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He essentially confirmed what I had long suspected.
Trickle-down theory = pouring a huge glass of water through a sponge atop another glass, all in the hopes of getting at least a few drops in the glass.
I have often said before that the economy cannot grow when nearly all income gains are going to a fraction of 1% of the population. The very wealthy do not spend and consume like the poor and middle class do. The velocity of our money has been terribly low since the recession, as 90% of Americans have seen their incomes in stagnation or decline
At least with no velocity we will never see hyper inflation as many have predicted.
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For those "Trickle downers" who still cling to the many decades old rhetoric..Finally, someone speaks out from a place of authority that validates what so many have been saying for many years!!
Legislation that constantly goes to favour the corporations, rich does NOT trickle down..In fact..over these years..coupled with cutting back of "Safety Net" has exacerbated the divide exponentially!!
Some People and Politicians love to demonize those who struggle ( for a multitude reasons) as being lazy..takers..freeloaders have somehow swallowed the Kool-Aid" preached by the "Trickle Downers" for decades. Yet many of these same advocates that demonize are in fact collecting those "Safety Net" perks..Kind of makes one's head spin??
This is why Milton Friedman, von Mises and von Hayak will all eventually be invalidated. None of them could correctly factor the sheep into the wolf equation.....
Yeah, my mistake-but I also don't think it's "wrong" that the very wealthy do not spend like the poor and middle class, it's just what they do and how they stay wealthy-but they should not be the only ones to have representation and consideration in our Government and Central Bank.
And considering that, policies should be implemented that grow incomes for everyone, and not just the fraction of 1% that have been receiving all income gains. Our economy is heavily reliant on consumer spending, so of course has not been growing when 90% or more of the population are seeing their take home pay dwindle and dwindle.
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Originally Posted by At-Chilles
At least with no velocity we will never see hyper inflation as many have predicted.
This is why Milton Friedman, von Mises and von Hayak will all eventually be invalidated. None of them could correctly factor the sheep into the wolf equation.....
That's true, and maybe why it hasn't been spread around or reached the economy yet-but the Fed shouldn't have created Trillions out of thin air in the first place-the US Dollar belongs to all of us-and it only has value due to our collective faith in it. Adding Trillions in debt or flirting with hyperinflation effects ALL of us-and the rise in prices effects the poor and Middle Class the most.
Agree on the second part as well-although IMO believe Friedman has already been invalidated. So too have Greenspan, Bernanke and Yellen.
I love Independents. But they rapidly disappearing as the Oligarchy obliterates them. The Fed gives the mega-corporations all the free money they want while the middle class bleeds.
Millionaires pushing socialism. Makes sense! I got mine, now shut that door!
You didn't understand his endorsement. He thinks Sanders is the only one that will create a robust economy and thus jobs for Americans-Which end up being good for Wall Street anyway.
An account created a few Months ago pushing for Ted Cruz...Makes sense.
Ted Cruz sounds like he would run a Theocratic Dictatorship, but you're scared of FDR/Truman style Democratic Socialism? LOL If Teddy Roosevelt were alive today he'd sound more like Bernie Sanders than anyone else-BREAK UP THE BIG BANKS
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