Definitely worth reading. Whenever the news says that lawmakers’ differences are about ideology, remember, it’s really about politics: how this affects the next election.
Weiner doesn’t offer any insight into how Yellen might be able to do that. Fed policy reached the limit of it’s ability to boost employment five years ago. However, Weiner does note that:
Throughout her hearing, Yellen repeatedly stressed that a strong economy would solve many of the problems — with unemployment perhaps being the biggest problem today — the U.S. economy faces.
So, a “strong” economy would solve unemployment. Wow. That must be deep. Because it seems like a truism to me. In my mind, you see, high unemployment is weakness in the economy, so strength would mean low unemployment. Maybe Weiner means something different.
Richmond California was the first out of the gate, but other cities are following, including Yonkers and Newark.
Federal Reserve Chair nominee Janet Yellen said things pleasing to Wall Street at her Senate confirmation hearing. Is that good for everyone or just Wall Street? Well, slowing down and eventually ending the Fed’s asset-buying (called Quantitative Easing or QE) would start to drive interest rates higher. As economic stimulus QE hasn’t been great. It has been better as an outlet for people wanting to dispose of toxic assets (remember those?).
I’d estimate that the bailout cost me tens of dollars in interest over the last five years.Your mileage may vary, of course.
Here’s a problem with a lot of the coverage of this sort of issue:
For Democrats especially, given a long alliance with unions, the notion of slashing retirement benefits to bolster pension systems is politically difficult.
'Politically difficult'? Is that it? So stabbing a core constituency in the back is merely 'politically difficult'?What about 'against the party's core values'? Or, 'wrong'?
As I’ve mentioned once or twice before, pensions are a problem because of the systemic fraud perpetrated by Wall Street bankers over the last decade. Make them pay to fix pensions, not the workers that they defrauded and who have already paid once to bail them out.