Writer David McWilliams penned an excellent article in the Financial Times:Quantitative Easing was the Father of Millennial Socialism.
McWilliams notes that Fed chairman Ben Bernanke's "cash for trash" QE scheme drove up asset prices and bailed out the baby boomers. The cost of course, was pricing millennials out of the housing market.
Unorthodox policy penalizes the asset poor.
What assets do millennials have? Hardly any. Instead they are saddled with mountains of student debt which, thanks to president George W. Bush, could no longer be discharged in bankruptcy.
The Bankruptcy Reform Act of 2005 would have better been called the Debt Slave Act of 2005.
Then, when the Great Financial Crisis hit, the Fed came along bailed out the banks, bailed out the bondholders, bailed out Fannie Mae, and bailed out the asset holders in general, leaving millennials mired in debt unable to afford a house.
Simmering Stew of Anger
The irony in this simmering stew of anger is people blame Trump, not the Fed.
But socialism, even AOC's radical socialism is not about Trump, at least directly.
The irony in this simmering stew of anger is people blame Trump, not the Fed.
But socialism, even AOC's radical socialism is not about Trump, at least directly.
Peak Trump
I had a lengthy phone conversation with David Stockman after I finished reading his new book, "Peak Trump".
The first thing I said to him was "This really isn't about Trump, is it?"
He laughed, then responded along the lines of, "You are correct. Trump is a symptom of the problem. He wanted to drain the swamp but failed to do so. He never really had a good chance of doing that, but he failed to make the most of the chance he had. We are where we are because of decades of Congressional and monetary mismanagement."
I gave his book two thumbs up in "Peak Trump" by David Stockman: Book Review
More
I had a lengthy phone conversation with David Stockman after I finished reading his new book, "Peak Trump".
The first thing I said to him was "This really isn't about Trump, is it?"
He laughed, then responded along the lines of, "You are correct. Trump is a symptom of the problem. He wanted to drain the swamp but failed to do so. He never really had a good chance of doing that, but he failed to make the most of the chance he had. We are where we are because of decades of Congressional and monetary mismanagement."
I gave his book two thumbs up in "Peak Trump" by David Stockman: Book Review
More
3 comments:
Unfortunately it will not get any better since the swamp creatures are described below and they have entrench themselves throughout society..this is the true hidden danger of the rainbow and it kinda makes sense when you look at this mess from a spiritual perspective.
Freemasonry, The Shriners and Their Islamic Assyrian Origin
The Ancient Arabic Order of the Nobles of the Mystic Shrine, abbreviated A.A.O.N.M.S., commonly known as "the Shriners" is a islamic organization founded in Mecca, Saudi Arabia in 644 A.D. by the family of Muhammad. It is an organization of Freemasonry. Freemasonry originates from ancient Assyria. Members of the Shriners are called "Mohammedans". A "Shrine" is a tomb of a muslim that is worshipped by other muslims. Perhaps because he was a martyr for the islamic cause. The Alawi sect of Bashar Assad does not believe in mosques. Therefore they lift up the shrines as being the most holy buildings of islam. A Shriner is therefore a person who honors the holy buildings of Assad's Alawi sect of islam. The organization is best-known for the Shriners Hospitals for Children they administer & the red fezzes that members wear. There are at least 350,000 members from 191 islamic temples (charters) in the U.S., Canada, Mexico, Republic of Panama & Europe. To join the Shiners or any other organization of Freemasonry, you must swear alliance to Allah (the islamic moon god) & you must do so on the Koran which says that Christians & Jews must be killed. The Shiners symbols on their cars/trucks include the islamic sword in the shape of a crescent moon with a star which are very clearly islamic symbols. Another symbol on their vehicles is the "Eastern Star" which is the symbol of the satanic goat god called by different names such as "Pan, Yah, Baphomet, Allah, Mendez". You can very clearly see that it's the same symbol of a 2 horned star worn by admitted satanists.
The Shriners & other Freemasons believe in ALL religions as a path to Allah. So although they may at first embrace anyone of any religion, they will always ultimately point that person to Allah & to islam. They place a great deal of importance on secret knowledge which they refuse to share with the little people of the world. They believe that only "the better", more intelligent people have a right to the truth. There are a LOT of Baptist preachers who are Freemasons & Shriners. Many members do not reveal that they are secretly Freemasons. They swear allegiance to help all other Freemasons over and above non-members even if it's not the right thing to do. For example, a judge in a courtroom is required to give the favor in the verdict to the fellow Freemason even if that Freemason has committed a crime. The only exception is in a murder trial, but I believe that many Freemasons would give that special favor even in that case.
Shriners are taught that Lucifer is the true God and is not evil. They are therefore Luciferians, a class of satanist. Their symbols are the same as the Church of Satan. The first 94 Pages of the Freemason bible are quotes from Albert Pike. All Masons are encouraged to read the writings of Albert Pike. He was a Luciferian & said "Lucifer is the True god of Good and Light".
The Fed is the root of all US problems.
It has destroyed the value of the US Dollar by printing too many. Now the military is used to force nations to accept the US Dollar in exchange for their goods and resources.
May bernanke burn in Hell !!!
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