th District Congressional race is key.   What are the candidates' positions on The Fed?  For that matter, what's your position? The Fed is at least as important to your wellbeing as healthcare or taxes.

For a brief history and description of The Fed's function, read this ("What is the Fed?" begins a few paragraphs from the top). Then read Charles Hugh Smith, below, on what the Fed's done for you lately.

8 comments:

Anonymous said...

So--what is key about the 5th District race from this perspective? Please enlighten us.

where's the gold said...

@1:56, I don't think you read the post or link. What does yr candidate think about printing money and offloading billions to banks?

And what does Hurt or Perriello think about auditing or abolishing the private Fed and/or overseeing the SEC?

Look up
HR 1207 Fed Transparency
HR 5970 SEC reform

--jane

Anonymous said...

Jane and OP: So, I'm going to assume that the point here was to support Perriello? Because Republicans generally manage not to answer a sincere question about how an issue should translate into a voter's decision-making process with a smug "you don't know that already? What are you, stupid? Look it up." And thus the great success of Democrats, ostensible party of the people, in reaching the people. . . . gah. Next time, why not try saying what you mean instead of doing semaphore to an in-group of five people who already think the same way you do? Why not share your analysis transparently? I'm not talking Beckish demagoguery--I'm talking basic, respectful communication instead of smug superiority. We are all part of this problem.

John Doe said...

The issue here is "the middle class is getting F***ed at the expense of the Fed, banks, and the top income earners in the country." And more of the middle class slides into poverty daily. So the question was, who was going to support a new approach?

This wasn't a didactic or "in support of" post.

To recap: the Republicans started the current financial problems in the 8 years of the Bush era.

However, Obama and by extension the dems missed the opportunity to fix it.

The following isn't "anti-Obama" or anti-Dem. It's "too bad, and we all suffer the consequences"

"The Tragedy of the Obama Administration"

http://www.ritholtz.com/blog/2010/11/the-tragedy-of-the-obama-administration/

Anonymous said...

Missed the opportunity to fix it? Very kind way of putting continuing the problem by spending more. The whole political system is just mirroring the behavior of the individuals that make it up.

To blame are the generations of people raised under the notion that borrowing and buying what you can't afford is OK and encouraged. Just so happened that it worked on the up-tick but it's now failed on the subsequent correction (still very much in process). I'm not sure there is a debt/system failure/lack of confidence/lack of jobs precedent to point to where we're headed next.

Anonymous said...

You know what? I'm a liberal elitist and I've supported all these "bailouts" - not because I like the big banks, but because I prefer not to blow up the entire economy and crush the working and middle classes in the process.

But really, these investor-class tax cuts are good for me personally. And I'm not unemployed, so what the hell do I care about the lame job market, or expiring unemployment benefits? I mean: it's not my own self-interest to do these things. I have excellent genes, health and excellent employer-provided health coverage, so what do I care about health-care reform - it really doesn't change anything for me.

Fool that I am, I've just spent six deeply frustrating months trying to persuade people to stop voting against their own self-interest - all the while ignoring my own self-interest - and utterly failed.

I'm just gonna sit back now and watch what happens when all these Austrian-School armchair economists demanding instant austerity, and deflation. Go for it baby. Cut off the UE benefit extensions. Cut the "entitlement spending" - see where your base goes when you tinker with their transfer payments.

The investor-class tax cuts help me personally, and if someone manages to hoodwink the public into putting their SSI tax dollars into the equities market, you'll see a bubble the likes of which has never existed. Those of us already in the market will make out like bandits.

I'm tired of arguing with dumb, simple-minded mouth breathers. Fuck 'em.

Anonymous said...

Anonymous @4:15pm

you may be a liberal elitist, but you haven't got a clue. The democrats are just as willing to fuck the middle class as the republicans. Actually, not only are they willing, they have just done an incredibly impressive job of doing just that, and will continue to do it now with the aid of the republicans. Both parties put on a good show of partisan politics, but their actual true intent is to deceive the public about their real agenda, which is THE FUCKING SAME ON BOTH SIDES OF THE GODDAMN AISLE - to enrich themselves and their sponsors.

Think you are doing so well with your big portfolio? Well then you must be a lot smarter then the rest of the investing crowd despite your cluelessness. For most, investment portfolios measured in real terms, (i.e. taking in to account inflation) have had dismal returns over the last decade. Same with wages.

John Doe said...

It's not a "right / left" paradigm any more. It's people v. corporations.

We have a facsimile of democracy now.

And today, more "bailout" begins w/QEII.

Barry Ritholtz eloquently describes people v corporations

http://www.ritholtz.com/blog/2010/09/you-vs-corporations/

And just for "fun"

http://www.businessinsider.com/22-statistics-that-prove-the-middle-class-is-being-systematically-wiped-out-of-existence-in-america-2010-7