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A Furious Ralph Nader Calls Out The Fed As "Tribune To Plutocratic, Crony Capitalism"; Janet Yellen Responds
On October 30, a very angry Ralph Nader wrote Janet Yellen an open letter on behalf of "Savers of America", asking her to imagine "what we, the savers, have to endure because of plutocratic, crony capitalism for which the Federal Reserve has long been a leading Tribune."
In the letter, reproduced below, Nader bashes the "tediously over-dramatic indecision as to when interest rates will be raised"; demands that the Fed not "lecture us about the Fed not being “political.” When you are the captives of the financial industry, led by the too-big-to-fail banks, you are generically “political.” So political in fact that you have brazenly interpreted your legal authority as to become the de facto regulator of our economy, the de facto printer of money on a huge scale (“quantitative easing” is the euphemism for artificially boosting the stock market) and the leader of the Washington bailout machine crony capitalism when big business, especially a shaky Wall Street firm, indulges in manipulative, avaricious, speculative binges with our money", and in short wants to know when the Fed will put the interests of Main Street over those of Wall Street, and stop crushing the savers of America.
Dear Chairwoman Janet Yellen:
We are a group of humble savers in traditional bank savings and money market accounts who are frustrated because, like millions of other Americans over the past six years, we are getting near zero interest . We want to know why the Federal Reserve, funded and heavily run by the banks, is keeping interest rates so low that we receive virtually no income for our hard-earned savings while the Fed lets the big banks borrow money for virtually no interest. It doesn’t seem fair to put the burden of your Federal Reserve’s monetary policies on the backs of those Americans who are the least positioned to demand fair play.
We follow the reporting on your tediously over-dramatic indecision as to when interest rates will be raised – and no one thinks that when you do, it will be any more than one quarter of one percent. We hear the Federal Reserve’s Board of Governors and the various regional board presidents regularly present their views of the proper inflation and unemployment rate, and on stock market expectations that influence their calculations for keeping interest rates near-zero. But we never hear any mention of us – the savers of trillions of dollars who have been forced to make do with having the banks and mutual funds essentially provide a lock-box for our money while they use it to make a profit for their firms and, in the case of the giant banks and large mutual funds, pay their executives exorbitant salaries.
We are tired of this melodrama that exploits so many people who used to rely on interest income to pay some of their essential bills. Think about the elderly among us who need to supplement their social security checks every month.
On October 27, the Wall Street Journal headlined the latest rumors of twists and turns inside the secretive Federal Reserve: “Fed Strives For Clear Signal on Rate Move: As 2016 approaches, the central bank hopes to better manage market expectations.”
What about the expectations of millions of American savers? It is unfortunately true that we are not organized; if we were, we would give you and the Congress the proper signals!
Please, don’t lecture us about the Fed not being “political.” When you are the captives of the financial industry, led by the too-big-to-fail banks, you are generically “political.” So political in fact that you have brazenly interpreted your legal authority as to become the de facto regulator of our economy, the de facto printer of money on a huge scale (“quantitative easing” is the euphemism for artificially boosting the stock market) and the leader of the Washington bailout machine crony capitalism when big business, especially a shaky Wall Street firm, indulges in manipulative, avaricious, speculative binges with our money.
When it comes to the Fed, Congress is mired in hypocrisy. The anti-regulation, de-regulation crowd on Capitol Hill shuts its mouth when it comes to the most powerful regulators of all – you and the Federal Reserve. Meanwhile, Congress goes along with the out-of-control, private government of the Fed—unaccountable to the national legislature. Moreover, your massive monetary injections scarcely led to any jobs on the ground, other than stock and bond processors.
So what do you advise us to do? Shop around? Forget it. The difference between banks, credit unions and mutual funds may be one-twentieth or one-tenth of one percent! That is, unless you want to tie up money, that you need regularly, in a longer term CD or Treasury. Even then interest rates are far less than they were ten years ago.
