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PostPosted: August 23 19, 7:56 pm 
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There's someone in my head but it's not me
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Location: Clowns to the left of me. Jokers to the right. Here I am.
Jocephus wrote:
dad said he lost 7 grand in his retirement today

Yep, not a good day. Especially only 4 months from retirement.

But if that’s what needs to happen to purge us of this scourge then bring it on.


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PostPosted: August 27 19, 5:40 pm 
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Bill Dudley, the former president of the Federal Reserve Bank of New York (aka the #2 guy at the Fed), wrote what can only be described as an irresponsible opinion column for Bloomberg today. The worst is here:
Quote:
There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the U.S. and global economy, to the Fed’s independence and its ability to achieve its employment and inflation objectives. If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.

This is where the camera cuts back to John Oliver, who then says "Holy [expletive]!" Dudley's larger argument is that the Fed should be playing hardball with Trump, which is just WUT. The Fed has a clear mandate from Congress, and that mandate does not include giving instructions to the President of the United States on how he should conduct trade policy. Considering the Fed has its own share of getting things wrong, the arrogance here is just unbelievable.


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PostPosted: August 27 19, 6:03 pm 
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greenback44 wrote:
Considering the Fed has its own share of getting things wrong, the arrogance here is just unbelievable.

No more arrogant that the White House. If the White House doesn't play by any rules, why should anyone else? Trump likes chaos, so here we are.


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PostPosted: August 27 19, 8:29 pm 
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Joe Shlabotnik wrote:
greenback44 wrote:
Considering the Fed has its own share of getting things wrong, the arrogance here is just unbelievable.

No more arrogant that the White House. If the White House doesn't play by any rules, why should anyone else? Trump likes chaos, so here we are.

That's a pretty low standard. The idea that the Fed doesn't answer to elected leaders is aristocracy in action, and is antithetical to democratic principles. Be careful what you wish for here.


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PostPosted: August 27 19, 9:24 pm 
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greenback44 wrote:
The idea that the Fed doesn't answer to elected leaders is aristocracy in action, and is antithetical to democratic principles. Be careful what you wish for here.

I mean it kind of doesn’t though. In addition to the bonkers structure that lets bankers control it directly, economists argue that ignoring democratic input is a matter of principle. I agree that this is bad, but according to orthodoxy being above democracy is a show of responsibility and not new.


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PostPosted: August 27 19, 9:31 pm 
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greenback44 wrote:
Joe Shlabotnik wrote:
greenback44 wrote:
Considering the Fed has its own share of getting things wrong, the arrogance here is just unbelievable.

No more arrogant that the White House. If the White House doesn't play by any rules, why should anyone else? Trump likes chaos, so here we are.

That's a pretty low standard. The idea that the Fed doesn't answer to elected leaders is aristocracy in action, and is antithetical to democratic principles. Be careful what you wish for here.

Wait a minute - the FED is not supposed to answer to elected leaders! The whole point of the body is to be an independent voice about economic matters not concerned with the political fallout of their decisions. Like judges.

Jesus Christ where have we gone as a country?


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PostPosted: August 27 19, 9:45 pm 
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Joe Shlabotnik wrote:
Like judges.

The Supreme Court, of course, being a leading example of what a bad idea this is.


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PostPosted: August 27 19, 9:59 pm 
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Arthur Dent wrote:
Joe Shlabotnik wrote:
Like judges.

The Supreme Court, of course, being a leading example of what a bad idea this is.

no, I'm going to disagree with you here. An independent judiciary is indispensable to a democracy. It's debatable whether we have one, but if you did, you'd need justices who, again, aren't worried about the politics of their decisions.


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PostPosted: August 27 19, 10:13 pm 
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Arthur Dent wrote:
greenback44 wrote:
The idea that the Fed doesn't answer to elected leaders is aristocracy in action, and is antithetical to democratic principles. Be careful what you wish for here.

I mean it kind of doesn’t though. In addition to the bonkers structure that lets bankers control it directly, economists argue that ignoring democratic input is a matter of principle. I agree that this is bad, but according to orthodoxy being above democracy is a show of responsibility and not new.

No, the Fed has a clearly prescribed legal mandate from Congress. The Fed has been given a buffer to the day-to-day political pressures from demagogues like Trump. Aside from libertarian kooks with weird bumper sticker fetishes, most people recognize this buffer as useful to society, but the presence of that buffer does not mean the Fed can do whatever the hell it wants to keep unemployment low and prices stable. Government employees must respect the limits of their institutional powers and respect the electoral process.

This gets me pretty riled up, because I think that dip stick Jim Comey violated that principle in October 2016, and that little glitch may have been enough to put this idiot in power.


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PostPosted: August 27 19, 10:30 pm 
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Arthur Dent wrote:
Joe Shlabotnik wrote:
Like judges.

The Supreme Court, of course, being a leading example of what a bad idea this is.

I agree with Joe's post on what the Fed ,,( and SC ) is supposed to be, an independent body free of politics. but also surmise Dent has a point-
and we are doomed.

Dent ? - regarding it being a bad idea. What actually is a good idea wrt SC and the Fed?


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