How will Joe Biden GOVERN? General Biden Administration F**kery Thread

[King Kreole]

Her history on Wells is mixed



As is her history on systemic racism, but in both cases she came to the right conclusion most recently, so that's encouraging I suppose?

 

[King Kreole]

Also this is a uhh very disturbing quote and I hope this was...a mistake or she's changed her mind since then.

Debt, inequality and the coronavirus: A conversation with former Fed Chair Janet Yellen and the World Bank's David Malpass - Marketplace

Do you think the American public understands the debt that we all owe?
Yellen: I think the answer is no. I doubt that most people for example would know that the ratio of debt to GDP in the U.S. has doubled since the financial crisis. And I sometimes recommend to people who asked me about this topic, pick up the Congressional Budget Office’s long-term budget projections and take a look. And the details change from year to year but for more or less the last 20 years at least, what you see is the U.S. debt path is completely unsustainable under current tax and spending plans and the exact way in which it takes off moves around from year to year depending on what happens but that fundamental problem of the U.S. debt path is not sustainable, I think is something that most people don’t understand and I see very little evidence of concern about it in recent years.

edit:

This is encouraging

 

[MoneyTron]

Yellen was the obvious pick. More interested to see who Biden picks for AG and if he replaces Haspel.

 

[King Kreole]

 

[Starski]

Also this is a uhh very disturbing quote and I hope this was...a mistake or she's changed her mind since then.

Debt, inequality and the coronavirus: A conversation with former Fed Chair Janet Yellen and the World Bank's David Malpass - Marketplace




edit:

This is encouraging

You are not a fan of inequality but you're pro QE

 

[King Kreole]

You are not a fan of inequality but you're pro QE

Yes I think for the short and medium term of this crisis an expansionary monetary policy is obviously the best route to go, and it will have the effect of constricting wealth inequality, and the national debt is not a valid counter-argument. You don't?

 

[the next guy]

where?

She should be SOS.

 

[Starski]

Yes I think for the short and medium term of this crisis an expansionary monetary policy is obviously the best route to go, and it will have the effect of constricting wealth inequality, and the national debt is not a valid counter-argument. You don't?

I never even mentioned the national debt, no reason to project. Though, I am EXTRODINARLY curious how expansionary(in this case QE) constricts wealth inequality. I think this is legitimately the first time I've heard that claim.

 

[God Almighty]

 

[Piff Huxtable]

Klain, Blinken and now Yellen?
Well it wasn't jewish Americans that put Biden over the top in MI, PA and GA. Can we get some spots in the new Admin? And I'm not talking about the token HUD secretary

 

[King Kreole]

I never even mentioned the national debt, no reason to project. Though, I am EXTRODINARLY curious how expansionary(in this case QE) constricts wealth inequality. I think this is legitimately the first time I've heard that claim.

My post you responded to was about Yellen's evolution from expressing deficit-hawk sentiments about the national debt to expressing support for expansionary policy. It's not projection, it's the point of the post you were responding to.

I assumed you were using QE as a shorthand for expansionary policy because neither Yellen's quote nor my post mentioned QE. QE is the domain of The Fed (Monetary), Yellen is being nominated for Treasury (Fiscal), so it's not even under purview anymore. What Yellen is saying is that pumping money into the economy ("aggressive monetary and fiscal policy") is a good path to pursue at this juncture. I'm extraordinary curious how fiscal austerity will help close the wealth gap in the short and long term though.

 

[FAH1223]

 

[MoneyTron]

Klain, Blinken and now Yellen?
Well it wasn't jewish Americans that put Biden over the top in MI, PA and GA. Can we get some spots in the new Admin? And I'm not talking about the token HUD secretary

The first two are Biden day ones and the latter was the acceptable solution to keep people happy.

 

[God Almighty]

Klain, Blinken and now Yellen?

Dasher, Donner, Blitzen...

 

[Starski]

My post you responded to was about Yellen's evolution from expressing deficit-hawk sentiments about the national debt to expressing support for expansionary policy. It's not projection, it's the point of the post you were responding to.

I assumed you were using QE as a shorthand for expansionary policy because neither Yellen's quote nor my post mentioned QE. QE is the domain of The Fed (Monetary), Yellen is being nominated for Treasury (Fiscal), so it's not even under purview anymore. What Yellen is saying is that pumping money into the economy ("aggressive monetary and fiscal policy") is a good path to pursue at this juncture. I'm extraordinary curious how fiscal austerity will help close the wealth gap in the short and long term though.

consider the fed funds rate is at zero, what other policies can the fed do which could be labeled as “aggressive monetary policy”?

So yes, for all intensive purposes “aggressive monetary expansion” = QE.


@ second bolded .... Jesus . So just cause I’m stating that QE, which doesn’t actually print money in the everyday economy, exacerbates the wealth gap I must be for more strict economic policies both on the monetary/fiscal.

If anything, the last ~6 months have shown that direct fiscal >>> monetary in terms on immediate gains in the economy. With that, we have had our highest CPI prints & currency devaluation since the 00’s - so that’s the trade off.

In contrast, we have QE, which increase the reserves at the local bank which increase the leverage you can loan against.... 1$ of collateral -> $10 loan, turns in a $100 loan. Wonder who the primarily benefits. Not to mention the effect it has on treasury yields, thereby pushing people into more riskier Assets....

It’s funny though, I can actually quote you saying that expansionary monetary policies constrict the wealth gap. I’ll wait for that white paper