Wednesday, January 27, 2016

Here's why if Bernie Sanders gets elected he will be neutralized by the very Progressives he's trying to help

Here's the problem with most Progressives: they're a danger to their own cause. They're weak, meek and constantly prone to surrender.

I'll give you a perfect example. Shitlib punchable face, Matt Yglesias, who writes for Vox now, put out this impassioned piece about why Bernie Sanders REALLY has the greatest economic plan of all time; a plan that is REALLY going to create jobs and get the economy going.

You want to know what shitlib punchable face Yglesias said that plan is? He says that Bernie Sanders will use the power of the presidency to get a new Fed Chairman who won't be afraid of inflation and that will allow the Fed to get over its inner anxieties and...STIMULATE...with more monetary policy!!! Yeah!!!

Check it out:
"Here's one more reason to take Bernie Sanders's candidacy seriously: He has put forward statements and arguments on what is by far the most powerful lever a president has on the American economy — the chronically neglected subject of monetary policy."
"Politicians rarely talk about the Federal Reserve even though it's the main agency that regulates the pace of job creation."
"Sanders's core insight, which he laid out in a New York Times op-ed that ran on December 23, is that if you want to talk about jobs and the economy, you need to talk about the Fed. And if you want to understand sluggish wage growth over the past 15 years, it's important to note the Fed's structural biases in favor of Wall Street preoccupations with financial stability and inflation control."
Do you fucking believe this shit?

The most powerful lever a president has on the American economy?

The main agency that regulates the pace of job creation?

This is Sanders' core insight? (I thought Kelton was advising him?)

Could you imagine if FDR tried to use his "lever" over the Fed to fight WWII?

What an ass that Yglesias is along with the rest of the shitlib community.

No word of fiscal policy. No word of an economic plan that includes rebuilding our roads, bridges and infrastructure. Nothing about more basic R&D or, more for health care (by the way, Bernie is for more health care, but paying for it via raising taxes). No word about investing in alternative energy or education. Nothing. They're such fucking cowards!

You see why we need Trump? Bernie, while he has some good ideas (and presumably Kelton is advising him???) he is too weak and almost certainly prone to the influence of all the "beta" shitlibs in the progressive movement, whereas no one will boss the boss--Trump--around.


Matt Franko said...

Like Liz Warren's plan to fix the student debt problem: Cap the rate that govt charges the poor students to "prime + 2%"...

at'a girl Liz!

mike norman said...

Ya. Some savior of the Middle Class.

NeilW said...

It's time to admit why. The progressives want permanent installation at the central bank so that they can't ever be voted out of office, and don't ever need to stand for office.

That's what 'helicopter money' from the central bank is. That's what 'QE for the people is'. That's what 'Modern Debt Jubilee' is. Let those nice progressive dictators sort it out from their lofty tower at the central bank without any of that nasty getting elected by the people nonsense.

It's becoming clear that the reason they want this back door to power is because they can't put anything forward that actually appeals to Joe Sixpack.

Matt Franko said...

Hey Mike, well maybe the Fed can put rates down to zero? Oh...wait...

Or well maybe they can do $trillions of 'quantitative easing'? Oh ... wait...


Unknown said...

Bernie wants free college and has proposed a $1 trillion + infrastructure investment plan, so those criticisms dont work guys.

Tom Hickey said...

Could you imagine if FDR tried to use his "lever" over the Fed to fight WWII?

Well, actually, the most brilliant or luckiest thing that FDR did was to appoint Marriner Eccles as Fed chair.

It didn't hurt that "Taxes for Revenue are Obsolete" author Beardsley Ruml was the president of FRBNY, too.

Between the two of them the US was able to operate on principles of functional finance rather than "sound finance" as the VSPs wanted.

An MMT economist or at least someone who actually understand monetary economics as Fed chair would be a position to educate the world from that bully pulpit instead of spouting the same old drivel that become a drag.

Whether Stephanie could convince Bernie of this if he is elected is somewhat questionable, however. There is no indication he is listening to her closely now.

hoonose said...

Without the Fed guaranteeing a vast number of private sector bank loans to a multitude of war materiel industries, how else could the USA raise so much money and so quickly early in the war?

