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Fed Chair Unsure If Capitalism or Oligarchy Describes the U.S.

grip

grip

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Fed Chair Unsure If Capitalism or Oligarchy Describes the U.S. | CNS News

"Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?" Sen. Bernie Sanders, a Vermont socialist, asked that question of Federal Reserve Chair Janet Yellen at a hearing on Capitol Hill Wednesday.

Yellen said she'd "prefer not to give labels," but she admitted to being very concerned about income inequality.

"So, all of the statistics on inequality that you've cited are ones that greatly concern me, and I think for the same reason that you're concerned about them. They can shape the -- determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.

"And so I don't know what to call our system or how to -- I prefer not to give labels; but there's no question that we've had a trend toward growing inequality and I personally find it very worrisome trend that deserves the attention of policy-makers.

Sanders told Yellen, "There comes a point, where the billionaire class has so much political power -- where the Koch brothers are now, because of Citizens United, able to buy and sell politicians -- they have so much political power -- at what point is that reversible?" he asked.
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Hasn't our form of capitalism led to an Oligarchy? It's not really News that an elite class of people run the country, and are the only ones usually in position to afford a campaign or appointment. We haven't been a government for the people, by the people for quite awhile.
 
If America is an oligarchy then the Fed is responsible for quite a lot of it by their constant manipulation of the economy. The first step towards free capitalism should be to get rid of the fed.
 
PoS said:
If America is an oligarchy then the Fed is responsible for quite a lot of it by their constant manipulation of the economy. The first step towards free capitalism should be to get rid of the fed.
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You got to remember it was all those MBS's and CDS's that the FED buying, kept from collapsing the financial system because of greedy investment bankers and capitalist's.
 
When QE only pumps up the stock market, I can make an educated guess that it means Wall Street is favored over Main Street. Oligarchy indeed. Bought and paid for.

Or when a majority of the country didn't want to bail out the banks in '08 but congress did anyway. Oligarchy indeed. Bought and paid for.
 
grip said:
You got to remember it was all those MBS's and CDS's that the FED buying, kept from collapsing the financial system because of greedy investment bankers and capitalist's.
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Taxpayers have so far spent about $29 Trillion to bail out the banks thanks to the Fed, if they had let the banks go belly up and paid off the depositors through FDIC it would have been much cheaper.
 
I think the answers are all in the article:

Yellen repeated that she shares Sanders' concern with inequality -- but "it's up to the Congress to decide what's appropriate."
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And here:

Sanders told Yellen, "There comes a point, where the billionaire class has so much political power -- where the Koch brothers are now, because of Citizens United, able to buy and sell politicians -- they have so much political power -- at what point is that reversible?" he asked.
Click to expand...

The answer is for politicians to grow a backbone and stop letting their selves 'be bought'.
 
PoS said:
Taxpayers have so far spent about $29 Trillion to bail out the banks thanks to the Fed, if they had let the banks go belly up and paid off the depositors through FDIC it would have been much cheaper.
Click to expand...


It wouldn't have stopped at less than $29T, the banks were on the hook with a $70T exposure to toxic MBS's alone.
 
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