Trump + The Fed/Economy In General

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Arthur Dent
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Re: Trump + The Fed/Economy In General

Post by Arthur Dent »

greenback44 wrote: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.
It has a mandate from Congress and regular oversight hearings and what have you, but in terms of its actual behavior, I think it’s fair to say it strongly favors the price stability portion of that mandate over the full employment portion, and that this is in part because of it’s institutional structure that gives a huge say to bankers. For years, the Fed has been fighting inflation that never comes while almost never meeting its obligation to create full employment. The costs to regular people of constantly marginal to bad labor markets are overwhelming while the costs of inflation running a bit higher are not particularly obvious, and greater democratic pressure for the Fed to serve those broad public needs would be a good thing.
Last edited by Arthur Dent on August 28 19, 8:43 am, edited 1 time in total.
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Re: Trump + The Fed/Economy In General

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Freed Roger wrote:What actually is a good idea wrt SC and the Fed?
With the Fed, eliminating the ability for bankers to select members of the open market committee would be a good start as would prioritizing Fed board of governors selections as among the most important Presidential appointments.

On the Supreme Court, the power to overrule Congress should be scaled way back. I think you can make an argument that the Court can be useful enforcing equal protection, but unelected aristocrats determining health, environmental, gun policy etc. is clearly undemocratic insanity.
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33anda3rd
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Re: Trump + The Fed/Economy In General

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Arthur Dent wrote:
Freed Roger wrote:What actually is a good idea wrt SC and the Fed?
With the Fed, eliminating the ability for bankers to select members of the open market committee would be a good start as would prioritizing Fed board of governors selections as among the most important Presidential appointments.

On the Supreme Court, the power to overrule Congress should be scaled way back. I think you can make an argument that the Court can be useful enforcing equal protection, but unelected aristocrats determining health, environmental, gun policy etc. is clearly undemocratic insanity.
Yeah, the purpose of the SC is to protect the Constitution by determining the constitutionality of legislation. The Constitution was made to be changed, with Jefferson even saying the Constitution should provide for its own revision "at stated periods." He practically called for periodic job performance reviews of the document. The guys who wrote the damn thing were more open to having their own work changed/overrode/adapted than people now, centuries later. So when the Congress acts to change for example gun laws, there should not be a provision that seven lifetime political appointees, many in their 80s, are allowed to refuse Jefferson's notion and strike down a law that is made for the modern world when it conflicts with their narrow view of the founders' intent a couple hundred years ago.
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Re: Trump + The Fed/Economy In General

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33anda3rd wrote:
Arthur Dent wrote:
Freed Roger wrote:What actually is a good idea wrt SC and the Fed?
With the Fed, eliminating the ability for bankers to select members of the open market committee would be a good start as would prioritizing Fed board of governors selections as among the most important Presidential appointments.

On the Supreme Court, the power to overrule Congress should be scaled way back. I think you can make an argument that the Court can be useful enforcing equal protection, but unelected aristocrats determining health, environmental, gun policy etc. is clearly undemocratic insanity.
Yeah, the purpose of the SC is to protect the Constitution by determining the constitutionality of legislation. The Constitution was made to be changed, with Jefferson even saying the Constitution should provide for its own revision "at stated periods." He practically called for periodic job performance reviews of the document. The guys who wrote the damn thing were more open to having their own work changed/overrode/adapted than people now, centuries later. So when the Congress acts to change for example gun laws, there should not be a provision that seven lifetime political appointees, many in their 80s, are allowed to refuse Jefferson's notion and strike down a law that is made for the modern world when it conflicts with their narrow view of the founders' intent a couple hundred years ago.
The odds of things changing are slim
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Re: Trump + The Fed/Economy In General

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33anda3rd wrote:this is terrifying.

Basically as his tariffs hurt, and as his tax plan shows not to be a huge bump to the economy, Trump, who is despite that still presiding over the longest expansion in our economy in history, is demanding the Fed bow to his wishes to artificially bump the economy more, propping us up for a crash later but helping his re-election cause.
If the economy hadn't melted down in late 2008 - would Obama had defeated McCain Palin?

Deregulation, rollback of environmental protections, massive deficit spending.....the message is clear - GOP is doing everything it can to juice an economy (short term) and not have it meltdown on their watch before 11/2020
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pioneer98
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Re: Trump + The Fed/Economy In General

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FORMER TRUMP ADVISER DUMPED MILLIONS IN STEEL STOCKS DAYS BEFORE THE PRESIDENT ANNOUNCED NEW TARIFFS
A billionaire investor and former presidential adviser unloaded nearly $31.3 million in a steel-related stock company just days before President Donald Trump announced he would impose steep tariffs on foreign steel and aluminum—news that sent stock markets tumbling around the world.

Between February 12 and February 22, three of Carl Icahn's companies happened to place four sell orders amounting to $31,277,063.43, according to a Securities and Exchange Commission filing. The filing was first reported by the liberal news site ThinkProgress.

At the time, Icahn owned more than 5 percent of Manitowoc Company Inc.'s shares. Manitowoc Company Inc. is a "leading global manufacturer of cranes and lifting solutions" based out of Wisconsin, according to its website. Manitowac Cranes describes itself as one of the "largest providers of lifting equipment for the global construction industry."
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Re: Trump + The Fed/Economy In General

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Carl Icahn is on the Mt Rushmore of why capitalism doesn’t work
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pioneer98
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Re: Trump + The Fed/Economy In General

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Here's Why The Prior Jobs Report Numbers Were Wrong By Over Half A Million
In a stunning announcement, The Bureau of Labor Statistics reported that the official payroll numbers in 2018 and 2019 were vastly overstated. It turns out that the amount of new jobs created were tremendously inflated and had to be reduced downwards by more than 500,000 jobs. This embarrassing admission raises questions as to the actual strength of the job market, the success of the Trump-initiated tax cuts and how exactly these numbers are calculated.

The U.S. Department of Labor releases the jobs report on a monthly basis. It serves as a gauge as to the financial health and well being of the country. For instance, if there are more people obtaining jobs, then it is deemed good for the economy. Corporations, the government and individuals will make financial and life-critical decisions based upon these numbers, which reflect the direction of the American economy.

The newly revised numbers indicate that over 60% of the downward revisions emanated from the retail, leisure and hospitality sectors. These industries are closely tied to consumer spending. Our economy is highly dependent on individual spending, as it comprises over 70% of the economy. According to the Associated Press, “This was the sharpest downward revision in jobs totals since 2009, when the economy was just starting to emerge from the Great Recession.”
I'm really surprised they didn't suppress this until after the election, but then again, nothing matters any more. Trump will just tweet "FAKE NEWS!!!" and we will all move on.
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Re: Trump + The Fed/Economy In General

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33anda3rd
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Re: Trump + The Fed/Economy In General

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The remaining employees should unionize. As should the Home Depot employees, the Target employees. Probably best would be a Retail Employees Union created in a major city that covers employees of all three plus Best Buy, the Kroger family of stores, etc. Lowe's earns a bit over a billion and a half dollars in an average quarter, they can afford it.

And, of course, Amazon should be broken up.
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