You want to do something about jobs? Well, considering a different Fed Chairman might be a good place to start.
Nothing would more clearly display the inability of our leaders to deal with the disastrous state of our economy than easily reconfirming Ben Bernanke for another round at the Fed on the same day that they hold a "job summit" in a harebrained attempt to try to figure out how to create jobs in this country.
So far in his tenure, Chairman Bernanke has already told us that housing prices won't go down, the subprime market will be "contained", unemployment won't get to 10% and that instead of regulation, those responsible Wall Streeters who used credit derivative swaps could just be trusted to use them "properly". Of course, he thinks this performance should be rewarded with more power and utter secrecy.
If the definition of insanity is doing the same thing over and over again and expecting different results, does that make Bernanke crazy for still basing our nation's economic policies on his terrible predictions? Does it make Congress crazy for reconfirming him? Or does it make us crazy for voting these people into office??
Defenders like to point out what a fantastic job Chairman Bernanke has done "rescuing" our economy from supposed CERTAIN DOOM, utilizing his formidable expertise on the Great Depression as his guidance (or cover) for providing an infinite supply of money to our most culpable banks with no strings attached. Dropping the future wealth of America from the sky is a pretty easy way to put out almost any economic fire, but in this case our superstar fireman also happens to be one of the primary arsonists.
So what does Bernanke's failure to be a proper steward of our nation's banks have to with jobs?
Unlike any other business, banks and insurance companies are the only companies that do business with the wealth of others. Banks are also the only business granted a list of special privileges and responsibilities. This was done to encourage banks to take the savings of others and lend it out to American businesses and individuals, with the goal of helping grow new ideas and businesses that serve the current and future needs of society and, in the process, create jobs that help fulfill those needs.
But our banks haven't been serving the interests of the broader economy for quite some time.
Instead of being incentivized by the government to lend money to all the innovators, investors and workers in this country, our banks are either hoarding cash, playing the spread between low interest government loans and higher yields or just flat-out gambling through the giant and ongoing insurance fraud that is the derivatives market.
The Federal Reserve and other government programs are literally pouring a potential $23.7 trillion of taxpayer money into bucket with a giant hole in the bottom and wondering why there are no jobs.
Would you work if you could steal money without consequences? Would you do the hard work of lending money to the small businesses of America if you could just make more gambling it in swap markets of New York and never have to worry about the losses?
This economic model is not geared towards jobs. This is not capitalism. This is not American. This is a crime.
So when the very same government proclaims today at a so-called "jobs summit" that, by golly, they really want to try and come up with some ideas to help you get a job, tell them a good place to start would be to deal with the recent job performance of one of our economy's chief arsonists.
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You da man!! Keep it up!
I'm so sick of hearing the "ra ra ra" on bills that benefit corporations, not people.
Some of us are more informed than these politicians who debate meaningless talking points, never focusing on the reasons and problems behind legislation, like the amount of lobbying money currently flowing into Democratic coffers, especially from the healthcare and Insurance sectors.
Ben will keep his job, after all, politicians are the ultimate enablers of this transfer of wealth from the masses to the few: members of the elite club of power and wealth.
If we want anything to change anything in the U.S., we need to take all lobbying money out of Congress, force public financing of campaigns and elections, give equal and free air time for campaigns, create real transparency in government, independent bodies with oversight over the Pentagon, the Fed, intelligence agencies, Congress and the White House. Term limits must be put in place for Congress, and The Supreme Court.
No more lobbyists and corporate lawyers writing bills. Congress shouldn't be focused on fundraising leaving them no time to write bills, read bills or research what their constituents want.
Unless we change the root of our problems, the system of government will stay legally corrupt and we will continue to see the gap between rich and poor widen, resulting in the complete destruction of the middle class.
The USA has a similar prime rate, yet mortgage rates are around 5%. Now why do you suppose that is? Sweden is a government first and foremost of and for the people--business being big enough to take care of itself which it does quite nicely. (They also pay their fair share of taxes.)
We are so clueless about the rest of the world it's no wonder we're so easily and frequently fleeced. Blaming poor Ben for years of stupid Laffer curve/supply-side economics is just another way of fogging facts: we're had because we're ignorant. Until we stop believing we're the center of the universe and learn what's happening in other civilized countries we will continue to be had. Blaming Ben is like the the cat scratching whatever's closest, or the drunk looking for his lost wallet under the lamp post because the light's better.
Trickle-down doesn't trickle because in business trickle equals leak, and business goes after money leaks with vengeance. What do you suppose all those absurdly high priced consulting companies do?
The USA is on its way to becoming history's greatest farce.
I do believe that was a verbal "beat down" !
Can you tell me why the mainstream media refuses to support your battle cry?
You do a great job ... but it seems like you are the only journalist pointing a spot light on this problem.
I suggest you start "outing" these criminals ... Wall Streeters AND Politicians ... Republicans & Democrats ... and at least start "shaming" these people.
They deserve prosecution.
http://www.youtube.com/watch?v=yyCPM8ZLH5A
Are you visiting from another planet perhaps?
Don't tell me, let me guess...
You either have a job or are retired?
It's easy to blame crooked corporations or politicians or the liberals or the conservatives, but the real fault is in us. By refusing to be involved or even informed, by refusing to express our opinions at the ballot box, we have in effect abdicated our right to rule ourselves.
[Dont confuse currency with money. Currency is 'legal tender' and is not the same as money. Money is anything that can be accepted in payment. Currency is issued on the credit of the state, and is the only form of money that legally extinguishes debt. That we give this privilege to the fractional reserve banking system, that we give a privileged legal status to private banks, is the crux of our problem. Bank credit should have no greater legal status than any other form of social credit. Credit issued by a bank is a private privilege, but a public liability, which is why those banks got bailouts. The privilege of the issue of legal tender currency should be reserved to the state because currency issued by the state is backed by the power to tax. By this means the government starts to put real money, not credit, into circulation for infrastructure.]
Banks and insurance companies have slowly gotten the rules changed to favor themselves at the expense of the rest of the country. Influence buying by lobbyists has become so pervasive it's become business as usual and representative government (by the people) is completely undercut.
Engaging in the opium trade or arms dealing? Small beans! I wish that's all Goldman Sachs has been up to.