Just read that the fed going to leave interest rates unchanged.
Party on, Wayne!
Party on, Garth!
Does this mean JC Collins is wrong?
robert h siddell jr
September 17, 2015 3:13 pm
Worse than death.
Administrator
Author
September 17, 2015 3:46 pm
Maxine Waters Congratulates Yellen On Not Hiking Rates, Says ZIRP Is Precisely What “Minorities” Need
Submitted by Tyler Durden on 09/17/2015 15:36 -0400
If there was any doubt that the Fed has now officially lost control, then Maxine Waters’ congratulating Yellen on not hiking rates should seal it.
* * *
Following the announcement of a decision today by the Federal Open Markets Committee to hold off on raising interest rates, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, commended the cautious and prudent approach to ensuring continued economic growth of the U.S. economy.
In the statement, Waters noted global market volatility and the fact that many families in minority communities have yet to fully benefit from the progress the economy has made, and encouraged the panel to continue to consider these factors in the panels considerations moving forward.
She released the following statement.
“I am pleased the Federal Reserve under the leadership of Chair Yellen has chosen to exercise a prudent and cautious approach to safeguarding our economy by carefully weighing the full range of economic data in assessing whether to raise interest rates.
Since the depths of the Great Recession, which decimated our economy and left millions of families out of work and displaced from their homes, our economy has made remarkable progress.
But despite these gains, volatility in global markets continues to threaten our economic outlook. Furthermore, persistent slack in the labor market remains, with many families who have yet to reap the benefits of the economic recovery.
Data has shown that for African-Americans and Latino communities, the unemployment rate remains considerably higher than those of their white counterparts.
Moving to prematurely raise rates will endanger the critical economic progress we have made, and threaten any gains minorities have only begun to make on the tail end of this recovery.
I remain hopeful that the Fed will continue to keep the well-being of all Americans in mind as they consider potential rate hikes moving forward.”
* * *
It wasn’t quite clear which minority she was referring to: the 1% or the 0.1%.
But there you have it: one more person unable to grasp that it is the Fed’s policies in the first place that have left “millions of families out of work and displaced from their homes.”
In time, they will grasp it, right around the time the last ounce of Fed credibility has gone.
“Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing…
Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are— a simple upward redistribution of income, rather than a way to make all of us richer, as we were told…
We need to design an economic system that, while acknowledging that people are often selfish, exploits other human motives to the full and gets the best out of people. The likelihood is that, if we assume the worst about people, we will get the worst out of them.”
Ha-Joon Chang, University of Cambridge
As you may have gathered, the Fed did nothing in particular today.
They did give a nod to the rest of the world however, with this sentence in their policy statement.
“Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.”
When it is not the Winter, it’s China and/or market volatility.
It is always something but certainly no fault on the might FOMC, font of wisdom, paragon of virtue.
There was some intraday commentary on the Fed here and here.
The Fed’s policy errors might be more interesting to watch if one was not within the blast radius of their many abuses of the real economy. Unfortunately with their finger on the trigger of the world’s reserve currency, there are not as many places to hide as there may have been before.
I just love all this talk of the ‘tight labor market’ with Labor Participation at multi-decade lows and record levels of child poverty, among other things. You have to ask, do these people really believe what they are saying? And if so, is that even more frightening than if they were just being politically expedient?
AnarchoPagan
September 17, 2015 5:02 pm
Bea, PLEASE, I didn’t need that mental image…
NickelthroweR
September 17, 2015 5:04 pm
I think that this shows how far down the rabbit hole we’ve gone. The FED no longer even pretends to be a bank anymore with its profits tied to interest rates but, instead, a giant unaccountable printing press that is now held hostage by Wall St.
Tim
September 17, 2015 8:37 pm
Cool. Thanks, T4C. I’ll read it later tonight or tomorrow.
I dig his stuff. I think he provides an alternate viewpoint that’s worth considering.
Thanks again.
TE
September 18, 2015 1:44 pm
Dear Ms. CrazyAss Politician:
Global MARKETS are NOT the global economy. Nor do they help “minorities” here, there or anywhere.
Global markets are nothing but huge casinos where computers make a handful of connected elite richer than God.
The fate of our country has NOTHING to do with global markets.
It has to do with COMMUNITY production and a return to the values – like work and love of family – that once made us the greatest place on earth for everyone, including minorities, to better themselves.
Well, that’s gone.
@Nickel, only one quibble, it isn’t just Wall Street, it IS the US Treasury. There is NO way that our stated borrowing needs are real. If not for the Fed printing trillions the debacle of this ever-growing, larger than ever before, bureaucratic nightmare of control of every aspect of our life could not continue.
That we expect those that benefit in CONgress to rein in the Fed, that enables their own return to their paid-for-life corrupted crowns, to be the same ones to do something shows just how far our insanity has embedded itself into our national psyche.
Expecting the freaking fox to come up with plans to protect the chicken coop, that is more like the Fed/Treasury/WS monstrosity.
