The Federal Reserve is a Privately-Held, For-Profit Company
The Federal Reserve is a Privately-Held, For-Profit Company
Wages do need to come down.
For a very small number of people who seem to have all of the wages.
85The Fed is not privately held, the chairman is appointed by the president. There are no shareholders.
Any profits the Fed makes get sent to the Treasury.
38I'm not sure what your statement is intending. Are you saying people who work at the Fed aren't beholden to corporate interests just because there aren't shareholders?
The same fed that has the keys to the money printing machine, bank lending programs, and powers for short term low interest loans used to "stabilize market conditions", not to even mention the revolving door of regulators moving to private positions after their time deeply embedded in our financial institutions?
-3I'm not sure what your statement is intending.
The title is a lie, my statement intended to point that out.
Are you saying people who work at the Fed aren't beholden to corporate interests just because there aren't shareholders?
No, I meant exactly what I said: It's not privately held, and the profits it makes go to public coffers not to private owners.
The same fed that has the keys to the money printing machine, bank lending programs, and powers for short term low interest loans used to "stabilize market conditions", not to even mention the revolving door of regulators moving to private positions after their time deeply embedded in our financial institutions?
Disagreeing on Fed policy is very different than claiming the Fed is a privately owned institution that seeks out profit for itself.
There's no secret meaning to what I wrote, and I never said the Federal Reserve was benign or without faults. All I said was the title got it wrong, and it did.
32
One of my favorite things on this earth is capitalists admitting that if wages ever rise such that workers can afford a decent life, the price of a decent life will just rise to exclude them in the same breath they use to talk about how capitalism lifts people out of poverty.
24Artificial scarcity in a post-scarcity society is wonderful isn't it :')..
9
Nice to see so much crossover interest from other instances on this one. Love the federation!
12Specifically, the economy is a Ponzi Scheme!
8Pyramid scheme.
4
Well... they're partially correct. If we cut "wages" at the top, then prices will go down because they're no longer being pulled up.
8I don't remember the Fed saying anything like that a year & a half ago.
2Powell has been saying this for a long time. He doesn't seem to like that people are making more money.
Here's just one of a plethora of examples you can find if you'd just Google it.
10
I mean.... it's isn't those things. It's literally a government agency. It can't "make profit", it literally is the banking system, not a bank itself.
-5It is literally not a government agency. It operates under a mandate from congress, but is not a government agency.
10Congress isn't a business, but Pelosi sure made a shitton of money off of insider trading. At best we live in an oligarchy that poses as a democratic republic. The votes follow the money, not vice versa.
0
Gme people are somehow worse than Bitcoin people
-6This is a post about the FED silly :)
7