It becomes very difficult to advocate for supporting Democrats with news like this. Maintaining Powell, to say nothing of DeJoyless and the other Trumpers Biden strangely decided to keep on, has sent a very sad message about whether the party truly cares about the working class, democracy, and everything else they yelled about in their GOTV efforts. What does a worker gain if he elects a Dem but loses his wages, regulations, and job security? Well, the same misery they would have gotten with a Republican. Once again, the Dems reveal themselves to be too beholden to corporate interests. This is making those of us who have to try to mobilize voters with the lesser evil argument have to work even harder given how small that gap of evilness appears to Americans who get their money from paychecks, not from trusts, investments, and financial schemes.
The widening wealth gap which is the result of decades of policies designed by the rich for the rich will create increasing instability. No wonder there are so many disaffected Americans who will vote for a candidate who promises to tear it all down. While Biden was probably the best candidate for the Dems, he was by far way too conservative for me. We need a major change in the taxation rules, and the lobbying rules, and we need people in leadership with a new vision for our country that will actually help those at the bottom of the economic heap. That's probably the only way we can prevent the pending chaos those extremists right wingers are intent on creating.
"One possibility: Any large corporation in an industry dominated by five or fewer giant corporations that raises its prices more than the Fed’s target of 2 percent should be presumed to have monopoly power, and slammed with an antitrust lawsuit."
Five or fewer seems generous - many industries have no more than three "competitors" (and, in some cases, there are only two that are relevant!)...
Imagine a mechanic who had only one tool, one that was almost useless to begin with. The mechanic wouldn’t be able to repair or adjust very effectively. The mechanic would be darned good at damaging things that the tool doesn’t fit. Powell and the Fed are this mechanic and they are the only unchecked shop in town.
It is virtually criminal behavior by corporate giants who in the past 50 years have essentially gained control of our political process. I cannot agree more that these giants should be penalized for their predatory practices and the DOJ should become trustbusters.
In addition, stock buy-backs should be unlawful as they make a mockery of our capital system!
Yeah that’s just sad. I thought the feds major assignment was to keep employment high, and now they want to cut it so that we get paid less. The boomer generation worked 30 years under stagnant wages, my whole adult life. Retrained twice, still ended up “low income” aka: poor.
I am so glad I am retired and all income coming in is indexed. This country is not for workers and not just the Fed. Restricting unions, ignoring raises to minimum pay and the bigger they get the more the top earns.
What a joke, wages are rising but not to the level of a “living wage”. As the wage rises, so does the cost of insurance, daily necessities, etc. My retirement might get an increase, that will probably be eaten by an increase in health insurance. Win-loose. Since “trickle down economics” is suppose to resolve problems, let the outrageous profits and outrageous management salaries, bonuses and golden parachutes be reduced to a tsunami starting with the lowest wage earners. “too big to fail” is already failing the rest of us, with their greed in mergers, increasing prices for food, rent etc. just to increase their own GREED. It is time for a really “big brother” to get involved with reducing the sources of wealth for the already wealthy. Did the Enron, the Ponzi Scheme, Bernie Madoff, bank frauds and the current crypto frauds not teach anything? Apparently not as Senator Rick Scott got away with his companies big Medical fraud without a scratch on himself as well a millions of dollars.
I want more government with strong effective oversight of all businesses, corporations, banks. Their past behaviors are proof that their mantra is “It is only illegal if you get caught”. Catch them, fine them to 100% of the fraud, jail those who are responsible. Break up the monopolies, take care of the people. NO CHILD SHOULD BE HOMELESS, LACKING IN NUTRITIONAL NEEDS AND CARE BEING MET BECAUSE OF THE GREED BY WEALTHY MOSTLY WHITE MEN.
The people making these interest rate/pricing/wage decisions are the very ones personally unaffected by price explosions. First, they're all in bed together-the same schools, the same Wall Street "Too Big to Fail" bamboozler revolving doors, a monetary orgy of privilege, grift, greed, and arrogance. Second, they're all part of that 10% owning 90% of stocks; the very ones making the decisions, the rules, are not only not negatively affected by increasing prices but are rewarded by such. Sickening.
Ken Simpson - We have just been told that inflation was 7.1% this year. How accurate is this? it seems that price increases are in fact probably higher than this. A couple of years ago, A doughnut at Dunkin's was 83cents, it is now $1.30. A couple of years ago, a McDonald's McChicken sandwich was 79 cents, it is now $1.49. Less than a year ago, a slice of cheese pizza was $1.06 at Cumberland farms, a couple of months ago I dropped in to buy such a slice, it was $1.59. Some of these jagged price increases predate covid 19 and the war in the Ukraine. It is frightening; I am a retiree living on a Civil Service pension and Social Security, and neither is increasing like this. A recent mailing from the Senior Citizens League said Social Security recipients have lost 40% of their purchasing power over the past 20 years since cost of living adjustments have failed to keep up with inflation.
