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*Obama wants to protect his legacy by telling Yellen not to raise rates (which would put the economy in a major recession)
*Obama and Democratic Party wants to neutralize Sanders as well as Trump
*VP Joe Biden increasingly looking like a backup replacement should Clinton get indicted, or her aides may plead and torpedo her campaign in the process
*Obama wants to protect his legacy by telling Yellen not to raise rates (which would put the economy in a major recession)
*Obama and Democratic Party wants to neutralize Sanders as well as Trump
*VP Joe Biden increasingly looking like a backup replacement should Clinton get indicted, or her aides may plead and torpedo her campaign in the process
Hammering the poor people again. His legacy is obviously more important than what is good for the vast majority of the country.
Sitting on rates is great for Wall Street. That is his legacy......the Wall Street president.
Hammering the poor people again. His legacy is obviously more important than what is good for the vast majority of the country.
Sitting on rates is great for Wall Street. That is his legacy......the Wall Street president.
More importantly, near-zero rates have picked the pockets of savers (and, especially, seniors), where a collective millions of dollars have gone from their pockets (no interest) to those of market investors. That's what happens in an artificially robust stock market (when TINA--There Is No Alternative--is in effect).
It's simply another way for Obama to stick it to the middle class--that is his legacy.
Yeah, except for the fact that an increase in interest rates would be good for the banking sector - and frankly, needed.
In a real economy it would be good for the banks as more people would put money there but in this economy the Feds have pumped the banks already to the point where banks are just sitting on what they already have.
Hammering the poor,
Raising interst rates
Freezing interest rates
Here's the real story but don't let facts get in the way of yet another riveting thread:
Quote:
WASHINGTON — President Obama and Federal Reserve Chairwoman Janet Yellen spoke about the state of the economy, banking regulation and consumer protection — not interest rates — in a meeting Monday, the White House said.
The agenda, according to the White House, included "both the near and long-term growth outlook, the state of the labor market, inequality, and potential risks to the economy, both in the United States and globally."
Not on the agenda: Monetary policy, which is generally considered a taboo subject for presidents and the head of the central bank.
That is hardly a better spin on it. It is NOT taboo for the elected to have an input on monetary policy. The law that created the Fed explicitly states that it is up to them to actually set the course the Fed is suppose to follow.
For some reason no one wants to mention that part any longer.
Was it not Greenspan who referred to the housing bubble as " a bit of froth"?
And Bernanke that was telling us that the banks and housing were solid right up until they crashed.....so why do we continue to allow this ignorant lot run our monetary system?
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