The banking lobby misrepresents the situation in two ways. First, they foster the belief that the economy needs lower rates to 'get going.' Second, the banking lobby likes to pretend that there is no alternative.
It's time for the Federal Reserve Banks to replace the old boy networks with computer networks. Their boards are supposed to have representatives of the public and specifically of consumers and labor but they complain they can't find many. Crowd-sourcing can address this problem.
The global economic orthodoxy is being widely rejected by people who are pessimistic about the direction their country is taking. Most people have little faith that the lives of their children and future generations will be better off.
If I'm elected to represent Hawaii's Second Congressional District, I promise to support comprehensive banking reform that prevents banks from becoming too big and too precarious to ever again endanger our livelihoods as they did in 2008, and as they continue to do today.
Henry Kaufman, Dr. Gloom from a distant age when Salomon Brothers was still King of Wall Street, penned an op-ed in the Wall Street Journa declaring that, sooner or later, the era of monstrous, too-big-to-fail banks will end.
President Clinton, I hope you will see the error of your ways on this fundamental issue. Those middle-class people who work hard and play by the rules want you back on their side where you once were, not the side of the big banks.