Do you remember when ATT was THE ONLY phone company . You paid Seven Dollars to speak for 15 minutes long distance. The breakup of ATT is why phone calls are cheaper than when ATT had no competition. Phone communication is getting cheaper because of competition from TMUS (T Mobile ) is driving the cost of communication down.
Reich's analysis of the Fed's approach is yet another indicator of how BOTH parties are controlled by big money. Why isn't Reich's analysis a centerpiece of the progressive political agenda? It's simple enough that most people should get it.
The Fed is representing the billionaire class. The raising of interest rates is really about killing jobs so that there is more competition for employment and this weakens workers and there pursuit for workers rights as a result of increased demand for employment in comparison available workers.
In re Robert Reich's statement "Concerned about drug prices? A handful of drug companies control the pharmaceutical industry." It's important to remember that Eisenhower's original draft of his famous "military-industrial complex" speech warned about the "military-industrial-academic complex". I'm rereading Jennifer Washburn's book "University Inc.: The Corporate Corruption of Higher Education. Marcia Angell, The former editor in chief of the New England Journal of Medicine and author of "The Truth About the Drug Companies" wrote this about Washburn's book: "Jennifer Washburn tells the fascinating story of how the lure of research profits has corrupted American universities. If you think higher education is about the free exchange of knowledge, this book will disabuse you of that quaint notion." And effects of this military-industrial-academic complex are many, including the focus on profitable research over teaching, which results in money being funneled into industrial-academic alliances and assigning "cheap labor" like grad students and adjuncts to teach students in large classes. The emphasis on funding for research linked to commerce also has resulted in increases in tuition and fee increases, leading to crippling student debt. Washburn: "Often, when a professor becomes the CEO of a new start-up, there is considerable overlap between the research taking place on campus and at the firm, a situation ripe for confusion and conflicts of interest. The question of who owns academic research has grown increasingly contentious, as the openess and sharing that once characterized university life has given way to a new proprietary culture more akin to the business world."
It becomes very difficult to advocate for supporting Democrats with news like this. Maintaining Powell, to say nothing of DeJoyless and the other Trumpers Biden strangely decided to keep on, has sent a very sad message about whether the party truly cares about the working class, democracy, and everything else they yelled about in their GOTV efforts. What does a worker gain if he elects a Dem but loses his wages, regulations, and job security? Well, the same misery they would have gotten with a Republican. Once again, the Dems reveal themselves to be too beholden to corporate interests. This is making those of us who have to try to mobilize voters with the lesser evil argument have to work even harder given how small that gap of evilness appears to Americans who get their money from paychecks, not from trusts, investments, and financial schemes.
The widening wealth gap which is the result of decades of policies designed by the rich for the rich will create increasing instability. No wonder there are so many disaffected Americans who will vote for a candidate who promises to tear it all down. While Biden was probably the best candidate for the Dems, he was by far way too conservative for me. We need a major change in the taxation rules, and the lobbying rules, and we need people in leadership with a new vision for our country that will actually help those at the bottom of the economic heap. That's probably the only way we can prevent the pending chaos those extremists right wingers are intent on creating.
"One possibility: Any large corporation in an industry dominated by five or fewer giant corporations that raises its prices more than the Fed’s target of 2 percent should be presumed to have monopoly power, and slammed with an antitrust lawsuit."
Five or fewer seems generous - many industries have no more than three "competitors" (and, in some cases, there are only two that are relevant!)...
Imagine a mechanic who had only one tool, one that was almost useless to begin with. The mechanic wouldn’t be able to repair or adjust very effectively. The mechanic would be darned good at damaging things that the tool doesn’t fit. Powell and the Fed are this mechanic and they are the only unchecked shop in town.
It is virtually criminal behavior by corporate giants who in the past 50 years have essentially gained control of our political process. I cannot agree more that these giants should be penalized for their predatory practices and the DOJ should become trustbusters.
In addition, stock buy-backs should be unlawful as they make a mockery of our capital system!
Yeah that’s just sad. I thought the feds major assignment was to keep employment high, and now they want to cut it so that we get paid less. The boomer generation worked 30 years under stagnant wages, my whole adult life. Retrained twice, still ended up “low income” aka: poor.
I am so glad I am retired and all income coming in is indexed. This country is not for workers and not just the Fed. Restricting unions, ignoring raises to minimum pay and the bigger they get the more the top earns.