Maybe you’re saying that we should try the stock market to get higher returns. Some of us have been impelled to do that, but too many have lost their peace of mind and much money in the market.
The Fed’s near-zero interest rate policy isn’t helping younger people with student loans (now over 1.3 trillion dollars), whose interest rate ranges from six to nine percent. It doesn’t help millions of pay-day loan borrowers or victims of installment loan rackets – mostly the poor – whose interest rates, rolled over, can reach over 400 percent!
Chairwoman Yellen, I think you should sit down with your Nobel Prize winning husband, economist George Akerlof, who is known to be consumer-sensitive. Together, figure out what to do for tens of millions of Americans who, with more interest income, could stimulate the economy by spending toward the necessities of life.
For heaven’s sake, you’re a “liberal” from Berkeley! That is supposed to mean something other than to be indentured by the culture and jargon of the Federal Reserve. If you need further nudging on monetary and regulatory policies of the Fed, other than interest rate decisions, why not invite Berkeley Professor Robert Reich, one of your long-time friends and admirers, to lunch on your next trip home?
Start imagining what we, the savers, have to endure because of plutocratic, crony capitalism for which the Federal Reserve has long been a leading Tribune.
Can we expect your response?
Sincerely yours,
Savers of America
Nader may be disappointed to learn that even if the Fed does hike rates as it has been promising it would do for over a year (while always getting cold feet in the last minute) it is only so it has "dry powder" to cut rates again when the next recession is acknowledged (the non-service part of the US economy is already mired in a deep recession) and then push them into negative territory while unleashing even more QE.
Yellen admitted as much when in her reply released moments ago she admitted that "most of us expect the pace of that normalization to be gradual. An overly aggressive increase in rates would at most benefit savers only temporarily. Rather, it would undercut the economic expansion, necessitating a lasting return to low interest rates."
In other words, the Fed is hiking rates just so it can promptly cut them back to zero once again.
The punchline, however, is Yellen's concluding paragraph:
"Let me close by assuing you that, as directed by the Congress, we focus squarely on policies that improve the lives of all Americans by fostering maximum employment and stable prices. That is the surest contribution we can make to promote the welfare of savers or any other group in society."
That's precisely the lie one would expect from the speaker of the "tribune for plutocratic, crony capitalism."
The truth is below.
Yellen's full response below
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What a lying cunt.
Promises from liars are an asset...right?
RIPS
Hey Janet
Fuck you and I find comfort knowing your soul will rot in hell for eternity with the rest of the dishonest, corrupt piece of shits you work with and for.
Respectfully,
A human with integrity.
nuke jewyork
I thought Ralph Nader was dead.
Didn't he get kicked to death by a flaming pinto horse years ago?
Fuck you Janet (and Ben).....long live Ralph
I've been saying this for 5 years...my Dad's dead and my Mom's not getting any younger so I suppose Janet will just wait till the current seniors are dead and then rinse and repeat
Fuck you in the heart Janet!
It's just a coincidence that $4 trillion was injected into the economy by the Fed and during that interval the megawealthy became richer by $4 trillion. Just coincidence.
You sound like the smugist, most self righteous ass hole I've heard yet on this quickly deteriorating blogsite.
Ralph Nader has devoted his life's energies to contributing to the well-being of others. Who the fuck are you and what the fuck have you ever REALLY done for others?
I voted for Ralph for president in 2000, probably the only vote I don't regret.
I always thought of designing a video game, featuring Ralph Nader dressed in a t-shirt with the sleeves ripped out, armed with a giant gun, cleaning out Washington. 5 points for a Congressthing, 25 points for a Supreme, 50 points for the president, 100 points for an AIPAC lobbyist, and 500 points for the CIA director.
New motto for the fed- We're The Federal Reserve- bigger thieves than Bernie Madoff ever dreamed about!!!
New York is a state - I think you mean New York City
Fuck Yellin and the Fed that pays her bills. At this point, the only thing ZIRP is holding up is high(er) prices. Deflate the system, flush the turds down the toilet, pave the way for a sound path back to prosperity.