Just read that the fed going to leave interest rates unchanged.
Party on, Wayne!
Party on, Garth!
Does this mean JC Collins is wrong?
Worse than death.
Maxine Waters Congratulates Yellen On Not Hiking Rates, Says ZIRP Is Precisely What “Minorities” Need
Submitted by Tyler Durden on 09/17/2015 15:36 -0400
If there was any doubt that the Fed has now officially lost control, then Maxine Waters’ congratulating Yellen on not hiking rates should seal it.
* * *
Following the announcement of a decision today by the Federal Open Markets Committee to hold off on raising interest rates, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, commended the cautious and prudent approach to ensuring continued economic growth of the U.S. economy.
In the statement, Waters noted global market volatility and the fact that many families in minority communities have yet to fully benefit from the progress the economy has made, and encouraged the panel to continue to consider these factors in the panels considerations moving forward.
She released the following statement.
“I am pleased the Federal Reserve under the leadership of Chair Yellen has chosen to exercise a prudent and cautious approach to safeguarding our economy by carefully weighing the full range of economic data in assessing whether to raise interest rates.
Since the depths of the Great Recession, which decimated our economy and left millions of families out of work and displaced from their homes, our economy has made remarkable progress.
But despite these gains, volatility in global markets continues to threaten our economic outlook. Furthermore, persistent slack in the labor market remains, with many families who have yet to reap the benefits of the economic recovery.
Data has shown that for African-Americans and Latino communities, the unemployment rate remains considerably higher than those of their white counterparts.
Moving to prematurely raise rates will endanger the critical economic progress we have made, and threaten any gains minorities have only begun to make on the tail end of this recovery.
I remain hopeful that the Fed will continue to keep the well-being of all Americans in mind as they consider potential rate hikes moving forward.”
* * *
It wasn’t quite clear which minority she was referring to: the 1% or the 0.1%.
But there you have it: one more person unable to grasp that it is the Fed’s policies in the first place that have left “millions of families out of work and displaced from their homes.”
In time, they will grasp it, right around the time the last ounce of Fed credibility has gone.
Yellen is a pussy……oh wait.
More of the Ineffective Sameness
By Jesse
“Since the 1980s, we have given the rich a bigger slice of our pie in the belief that they would create more wealth, making the pie bigger than otherwise possible in the long run. The rich got the bigger slice of the pie all right, but they have actually reduced the pace at which the pie is growing…
Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rich as what they are— a simple upward redistribution of income, rather than a way to make all of us richer, as we were told…
We need to design an economic system that, while acknowledging that people are often selfish, exploits other human motives to the full and gets the best out of people. The likelihood is that, if we assume the worst about people, we will get the worst out of them.”
Ha-Joon Chang, University of Cambridge
As you may have gathered, the Fed did nothing in particular today.
They did give a nod to the rest of the world however, with this sentence in their policy statement.
“Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.”
When it is not the Winter, it’s China and/or market volatility.
It is always something but certainly no fault on the might FOMC, font of wisdom, paragon of virtue.
There was some intraday commentary on the Fed here and here.
The Fed’s policy errors might be more interesting to watch if one was not within the blast radius of their many abuses of the real economy. Unfortunately with their finger on the trigger of the world’s reserve currency, there are not as many places to hide as there may have been before.
I just love all this talk of the ‘tight labor market’ with Labor Participation at multi-decade lows and record levels of child poverty, among other things. You have to ask, do these people really believe what they are saying? And if so, is that even more frightening than if they were just being politically expedient?
Bea, PLEASE, I didn’t need that mental image…
I think that this shows how far down the rabbit hole we’ve gone. The FED no longer even pretends to be a bank anymore with its profits tied to interest rates but, instead, a giant unaccountable printing press that is now held hostage by Wall St.
Cool. Thanks, T4C. I’ll read it later tonight or tomorrow.
I dig his stuff. I think he provides an alternate viewpoint that’s worth considering.
Thanks again.
Dear Ms. CrazyAss Politician:
Global MARKETS are NOT the global economy. Nor do they help “minorities” here, there or anywhere.
Global markets are nothing but huge casinos where computers make a handful of connected elite richer than God.
The fate of our country has NOTHING to do with global markets.
It has to do with COMMUNITY production and a return to the values – like work and love of family – that once made us the greatest place on earth for everyone, including minorities, to better themselves.
Well, that’s gone.
@Nickel, only one quibble, it isn’t just Wall Street, it IS the US Treasury. There is NO way that our stated borrowing needs are real. If not for the Fed printing trillions the debacle of this ever-growing, larger than ever before, bureaucratic nightmare of control of every aspect of our life could not continue.
That we expect those that benefit in CONgress to rein in the Fed, that enables their own return to their paid-for-life corrupted crowns, to be the same ones to do something shows just how far our insanity has embedded itself into our national psyche.
Expecting the freaking fox to come up with plans to protect the chicken coop, that is more like the Fed/Treasury/WS monstrosity.