Jerome Powell has signaled the Fed intends to keep raising interest rates.
Remember: Raising rates puts the burden of fighting inflation mostly on middle-class and low-wage workers and does nothing to address corporate price gouging. pic.twitter.com/Bkno4TZToa
— Robert Reich (@RBReich) August 25, 2023
He doesn’t work for us
Sorry to be a broken record here, but must state the obvious. Again. Jerome Powell is a REPUBLICAN. Also, he’s not an economist, he’s a lawyer. From the financial sector. What do you think his mindset might be? Of course he doesn’t work for us.
There’s a presidential election coming up. “It’s the economy, stupid.” Despite the Biden adm’s claims that the economy is just peachy, tens of millions of working class and low income people don’t agree. They’re struggling; many are barely surviving. But the stock market is good and the bond market is great. Ever since the 2008 meltdown, and before, there has been enormous transfer of income and wealth to the very, very rich. That continues, through the pandemic, and still today. The Fed (Powell and minions) is making it worse by trying to fight inflation caused significantly by corporate profiteering with austerity directed at labor.
SO. Why did Biden re-nominate Powell as head of the Fed when his term expired in Nov ’21? Why did Obama do the same with Bernanke (also a Rebublican)? Are they stupid? Clearly, not. Or possibly, could it be, the unthinkable…: They’re both disciples of the feed the rich, the cream rises to the top, masters of the universe, neo-liberal, Church of the Privileged.
Also consider that the DNC is a closed club which has clearly stated that neither the DNC generally, nor the Democratic nominating process, are democratic institutions.
The Obamas have amassed wealth that makes the Clintons look like pikers. The Clintons are doing quite well, no? Where did all that money come from? Now members of the true Royalty?
Bernie is actively campaigning for Biden. As he did for Clinton. https://www.politico.com/news/2023/08/26/biden-allies-new-hampshire-00113116
But he is walking a fine line, also trying to tell the Dems that they are losing minority voters, and have lost many working class voters and that they need to deliver for their traditional constituencies. It’s not an issue of messaging, Carville be damned: https://edition.cnn.com/videos/politics/2023/08/27/sotu-sanders-reality-of-life.cnn
Bernie is not a fringe far leftist. He is routinely raked over the coals by the actual left, especially on foreign/military policy:
https://www.wsws.org/en/articles/2023/08/28/gbgd-a28.html
We’re toast.