Do it not, and there will be the blood of plutocrats in the streets . . . eventually.
Yep. Check out the pricing on the SWAPS
I dare the terrorists from ISIS or al Qaeda in Syria or al Shaboobies to attack the Fed and I triple-dare them to attack it when Yellen is in.
"LAMPPOST" is the new Mockingjay...
Get to work Mr Chairmanwoman Yellerin!!
Yellen is a vampire. She is staring down her prey with a fist full of digital and paper promises.
Shes not a liar...?
Promises from liars are worth something....
RIPS
Seriously crazy to trust Congress with the money supply; the Fed needs to be reformed by Kevin Brady's bill to diminish its NYC-centric policies.
Then "re-compete" the Fed...it is after ALL, just another PRIVATE CONTRACTOR TO THE TREASURY
They dont want us to unite..all they want us to do is keep fussing and fighting.
https://www.youtube.com/watch?v=o882ycTCVLc&list=RDo882ycTCVLc#t=2
RIPS
go ralph
When the hell did Nader become a voice of reason?
A long, LONG time ago.
Nader is a long ways from perfect, but he is his own man.
Always has been.
Research when his mother took him to a town hall meeting with Prescott Boosh because the town kept flooding. She wouldn't turn loose of his hand until he agreed to fix the levies.
The altruistic seed was planted in her son as evidenced from his public apology and compensation from GM CEO. He used that money for fighting crony capitalism instead of self enrichment.
I love Nader's rant. Unfortunately, it's not a "voice of reason".
The Fed CANNOT raise rates to any appreciable level. The days of saving over a lifetime and then living on the interest the savings generate is gone. It's too late to go back. Raising rates to 5% would bankrupt the Federal government (it's already insolvent, but not bankrupt).
The time to move against the entrenched "Too Big To Fail" banking interests was in 2008 after the crash. They were on the ropes. Obama swept into office with a clear mandate of Hope And Change and a promise to fundamentally change the way America does business.
Instead we got Bernanke "saving the financial system" through "unorthodox measures" and Obama spending all his political capital pursuing Obamacare. His useless Attorney General Holder filled the Justice Department with social equity experts and had zero expertise at his disposal to pursue the big banks. So the administration simply declared the Too Big To Fail banks to be Too Big To Prosecute and moved on with their perception of a Social Justice agenda.
The opportunity is gone. The banks won. The middle class lost. Deal with it on a personal level, because the Federal Government is no longer in a position to help even if they wanted to. It's too late, Ralph.
Agree that Nader's not a voice of reason. In fact Nader's running a 3rd party candidacy resulted in Bush II; Nader caused the Democrats to lose and he absolutely knew it. He was asked at the time why he would run if that would only make the Republican's shot at the White house stronger and he had the temerity (and narcissim) to say that he DIDN'T CARE!!!! I'm sorry, but the man is a deranged (many 'great man' become deranged as they age). Or he is economically naieve. Or both. He is an excellent stock picker I've heard and has amassed a fortune, something over 100 million dollars which have driven him into an interest in conservative short duration federal bond investments as of late, thus triggering his zeal in raising the federal funds rate. And he hasn's mentioned WTC 7 or any obvious false flag events such as the 1993 WTC bombing either. HE is controlled opposition in other words.
Nader should demand the NATIONALIZATION of the Reserve and the end of Government deficits since the government would be able to self fund any difference between tax collection and expenditure. And rather than raise interest rates on the economy which would only cause an extreme depression resulting in revolution, something even the plutocrats wouldn't dare do...that is at least as Americans are armed, the newly nationalized reserve should become the lender at zero percent interest to infrastructure bonds isssued by states, up to 2 trillion dollars per year. Workers need inflation of wages and the money injected into workers salaries would certainly raise wages. The elderly would be free to buy state bonds at say 5%; these bonds would be valuable as state tax revenues increase from taxes and spending by workers on the infrastructure projects. As the reserve newly created dollars flow into the economy, federal taxes would rise thus eliminating the deficit from that point on. The exisiting debt on the federal reserve notes would be paid off over the next 50 years so that each year, a 400 billon payment would be made to the current holders of the 20 trillion dollar debt until it is zeroed out.
