Weatherdem's Weblog

Bridging climate science, citizens, and policy

Federal Reserve Helps Out Wall St., Not Main St., Again

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For those still left wondering what happened this election cycle, perhaps the Fed’s plan to buy up to $900 Billion in Treasuries by next June can shed a little light on things.  They’re going to announce details of how they’re going to buy them ahead of time, allowing wealthy investors (not average Americans) the chance to buy them first, then sell them to the Fed for a profit.  The rich devise plans to make themselves richer, not share with the rest of America.  That’s one reason why tax cuts for the rich are such a stupid idea.  Wealthy entities are wealthy for a reason: they horde their wealth.  Keep the nonsensical Bad Trade deals around while inventing new ways for the wealthy to multiply their wealth and the rest of America continues to fall further and further behind.

Jobs aren’t coming back, they’ve been shipped overseas.  Without jobs, Americans can’t spend.  Without growing consumer demand, corporations have no incentive to hire.  Meanwhile, banks get to kick people out of their homes, which in some cases might be illegal.  No jobs and no houses means no growing economy.  Nobody in government is stepping in to meaningfully stem the tide on these disastrous trends, letting the “market” to iron out the problems instead.  This is what worshipping at the free-market mantle has wrought.

The Democrats left in office are for the most part more progressive than the corporate apologists that got voted out of office.  If they want to fare better than their colleagues did in 2012, they had at least better make a show of fighting for Main St and tell Wall St to start sucking it up.  The economy is not too far away from that cliff President Obama keeps talking about.  If Republican Teabaggers get what they want, we’ll fall right over it.

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