Tag: Jon Hilsenrath

CONSUMERS NOT FOLLOWING ORDERS

Last week the government reported personal income and spending for April. After months of blaming non-existent consumer spending on cold weather, shockingly occurring during the Winter, the captured mainstream media pundits, Ivy League educated Wall Street economist lackeys, and Keynesian loving money printers at the Fed have run out of propaganda to explain why Americans are not spending money they don’t have. The corporate mainstream media is now visibly angry with the American people for not doing what the Ivy League propagated Keynesian academic models say they should be doing.

The ultimate mouthpiece for the banking cabal, Jon Hilsenrath, who does the bidding of the Federal Reserve at the Rupert Murdoch owned Wall Street Journal, wrote an arrogant, condescending, putrid diatribe, directed at the middle class victims of Wall Street banker criminality and Federal Reserve acquiescence to the vested corporate interests that run this country. Here are the more disgusting portions of his denunciation of the formerly middle class working people of America.

We know you experienced a terrible shock when Lehman Brothers collapsed in 2008 and your employer responded by firing you. 

We also know you shouldn’t have taken out that large second mortgage during the housing boom to fix up your kitchen with granite counter-tops. 

You should feel lucky you’re not a Greek consumer.

Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates.

We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.

Please let us know the problem.

The Wall Street Journal was swamped with thousands of angry responses from irate real people living in the real world, not the elite, QE enriched, oligarchs living in Manhattan penthouses, mansions on the Hamptons, or luxury condos in Washington, D.C. Hilsenrath presumes to know how the average American has been impacted by the criminal actions of sycophantic Ivy League educated central bankers and their avaricious Wall Street owners.

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Memo To The Fed And Jon Hilsenrath: We’re Not Here To Enrich Your Corporate Cronies

Guest Post by Charles Hugh Smith

Memo to the Fed: you are the enemy of the middle class, capitalism and the nation.

The Federal Reserve is appalled that we’re not spending enough to further inflate the value of its corporate and banking cronies. In the Fed’s eyes, your reason for being is to channel whatever income you have to the Fed’s private-sector cronies–banks and corporations.

If you’re being “stingy” and actually conserving some of your income for savings and investment, you are Public Enemy #1 to the Fed. Your financial security is nothing compared to the need of banks and corporations to earn even more obscene profits. According to the Fed, all our problems stem from not funneling enough money to the Fed’s private-sector cronies.

Fed media tool Jon Hilsenrath recently gave voice to the Fed’s obsessive concern for its cronies’ profits, and received a rebuke from the middle class he chastised as “stingy.” Hilsenrath Confused Midde-Class “Responded Strongly” To “Offensive” Question Why It Isn’t Spending.

Memo to the Fed and its media tool Hilsenrath: we’re not here to further enrich your already obscenely rich banker and corporate cronies by buying overpriced goods and services we don’t need. Our job is not to spend every cent we earn on interest to banks and mostly-garbage corporate goods and services. Our job is to limit the amount we squander on interest and needless spending. Our job is to build the financial security of our families by saving capital and prudently investing it in assets we control (as opposed to letting Wall Street control our assets parked in equity and bond funds).

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QUOTES OF THE DAY – RESPONSES TO HILSENRATH

Thomas Moran wrote:
Dear John,
The American consumer had to absorb a $1500 increase in out of pocket health care costs over the past 2 years. Insurance premium increases and deductible increases were passed on to the consumer under the “ACA” ; your paper routinely ignores this fact when discussing consumer spending. Today you are reporting another significant premium increase in the works for next year. So start reporting the news instead of blaming others for the Fed’s, Administration’s and Wall Street economists consistently inaccurate economic forecasts. Yes, the “ACA” has hurt consumer spending.
Meanwhile, mean U.S. family income is stuck at the same level as the late ’90s in part because of the trade deals that outsourced millions of middle class jobs. Now your paper is supporting the fast track of another piece of legislation that we need to pass to find out what is in it.
Why don’t you spend more time talking to consumers than your inside Fed sources?

josap wrote:
Welcome to Main Street. We don’t think 5 years is a long time and in those years many of us have not “recovered”. The cost of utilities, insurance, education, food has gone up – our inflation is measured in what we buy week to week. We don’t buy a car or a stove or an airplane everyday, we buy consumables.

Many are paying off old debt, student loans, subprime car loans. Main Street has not been the recipient of 0% interest rates. Some are increasing their savings, if they have any to save.

You want us to spend? You think buying cheap foreign goods helps US Main Street? We figured out buying plastic nonsense that doesn’t last isn’t worth it, we are saving to buy quality if we buy at all.

Tom wrote:
So, according to this “logic” spending is only when you consume something. When you spend your money on investments, i.e. saving, then you are not spending at all and this is a “problem”. Countries with high saving rates end up with high economic growth. As US economic growth slows, perhaps permanently, one might question the economic policy that wants people to consume all the time and not save. No saving, no capital formation, no growth; that is what is wrong with America.

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It Rubs the Lotion On Its Skin

Guest Post by Jesse

“It rubs the lotion on its skin, or else it gets the hose again.”

Buffalo Bill, The Silence of the Lambs

“Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.”

Jon Hilsenrath, The Wall Street Journal

I see where Ben Bernanke is worried that the US is losing economic control of the world, and is dismayed at the prospect of ‘competing systems’ with the rise of an alternative development bank and currency regime led by the BRICS.

And the Fed’s friendly financial journalist mouthpiece Jon Hilsenrath asks why you are being so stubborn and stingy, and not out there spending. Are you being awkward or something?

You see, the Fed looks at the aggregate numbers, and from what they can tell from their models, people are saving just too darn much.

Perhaps if they paid more attention to median numbers and the broader public, they would see the skew in the distribution of income gains that have gained even greater momentum under their top down monetary regimes. And then they would know that the one percent has plenty of excess income and capital gains from the bubble in paper assets. And why Jamie Dimon just joined the ranks of the billionaires, while the median income continues to stagnate.

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