The projects could be vast in scope in many cases; putting huge solar cell facilities in deserts and bringing the power across the country by high voltage DC lines, or by vast hydrogen projects wherein solar power would be converted into hydrogen gas (and O2 gas that would be released) that would be piped across the country to be combusted with O2 at the end point. The money that would circulate in the economy would feed small businesses that produce piping and in turn stimulate mining. Oh and there should be a national industrial policy with tarrifs which would allow unions to raise the wages of the middle class back to what they once were. The 'capital investment' in new state facilities such as roads, solar plants, new canals, water collection facilities, offshore wind, bridges, tunnels...etc. would hugely increase the living standard of the average American.
Lol. A socialist bitching about slightly different socialism. Not uncommon
Such is Fascism.
The woman is a fascist.
She can not understand.
She can only obey.
She is always on her knees.
Bill
when the Bagginses moved in to The Fed.
Any word on today's special fed meeting ?
Jammie went down on Janet and reactivated his HPV infection so he can stimulate his head and neck cancer gene. Thats called taking one for the banker team.
Fuck off BITCH...
DEATH TO THE MONEYCHANGERS....
Sounds like a lot of BS in her answer. I guess I should have expected as much....
i hear he still drives a corvair
But very, very slowly.
Not even. It's unsafe at any speed.
dona noblus pachem
The letter was a waste of time. The ' liberal from Berkeley ' is just a front office clerk doing what she is told . Nader should know that.
The Fed cut rates to 0% just so millionaires and billionaires with mortgages for tax purposes could refinance to save thousands per month and renters could get stuck with a monthly increase!
The Fed lowered rates so the banks would have time to unload all the toxic goo from their balance sheets and on to the backs of tax payers. What do you think all that crap is on the Fed balance sheet? It's worthless toxic trash.
Lowered rates only borrowed time so the millionaires and billionaires could socialize the losses on to tax payers, that's all it ever really did.
Sure would be nice if main street got the kind of Fed buffer the rest of these ass clowns got, seven plus years to get the house in order so they'd be safe when the Fed lets it all go to crap.
Nice letter by Ralph, but he fails to see one little thing: The Federal Reserve has one master that it serves and no other- its member banks international.
What do you expect from a Jew?
"In 2007 and 2008, the world faced the most severe financial crisis since the Great Depression."
Yeah, Yellen, that shit that the Fed caused with low interest rates you mean? Talk about circular.
Nader and others need to talk about trickle down again, that has some bite. The wealth effect doctrine of Bernanke and Yellen is nothing but trickle down and it doesn't work.
They also need to drive home the point that low interest rates increases price in virtually every market, housing, automobiles, education, etc.
At least it's something to see a liberal shit on the fed. The vast majority do nothing but kiss their asses.
LOL! She thinks we are ALL fools - reminds us of the "financial crisis" of 2007-2008!
Which was a "gift" from the Fed to the American People too.
The thing that constantly astonishes me is how this false meme of beneficial inflation has taken hold of the common narrative. A 2% "target" means that they are planning on skimming 1/50th of every asset in America every year.
And are disappointed that they aren't making their quota.
Saying that robbing me a little every year will be somehow in my interest doesn't really appeal to me as a remedy for my financial distress.
God forbid we ever get to taste any deflation. Just one, I'd like to see the cost of something go down because of natural causes, not manipulated puppetry of inflation stoking day after day after day.
Interest only robs you if you save fiat if interest is the reason for inflation. Perfect example is putting 3 one dollar bills under the mattress in 1915. Now take those three dollars out and see if you can buy what it bought in 1915. Lots of luck! You would need $97.00 more to buy what the $3.00 did in 1915.
