The Nation: The Fed Won't Help the Working Class

[marmar]

The Fed Won't Help the Working Class
Nicholas von Hoffman



Without saying who is to blame, we do know that the enabler in the subprime disaster has been the Federal Reserve Board and former chairman Alan Greenspan. Now his successor, Ben Bernanke, may make the mess even worse.

Greenspan supplied the air for the housing bubble by helping to make money so cheap and available that bankers were skulking around shopping malls sticking knives in people's ribs until they agreed to sign up for a loan they could not afford to repay.

Besides having created the mortgage-liquidity nightmare, Greenspan and the Fed can also chalk up another accomplishment: inflation. Inflation is so serious that it has more than wiped out any income gains coming to the majority of families in the past seven years.

The New York Times reports that "Americans earned a smaller average income in 2005 than in 2000, the fifth consecutive year that they had to make ends meet with less money than at the peak of the last economic expansion, new government data shows. While incomes have been on the rise since 2002, the average income in 2005 was $55,238, still nearly 1 percent less than the $55,714 in 2000, after adjusting for inflation, analysis of new tax statistics show." .....(more)

The complete piece is at: http://www.thenation.com/doc/20070910/howl

[indepat]

1. Has not the Fed long given the working class a fuc*ing over?

[CGowen]

2. wow, thank you Skull &Bones

So with the news that Afghanistan has come through with a bumper opium crop, all you heroin junkies should soon be enjoying your favorite substance at less cost per toot. If you drink milk, you're outta luck.

[tom_paine]

3. The sad truth is the that Imperial Amerikan government has no connection to it's subjects

We are Filthy Little Nobodies. Useless eaters.

If the Bushies did not derive so much profit from stealing our labors and our lives, they would not put up with The Rabble for five minutes.

But they are teaching us our place now. Teaching us REAL GOOD exactly where we stand as Imperial Subjects of Amnerika with no rights and few freedoms.