Biden will nominate yellen as treasury secretary. The Keynesian that supports failed Keynesian economic policies.
Keynesian economics has failed over and over and over and over. ******* idiots.
But hey, the statists love it. It grows the federal govt!
GO MURICA'
Keynesian economic policies are far more successful than the hyper-capitalism which has been discredited around the world as "trickle down economics", or as Bush 41 correctly dubbed them "voodoo economics". You currently have 80% of the wealth of the nation flowing to the top 20%, while in Keynesian economies, that number is less than 50%/. Norway is 48%, Canada is 39%.
A thriving and economically vibrant middle class is the key to a thriving and successful economy. The American middle class is shrinking, and more are fallling into poverty than are rising to wealth. This is a feature, not a bug of the Republican economic policies.
40 years of Republican economic policies and tax codes has accelerated this transfer of wealth and power to the top, and working Americans have cheered as they've done it. It makes no economic sense whatsoever, and is the reason why Republicans don't ever tell the truth.
The
real socialists in this country should be thanking these pseudo-capitalists for their help.
They have so misapplied capitalism -- thinking that any controls are the bane of capitalism rather than a
critical component of it -- that they have made more and more people interested in an alternative due to the imbalances they have created.
These arrogant, ignorant wannabe economists have opened the door to the very thing they're most afraid of.
The imbalances were created BY THE GOVT. Not Capitalism.
Prove me wrong.
The years 2008 through 2015 should be known as the Great Fleecing.
During that time, the greatest transfer of wealth in the history of the world occurred. Some $4.5 trillion was given to Wall Street banks through its Quantitative Easing program, with the American people picking up the IOU.
“If liberals are angry about inequality, they should look no further than President Obama.”
This is the primary reason the US economy has not been able to recovery from the bank implosion of 2008.
Surely if you inject $4.5 trillion into the economy, you will get economic growth. You will get a 4% to 5% increase in Gross Domestic Product for at least a year or two.
Yet the Obama administration is the first two-term presidency that has not posted a 3% GDP growth on an annualized basis for 8 years. Even Franklin Delano Roosevelt posted 3% growth year during the Great Depression.
That’s because the $4.5 trillion was not given to any infrastructure program — it was given to banks, under the misguided notion that they needed the money to remain solvent. The banks promptly invested this money, which kept the stock market humming, but did nothing for jobs, wages or the GDP.
This was by design. The Fed could not allow the bank’s largesse to be circulated into the public for fear of rapid inflation.
The banks also funded company mergers, company debt offerings and stock buybacks. This activity kept the money sequestered and allowed a greater return for the banks. After all, they were getting free money to invest — there was no way to lose.
Who did this help? The 1%, and pretty much only the 1%.
These actions are the reasons the American middle class has been decimated and no longer makes up the majority of the population.
If liberals are angry about inequality, they should look no further than President Obama. He has done more to contribute to the gap between rich and poor than anyone.
When people use the term Great Recession, they are playing into the charade laid out by Federal Reserve and the Treasury Department. The years 2008 through 2015 should be known as the Great Fleecin…
nypost.com
Capitalism is NOT the problem. Gov't is.