If you bought a one oz. gold coin in 1915 it cost about $19.25. It will cost you over $1000 to do the same today.
In 1967 gold was $35.31 an oz. just before Nixon did his little trick dick act. Ten years later gold was over $130 an oz.
you got two down votes for pointing out that 2% "growth" means that their dollar denominated assets are taking a 2% haircut every year and after a 40 year working life they lost 80%.
I saw that too. I can not imagine the retarded justifications for those downvotes.
Must be some kind of spasmodic reflex.
Compounded, that 2% inflation is much worse than an 80% loss in value over 40 years. Much worse.
That's the biggest lie of the Fed and their debt-based money. 2% inflation is not "stable prices."
Stable prices would mean to me a loaf of bread today is $1 and in ten years it's $1.
But then, the bankers wouldn't know what to do. Too fucking bad for them. Go Ralph!
Bernanke and Yellen are on ZH and down arrowed you.
Mr. President: Please do this timely, please
Thwart terrorists!
End this deception by omission now!
http://showrealhist.com/begun.gif
http://showrealhist.com
All FED Chairpersons should be strung up by their feet and left to die hanging from lamp posts, and oak tree limbs. Given that they live in an inverted World, and have an inverted World view. Nader is cool, and he ROCKS, and should be President of the USA.
Up yours, Bernanke, Geithner, and Paulson, you AssClowns.
Ralph is a brave patriot. Unfortunately principled men are incapable of compromise which is a necessary ingredient for good leadership. On the other hand, look at the unprincipled ignorant whores we have "leading" us today.
The sad part of all of this is that government was probably just as corrupt a hundred years ago. It is just that government had less taxing ability and therefor a much smaller asset extracting machine as a percentage for the average person. Government also had few intrusive options in private lives including TV mind control.
He has run for president.
He would never have done the crap both the R and the D have.
Her argument is that house prices go up. Well-when house prices go up so are the taxes on the houses! And when income does not go up but house taxes go up you get reduced consumption. Just the basics-Ms.Yelen,,,,,,just the basics.......
More importantly, I think, is the fact that it chooses winners, in the form of house owners to the detriment of those trying to acquire houses. Only about 55% of Americans own a home, so you're benefitting the wealthier side of americans to the detriment of renters and those trying to buy a home. Likewise with investments. No one seems to aknowledge or recognize that increasing asset prices hoses those trying to acquire them. It screws the poor and young and provides a giant windfall to the wealthy and older. For example, where I live, the people who live in the homes around me could never have been able to afford them at their current prices.
So much of the generational fail that is occurring is due to macro policy designed to protect those who got to the table earlier, i.e. the older generation who bought homes pre 1991, invested in equities before ZIRP, etc. It's one big reason why the younger generation wont enjoy the same (or higher) standard of living. Enjoy!
Fuck you Yellen, Fuck You Bernanke. I am so pissed off at her response I am throwing shit at my computer. I hate these motherfuckers. They have fucked me out of over $120,000 over the past 6 years. Fuck you Yellen, get cancer and die you fucking bitch
Target practice so that when you get your shot at justice, you get sum.
I went big into RE in 2009 so I made out big. Went into PMs also and lost some. Overall breaking well above even so no complaints. With a PM security blanket I sleep well in a paid off house.
Ralph Nader and Helen Thomas are great Americans, both are
of Lebanese ancestry
Worst administration in the history of this Country anyone who says otherwise fuck off.
Wait till you see Nader's letter when negative rates and illegal cash are deployed, lol.
Fuck the FED.
Ladies and gentlemen of ZH.
In history, what must be, will be.
