OK Mr. President--- What is the contingency plan?

[jtuck004]

72. People preaching from the corner of "Denial" and "Head Stuck in the Sand" often talk of

working within the system. But the system is hurting two hundred million Americans to benefit only a handful, and that is wrong.

Oh, wages really ARE the problem, but they are low because we, as a country, have enabled the wealthy to borrow against our lives, and pocket the proceeds at little or no cost. You talk of subsidies, but from where? Magic? Teleported from another dimension? This FED you seem to think so highly of...well, this fella says it better:

If “full employment” is anything under 5% unemployment and “price stability” is core inflation below the Fed’s 2% target rate then the Fed has achieved its dual mandate a whopping 3.5% of the time since 1957 when core inflation was first tracked. Yes, you read that right. THREE POINT FIVE PERCENT OF THE TIME.* That means the Fed has failed to simultaneously achieve both its mandates 96.5% of the time. I wouldn’t call that failure. I’d say they’re not even trying. And maybe they’re not?
...
I honestly don’t understand why we obsess over the Fed hitting its “dual mandate”. It seems to me that the Fed is really just a bank servicing entity masquerading as something that can do much more than its history proves it’s capable of. To those of us who understand the monetary system it’s obvious that the Fed really has one mandate – make sure the banks are healthy. So maybe we should stop pretending the Fed is capable of achieving things it really can’t – like its dual mandate.

Here

Over the past 8 years or so we have loaned trillions of dollars to the banks to disappear bad debt, (i.e. put it on the taxpayers back) from which the banks have profited to the tune of hundreds of billions of dollars, which they pocketed. Even today we are buying over a trillion dollars worth of paper every year (85 billion a month) which primarily benefits the wealthy. (They say it is to support the housing market, yet 10 million families have been tossed into the street, with millions more awaiting their turn - I have a hard time figuring out how THAT benefits THEM). Today the FED is the prime driver in keeping alive the criminal conspiracy described by Bill Black, who actually put people in prison for such actions, run by the Wall Street Investment Bankers (with the tacit approval of the party they donated heavily to in 2007-8 - that's public record if you care to look), the bankers who brought us the largest financial crisis in decades, and the FEDS "solution" has been to keep the banks healthy at the expense of most of the people who don't have anything, while propping up the assets of those who have the most. Which is why economic inequality is, quite literally, worse than it ever has been in the history of this country.

Most of that is due to finance, a little tool that developed around the time of Reagan, when Carter told us we needed to put our big boy pants on and act like adults, quit consuming so much, drive our inflation down and get our house in order. People said "fuck you", elected Regan, and the race to see how much debt we could accumulate before the house of cards falls was on.

Now it's teetering. We now borrow more than we make. And your solution is to make more money out of thin air to subsidize people while we keep this train heading in the same direction?

Here's a thought. Turn off the tap. Stop enabling the corps to hide their money overseas, quit making it so easy for them to trample on the lives of us and our neighbors by making financing so easy for them to get. Instead make smaller loans to more people, remove tuition at state colleges, put people to work rebuilding our infrastructure, and, most of all...

Grow a spine, stand up and tell people that they cannot consume their way to success any longer, lest we all die. Tell people that the reason the Mi$$ RobMes of the world are doing so well is because the government is enabling their empires at the expense of the people who now must survive on food stamps, a number that has increased by millions since this presidency began. That supporting the increase in homes owned by landlords while ownership by families has dropped to levels not seen in decades while the population has increased by another 10 million people is just bad policy. Oh, and quit making excuses and blaming someone else for that - act like the responsible party we keep accusing others of not being and fix it.

We need a plan to live in a no-growth world, not more debt to keep pretending we are living in the world of a hundred years ago, debt which far and away benefits the wealthy, and enslaves the borrowers. We need to subsidize and invest in the things that enrich ordinary American lives, not support people with half a dozen homes and hidden trillions in foreign banks which they sustain by underpaying their employees.

La Boetie told us that we didn't need to raise a hand against the tyrant, just quit supporting him and he would fall of his own weight. That's as true today as it ever has been.