Fed policymakers call for fiscal support to save U.S. economy

Tom Paine 1949

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Mar 15, 2020
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While we nobodies at USMB scream and fight about whether the virus was a hoax or a planned conspiracy, and whether the measures taken by the Trump Administration to deal with it were hopelessly inadequate, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has recovered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, financial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming, national indebtedness and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. But after that ... ?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
 
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While we nobodies at USMB scream and fight about whether the virus was a hoax, a planned conspiracy, and whether the measures taken to deal with it were hopelessly insufficient, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has rec vered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, fin tancial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. After that, who knows?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
 
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.
Libertarian? You lost me... I thought libertarians wanted to end the Fed? But I'm going through huge withdrawal at the moment trying to get off a medication... I could be missing something simple.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
I agree with that.
 
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.
Libertarian? You lost me... I thought libertarians wanted to end the Fed? But I'm going through huge withdrawal at the moment trying to get off a medication... I could be missing something simple.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
I agree with that.
"Libertarian" in terms of claiming that they want smaller government, but then they cheer on any Republican President while he's increasing it. And yes, the Fed is now damn near as important to the everyday economy as the consumer, so all we're getting from most of the Right is lip service.

The Right, the GOP, is not libertarian, but there is clearly an influence there. The only thing that ends up accomplishing is helping the REAL socialists get more interest and attention.
 
While we nobodies at USMB scream and fight about whether the virus was a hoax, a planned conspiracy, and whether the measures taken to deal with it were hopelessly insufficient, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has rec vered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, fin tancial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. After that, who knows?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.

What do you mean by that?
 
While we nobodies at USMB scream and fight about whether the virus was a hoax, a planned conspiracy, and whether the measures taken to deal with it were hopelessly insufficient, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has rec vered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, fin tancial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. After that, who knows?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.

What do you mean by that?
Aside from the service the "small government" Republicans give, they're just fine with expanding government as long as the President has an R after his name. BUT, while they do THAT, they're also against universal health care, they attack Medicare and Social Security, on and on. It's a joke.

Closer to home for me, libertarian Alan Greenspan refused to regulate the derivatives that damn near destroyed us, even while CLTC Chairwoman Brooksley Born was BEGGING him to step in. "The markets will self-correct", the libertarian said. Later, before Congress, Greenspan admitted he FUCKED UP.
 
While we nobodies at USMB scream and fight about whether the virus was a hoax, a planned conspiracy, and whether the measures taken to deal with it were hopelessly insufficient, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has rec vered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, fin tancial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. After that, who knows?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
You wouldn't know libertarian policy if it fell on your head and knocked you out fucking cold.
 
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.
Libertarian? You lost me... I thought libertarians wanted to end the Fed? But I'm going through huge withdrawal at the moment trying to get off a medication... I could be missing something simple.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
I agree with that.
"Libertarian" in terms of claiming that they want smaller government, but then they cheer on any Republican President while he's increasing it. And yes, the Fed is now damn near as important to the everyday economy as the consumer, so all we're getting from most of the Right is lip service.

The Right, the GOP, is not libertarian, but there is clearly an influence there. The only thing that ends up accomplishing is helping the REAL socialists get more interest and attention.

The Right, the GOP, is not libertarian, but there is clearly an influence there.


Yeah, just ask Ron Paul how influential libertarian ideas and influences are with the GOP! :rolleyes:
 
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.
Libertarian? You lost me... I thought libertarians wanted to end the Fed? But I'm going through huge withdrawal at the moment trying to get off a medication... I could be missing something simple.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
I agree with that.
"Libertarian" in terms of claiming that they want smaller government, but then they cheer on any Republican President while he's increasing it. And yes, the Fed is now damn near as important to the everyday economy as the consumer, so all we're getting from most of the Right is lip service.

The Right, the GOP, is not libertarian, but there is clearly an influence there. The only thing that ends up accomplishing is helping the REAL socialists get more interest and attention.
Oh mainstream Republicans aren't libertarians... True that.
 
The Fed had to jump in during the Meltdown to buy trillions in worthless shit, again in 2019 to buy billions in bonds to keep short term credit windows open, and now they're buying more shit to save us again.

We should be asking why we keep needing the Fed to do this. But we're not. This is what happens when capitalism is perverted by libertarian thinking and goes off the fucking rails.
Libertarian? You lost me... I thought libertarians wanted to end the Fed? But I'm going through huge withdrawal at the moment trying to get off a medication... I could be missing something simple.