The discovery of America by Europe had to happen. The savages had to be eliminated and The Revolutionary War had to happen. Slavery had to begin, and after it, segregation had to begin, but, what must be, will be, slavery and segregation had to end. Old School colonization of poor nations had to happen. The Boer War had to happen. The Spanish American War had to happen. The Main had to be sunk. WWI had to happen. Calvary charges had to end. Totalitarian Communism had to happen. Germany’s 20’s depression had to happen, reactionary jingoism had to happen, and Kristallnacht and the Reichstag fire had to happen. The Allies had to win WWII, Hiroshima and Nagasaki had to be publicity stunts, and the Cold War had to begin. JFK had to be wacked, the Vietnam War had to happen, the FED still was happening. Civil Rights laws had to be passed. Recognition of China had to happen, going off the gold standard had to happen, and Nixon had to be kicked out of office. Corporate Globalization had to begin. After Carter an actor had to be President. Unions had to be stifled. Perestroika and glasnost had to happen. The Berlin Wall had to come down. The MIC had to find another enemy, and suddenly 9/11 had to happen. …
Over population has to happen, poisoning the environment has to happen, and the NWO has to happen.
Ladies and gentlemen, the NWO is here, and there is nothing you can do, and nothing you could have done to stop it.
The fate of Lizzie Quinn awaits the maestroes of this heist. The cover has been blown off and the money trail is a gold brick road right to Israhell, which is being surrounded and will be wiped off the map by the end of the year. Prepare to meet your fate. The wallets never counted on Unions. The wallets never counted on 1776. the wallets never counted on Brady Bill failing. The wallets are going to pay dearly for their fantasy of Ruling The World without a vote.
Funny a VN vet said the same thing re: the map.
Time will tell.
Here are some signs of a coming recession.
1. Business loans for M&A not CAPEX.
http://www.zerohedge.com/news/2015-10-15/there-goes-final-pillar-us-recovery-loan-growth-paradox-explained
2. Factory orders continue to drop
http://www.zerohedge.com/news/2015-10-02/us-factory-orders-flash-recession-warning-drop-yoy-10th-month-row
3. Default risk spikes
http://www.zerohedge.com/news/2015-10-02/us-financials-default-risk-spikes-2-year-high
4. M&A set record
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/
5. Fed sees 2 bubbles
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
o Commercial Property higher than pre-2007 level.
http://nreionline.com/finance-investment/cre-prices-are-now-officially-above-pre-recession-peak
o Global Corporate Debt Market hits $5 trillion.
http://fn.dealogic.com/fn/DCMRank.htm
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
"we focus squarely on policies that improve the lives of all Americans by fostering maximum employment"
and that would be why the participation rate is the lowest its been in 40 years... Great Job.. Current unemployment at 5% with the participation rate at 40 yr lows is a reflection of a piss poor job, in the very least.
Look at this beauty... A short of a lifetime. http://data.bls.gov/timeseries/LNS11300000 Great Job! Thats employment in this country. Pretty Picture?
Ralph, Do something positive and effective that Washington understands-----organize a march on Washington by the elderly, by the middle aged that will never see any inheritance and from the young who have no reason to save. Just imagine scores of elderly marching down Constitution Avenue in wheechairs, canes and cruches, many with wet dripping pampers led by Ralph Nader. Congress would be forced to act and bankers feeling a media frenzy against crony capitalism. Do it Ralph ----Many of us retired and pissed off at the Fed would join you.
Wouldn't make one damned bit of difference just as the vast US anti-war movement had no real effect on stopping the Vietnam conflict. On any major issue, they will do what they want reguardless of what mere prols may want.
https://upload.wikimedia.org/wikipedia/en/0/0b/US_Vietnam_War_deaths.png
https://en.wikipedia.org/wiki/Opposition_to_United_States_involvement_in...
Banker's power is near absolute. The result of spending hundreds of millions of dollars to buy congress. The Congress is owned by the banking industry, just as it is owned by Oil. If you add the overall cost to Americans of a captive congress in which corporations pass all costs down onto the public, we would see why there is NO Wealth left for the 90%. The system is rigged, rigged by those who purchased the so called democratic process. This process today is simply one of big money and big media. Both of which are corporate.