The Just Gatekeeper said...

I dont care for Yglesias either, but can we remove and avoid insults and violent language please? I think it hurts us. We are already marginal enough!

Dan Lynch said...

We all know that politicians lie when they are campaigning, so the question is who is the real Bernie Sanders, and what would he do once elected? Well, Bernie has a voting record, and a record of proposed legislation -- and he has consistently been a fiscal conservative. His health care proposal with its 8.4% regressive tax on the working class is just the latest example.

Bernie's website insists that all of his programs would be paid for with either higher taxes or else the ubiquitous "closing loopholes". I support taxing the rich but the bottom line is that we still need to run a substantial budget deficit. A true progressive would tax the rich and un-tax the working class.

Agree with Tom that the real power of the Fed chair is its bully pulpit and a modern day Marriner Eccles could make a difference in shaping public opinion.

Tom Hickey said...

Somebody has to have the knowledge and chutzpah to tell the people the truth, or we are all screwed.

Being politically independent, a Fed chair is in a safe position to do this and is in possession of the mantle of authority.

NeilW said...

"A true progressive would tax the rich and un-tax the working class."

A true progressive would put the calculations and collection of tax onto corporations and 'free' voters from taxation altogether.

Corporations don't vote. Let them be the ones that get taxed.

Dan Lynch said...

That's a good political point, Neil. But by the same token, there aren't that many rich votes, either. The problem is that the real voting is done with money.

Ignacio said...

The most hurt by high corporate taxes are the same people hurt for high-income branch taxes. I believe they would use the same tactics to oppose higher corporate taxes that the tactics used to oppose taxes for the wealthy.

The problem with high corporate taxes too, is that ultimately they are passed onto the consumers. Yeah, maybe it's easier politically to hide the fact, but is not like VAT-like taxes are very loved over here in Europe anyway (and they also tend to be perceived as "unfair", as they are not progressive taxes).

The issue is not one-dimensional.

Footsoldier said...

Trump is not the answer Mike.

I don't know how you've taken to this chump.

Unknown said...

My experience in attempting to explain why money doesn't matter is to receive in response insults, screaming, refusal to listen and derision. It's no wonder that Sanders doesn't want to listen to Kelton: even so-called progressives, when handed the knowledge that vastly strengthens their argument, reject it inmediately and demand you stop talking. Americans are not bright enough to understand that money isn't mined out of the ground. They're nitwits who Do Not Want To Know.

Ignacio said...

Not only Americans Ben, this is a global phenomenon. Humanity will go extinct probably on the solo reason of endemic impossibility to understand systems behaviour. Aprox only 5% of the population has the analytical skills for this kind of thinking according to studies.

Huge challenges this century with permafrost and fresh water disappearing, billions of walking dead in Asia already...

Tom Hickey said...

Aprox only 5% of the population has the analytical skills for this kind of thinking according to studies.

Humanity is getting way ahead of itself.

dilbertgeg said...

Neil, I must add that I understand Randy Wray's opposition to corp tax ... per se. It isn't necessary. Since it is across the board, all corps pay, it's easily passed on. Small domestic corp can get stuck paying a lot, while multi-nationals can offshore.

At least I think that's what he said.

Not to say that he/we would not target certain types of corporate looting fit special high rates.

Wray explained why he prefers rules to PREVENT certain forms of income/gains/looting, with no social or productive benefits to anyone except the looters. Better than attempting to tax income after the fact.

Let's say for instance that I would steeply raise taxes and close loopholes on top banksters, untax Lebron James. He worked for it. A lot of other struggling businesses that don't make headlines.

Wray is not given to hyperbole, do I'm shading in with my take.

dilbertgeg said...

Recent conversations on MMT.
The Fed Gov doesn't need your tax payments to operate, it was their money in the first place.

The casino will take your chips when you lose, but not because the have a chip shortage.

Chuck E Cheese demands their tokens -- which are "worthless fiat" worth so many games -- but they aren't running out and will supply add much as the public wants. If people decided to hoard Chuck tokens, Chuck would just have more made. Chuck is the source, not the recipient.

US tokens are Dollars, issued by the govt itself. It's logically impossible that they would need yours when we got ours from them in the first place.