The socialists should be sending these ignorant "capitalists" a big Thank You card for the assist.
I agree with that.
"Libertarian" in terms of claiming that they want smaller government, but then they cheer on any Republican President while he's increasing it. And yes, the Fed is now damn near as important to the everyday economy as the consumer, so all we're getting from most of the Right is lip service.

The Right, the GOP, is not libertarian, but there is clearly an influence there. The only thing that ends up accomplishing is helping the REAL socialists get more interest and attention.

The Right, the GOP, is not libertarian, but there is clearly an influence there.

Yeah, just ask Ron Paul how influential libertarian ideas and influences are with the GOP! :rolleyes:
No joke there either.
 
Aside from the service the "small government" Republicans give, they're just fine with expanding government as long as the President has an R after his name. BUT, while they do THAT, they're also against universal health care, they attack Medicare and Social Security, on and on. It's a joke.

Closer to home for me, libertarian Alan Greenspan refused to regulate the derivatives that damn near destroyed us, even while CLTC Chairwoman Brooksley Born was BEGGING him to step in. "The markets will self-correct", the libertarian said. Later, before Congress, Greenspan admitted he FUCKED UP.
And they are both war parties... Trump isn't... but Trump isn't a republican either.
 
While we nobodies at USMB scream and fight about whether the virus was a hoax or a planned conspiracy, and whether the measures taken by the Trump Administration to deal with it were hopelessly inadequate, or an overreaction, the big boys who actually run the economy have taken dramatic measures.

So far, thanks to these extraordinary measures, despite incredible layoffs, business contraction and dramatic declines in the service economy, net consumer income and spending has held up, and the stock market has recovered. That this situation is unsustainable over the long run is clear to all, and most economists fear that a depression, financial collapse or permanently higher unemployment may result if matters get out of hand. The normal working of the economy has been disrupted. The economy has taken huge strides toward state capitalism. More Fed bailouts, credit priming, national indebtedness and “crony capitalism” seem inevitable.

At the same time Congress is debating a new raft of direct payments to millions of newly unemployed. With elections approaching differences between the two parties on fundamentals seem muted, even as both sides accuse the other of treason and fascism or communism. The Federal Reserve and corporate kingpins are pressing for fiscal spending by government to keep the economy alive, so surely something will be scotch-taped together to get us through the next months. But after that ... ?


Fed policymakers call for fiscal support to save U.S. economy

(Reuters) - The U.S. economy, battered by a resurgence in the spread of COVID-19, needs increased government spending to tide over households and businesses and broader use of masks to better control the virus, U.S. central bankers said on Monday.

The calls for increased government intervention came as U.S. lawmakers and the White House resumed talks on a new government relief package, including a possible extension of unemployment benefits that expired on Friday.

“The ball is in Congress’ court,” Chicago Fed President Charles Evans told reporters on a call. “Fiscal policy is fundamental to a better baseline outlook, to a stronger recovery and getting the unemployment rate down, people back to work safely, and ultimately reopening the schools safely.”

Without more government aid, Evans said, “aggregate demand trouble is brewing.” Translated for non-economists: people could stop spending and the bottom could really fall out of the economy.....

Fed policymakers call for fiscal support to save U.S. economy
All this will do is embolden dems to keep things shut and pisss away the money appropriated.
 
Aside from the service the "small government" Republicans give, they're just fine with expanding government as long as the President has an R after his name. BUT, while they do THAT, they're also against universal health care, they attack Medicare and Social Security, on and on. It's a joke.

Closer to home for me, libertarian Alan Greenspan refused to regulate the derivatives that damn near destroyed us, even while CLTC Chairwoman Brooksley Born was BEGGING him to step in. "The markets will self-correct", the libertarian said. Later, before Congress, Greenspan admitted he FUCKED UP.
And they are both war parties... Trump isn't... but Trump isn't a republican either.

I think you are right that both parties are imperialist parties. I disagree about Trump but that isn’t what this post is about. @Mac1958’s point about rightist “libertarian” economics, small government demagogy, bipartisan “Alan Greenspan” Fed policy is valid. Our economy is addicted to state-capitalist monetary bailouts which favor crony capitalists and the the Military Industrial Complex. Of course there are still newly evolving giant profit-making corporations, mostly technology or Internet related.

Much of our country’s wealth depends on U.S. dominance of world finance and requires more and more aggressive use of raw power (as opposed to “free trade”) to keep all competitors in line. Yet our people remain absurdly addicted to fantasies of rugged individualism and American exceptionalism. Nothing wrong with hard work and rugged individualism! But giant corporations, Wall Street and the MIC rule, and their complex rule takes the form of a more and more extreme form of imperialist state capitalism.
 
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