Average voters are chumps. The fuckers still watch MSM and get worked up over their candidates. If you think these are YOUR candidates, you have a serious fucking problem!
Interesting, when I read Yellen's response, all I saw was, "blah blah blah blah blah."
Funny, I saw: I'll get you my pretty and your little dog, too.
How do they "buy" anything, or anyone, with something that is not real?
Yellen is a LIAR
1. There is no emperical evidence that low interest rates improves employment rates. In fact, theory suggests it hurts employment by making debt service on automation more affordable.
2. She fails to mention the Fed completely abrogated its regulatory responsibility
3. The jobs created since the crash pay less, have fewer benefits and are less stable than the ones lost
4. The Feds goal was obviously not to help savers, but to bail out banks. They propped up the value of the collateral so banks didnt go under. Anything else was a side effect.
5. The Fed has crated a bifurcated system where depository institutions no longer get their funds from savers but from the Fed. Savers have been marginalized by the Fed.
The FED is nothing more than a collection of the big banks. That's what it is. One big national bank.
What they did was save their own skin. They fucked the whole economy up with cheap Greenspan money, and were in danger of all going under a la Bear Sterns. So, they called their buddies at treasury, and began the zombification process with TARP. QE and everything that came after it is just more support of the banking brotherhood.
Hang the bankers. And their political cronies.
Yellen is a liar. I'm somewhat amazed that Yellen even took the time and responded to Mr. Nader. After all - when you're a god, is a reply really necessary?
LOL,
Talking about liars....
Flashback: Obama Talks "Unpatriotic" Debt In 2008
http://www.realclearpolitics.com/video/2013/03/13/flashback_obama_talks_...
Dear Ben and Janet.
You have made it worse. Ben, I have your July 2009 WSJ exit strategy article pinned above my desk. Years later you promised that when unemployment gets back under 7%, rates would rise. I guess all this makes you a liar.
Quick interest rate drops can and do give jolt to an economy. But prolonged, it becomes a detriment and kills the velocity of money and murders the savers. It forces mal investment which, as is the case now, a time bomb. It increases government borrowing for there is no reason not to float debt at such low rates. BTW, the Fed is political, and run by New York bankers....tell me i'm wrong.
Sincerely,
Me
The fact that the services of folks in the government are bought so cheaply goes to prove the low quality of these people. More likely, it is the high quality of the criminality.
I find Mr. Yellen guilty as mother fucking charged and her respose proves she is insane.
When i was growing up i Thought Nader was some kind of commie nut, 40 years later i agree with him on a lot of his stances. He is dead right on this subject . long live the corvair........ :)
Comrade, since there is no Hell, apart from "other people", then the only way The Chair and her ilk, and the masters she serves, will rot is if you act to expedite the process post haste; otherwise, you're blustering, and they will continue with their sophistry in running political cover for the banksters' license to steal in perpetuity.
The enemy is within, not ISIS, ISIL, Al-Qaeda, Russia, or China, and the enemy looks like us, you and me.
That's the kind of "forward guidance" that will get the moroncracy excited but also ensure martial law and the further progression of the rentier-socialist, corporate-state police-state.
This is the kind of mindset of marginalized "losers" of Anglo-American empire that is driving the desperate acts of Muslims in Europe and elsewhere.
Anglo-Saxon, Scots-Irish "losers" in the bottom 80-90% are not far from the similar desperation and action/reaction against Anglo-American empire.
Get up, rise up, take up, and take out some sophists and banksters.
It's all gone beyond insane.
And the government is so bloated that it's gone full Jabar the Hut.
It'll take 50 years to right size
Havenstein said the same thing back in 1922-1923...then came hyperinflation and after that Brownshirts and Hitler.....Obam would look real stupid trying to goose step down Madison Ave with his bony legs.....
Abolish the FED !
And by "stable prices" I mean 5-8% real inflation per year. And by "maximum employment" I mean 94M people out of work.
What a sack of shit!! Then tell me why between ages 24-54 there were a loss of 119,000 jobs last month.
Also tell my why Commodoties are imploding like Gold and Silver???
Full employment and stable prices,,,,,,,MY ASS!
Sometimes Nader is amusing, and he's right on this one.
Yellen tells a cute story, but she doesn't have the actual numbers to back it up.
The job and duty of central banks is to keep the monetary system organized and functioning to allow global commerce. Each CB must also look out for it's own country's interest in this world of beggar thy neighbor and currency wars.
The kindest thing one can think of them now is that they are failing miserably to keep the system going. It is not working. Commodities are not beling turned into wealth and the dollar is to blame.
Even if they had the very best of intentions my guess is that they would be unable to do much better than they are doing now. The problem is hopeless and collapse is a mathematical certainty.
I just can't get too pissed at a few bankers who are squirelling away some fiat. Most will wind up like the rest of us when this sucker blows. We all criticize them but really there are not viable options for doing things a better way. That pile of derivatives is not there because folks just like to gamble. It is the expansion of the money supply in a world where all the real stuff is already owned. If every one were bidding for real things, a coke would cost 3 bucks (joking it would be $300.) Keeping wealth in paper delays the move to real assets but fairly soon i it will happen. Imagine that whole huge pile trying to buy gold....real gold.
Shouldn't the title use the term, "Crony Socialism" instead?
Yellen wants to destroy America and create a global government run by her cronies, just as much as Israel does.
As with the markets, before long the general population will become a case of The Fed vs the unfed.
Ever wonder why the lice at the Fed and their bought and paid for servants in congress refuse a full audit? Think they have stopped printing money? Think the gold is actually still there? Think Yellen's panties don't smell bad?
you know how ignorant climate change devouts are that they cannot get their tiny brains around the fact the FED can actually destroy the envirnoment or speed up its destruction and they are. Borrowing gazillions from the future before energy productivity gains are baked in
C'mon, Ralph. Tell it like it is. Excellent.
However, I cannot blame academic Janet who lives in the world of ideas, not practise. The contest of ideas is a good thing, certo.
Certain men will be held to account personally if they carry on with this BS; ruining the world, and no respect for the USA, nor anyone else.
Mafiusa is very angry with the current State of affairs, and you know what that leads to. Enough of all this indulging dual citizens pledged to zionism which doesn't give a shit about ordinary jews, and despises the USA.
Pledges itself to the City of London, Rothschild pets. On their own heads be it individually if they persist, and refuse the Constitution.
We have an understanding. Capiche, yes?
Well I must say, Ms. Yellin, I've never heard "we're committing a massive fraud against future generations so that we can remain comfortable" spoken so sweetly before.
Now we know why there was an emergenc fed meeting today. Yellen couldn't construct that letter herself. She needed at least three other "governors" and probably a crew of underpaid underlings to whip that thing together.
She's a stupid bitch. Having a degree in economics means nothing except that she's learned how to get paid for doing nothing.
Guess what, Janet, there's a whole fucking world of welfare queens that are your equal. What's worse, most of them are probably smarter than you.
Stupid fucking bitch. Quit, you cunt.
The Federal Reserve's one and only job is stealing the American People's wealth to give to its masters, the Wall Street parasites. All measures show that It's been extremely successful in performing its job, too. Thanks, Allan Greenspan, Ben Bernanke and Janet Yellen.
Oh, and thanks to all of the political parasites over the years in the White House and Congress. The Federal Reserve was created and is maintained in power by political parasites through bribery.
Gee, I wish that I had enough money to own a few political parasites. Then I could get even more money just like the Crony Capitalists, too!
P.S. Hail Satan!
Nader gave us the solution.. "If we were organized..."
Exactly right Ralph. Damn you to hell Janet Yellen.
You dried up hagged out ignorant slut. Your mother sucks cocks in hell. God willing you will join her soon. You are nothing but a two bit can kicking whore.