What a joke, wages are rising but not to the level of a “living wage”. As the wage rises, so does the cost of insurance, daily necessities, etc. My retirement might get an increase, that will probably be eaten by an increase in health insurance. Win-loose. Since “trickle down economics” is suppose to resolve problems, let the outrageous profits and outrageous management salaries, bonuses and golden parachutes be reduced to a tsunami starting with the lowest wage earners. “too big to fail” is already failing the rest of us, with their greed in mergers, increasing prices for food, rent etc. just to increase their own GREED. It is time for a really “big brother” to get involved with reducing the sources of wealth for the already wealthy. Did the Enron, the Ponzi Scheme, Bernie Madoff, bank frauds and the current crypto frauds not teach anything? Apparently not as Senator Rick Scott got away with his companies big Medical fraud without a scratch on himself as well a millions of dollars.
I want more government with strong effective oversight of all businesses, corporations, banks. Their past behaviors are proof that their mantra is “It is only illegal if you get caught”. Catch them, fine them to 100% of the fraud, jail those who are responsible. Break up the monopolies, take care of the people. NO CHILD SHOULD BE HOMELESS, LACKING IN NUTRITIONAL NEEDS AND CARE BEING MET BECAUSE OF THE GREED BY WEALTHY MOSTLY WHITE MEN.
The people making these interest rate/pricing/wage decisions are the very ones personally unaffected by price explosions. First, they're all in bed together-the same schools, the same Wall Street "Too Big to Fail" bamboozler revolving doors, a monetary orgy of privilege, grift, greed, and arrogance. Second, they're all part of that 10% owning 90% of stocks; the very ones making the decisions, the rules, are not only not negatively affected by increasing prices but are rewarded by such. Sickening.
Ken Simpson - We have just been told that inflation was 7.1% this year. How accurate is this? it seems that price increases are in fact probably higher than this. A couple of years ago, A doughnut at Dunkin's was 83cents, it is now $1.30. A couple of years ago, a McDonald's McChicken sandwich was 79 cents, it is now $1.49. Less than a year ago, a slice of cheese pizza was $1.06 at Cumberland farms, a couple of months ago I dropped in to buy such a slice, it was $1.59. Some of these jagged price increases predate covid 19 and the war in the Ukraine. It is frightening; I am a retiree living on a Civil Service pension and Social Security, and neither is increasing like this. A recent mailing from the Senior Citizens League said Social Security recipients have lost 40% of their purchasing power over the past 20 years since cost of living adjustments have failed to keep up with inflation.
Next we'll be hearing from the powers that be the following: Stop complaining! At least you're no longer physical slaves.
Do you remember when ATT was THE ONLY phone company . You paid Seven Dollars to speak for 15 minutes long distance. The breakup of ATT is why phone calls are cheaper than when ATT had no competition. Phone communication is getting cheaper because of competition from TMUS (T Mobile ) is driving the cost of communication down.
Reich's analysis of the Fed's approach is yet another indicator of how BOTH parties are controlled by big money. Why isn't Reich's analysis a centerpiece of the progressive political agenda? It's simple enough that most people should get it.
The Fed is representing the billionaire class. The raising of interest rates is really about killing jobs so that there is more competition for employment and this weakens workers and there pursuit for workers rights as a result of increased demand for employment in comparison available workers.
In re Robert Reich's statement "Concerned about drug prices? A handful of drug companies control the pharmaceutical industry." It's important to remember that Eisenhower's original draft of his famous "military-industrial complex" speech warned about the "military-industrial-academic complex". I'm rereading Jennifer Washburn's book "University Inc.: The Corporate Corruption of Higher Education. Marcia Angell, The former editor in chief of the New England Journal of Medicine and author of "The Truth About the Drug Companies" wrote this about Washburn's book: "Jennifer Washburn tells the fascinating story of how the lure of research profits has corrupted American universities. If you think higher education is about the free exchange of knowledge, this book will disabuse you of that quaint notion." And effects of this military-industrial-academic complex are many, including the focus on profitable research over teaching, which results in money being funneled into industrial-academic alliances and assigning "cheap labor" like grad students and adjuncts to teach students in large classes. The emphasis on funding for research linked to commerce also has resulted in increases in tuition and fee increases, leading to crippling student debt. Washburn: "Often, when a professor becomes the CEO of a new start-up, there is considerable overlap between the research taking place on campus and at the firm, a situation ripe for confusion and conflicts of interest. The question of who owns academic research has grown increasingly contentious, as the openess and sharing that once characterized university life has given way to a new proprietary culture more akin to the business world."
Why aren't the feds breaking these monopolies up? Could it be their lobbying power? Governments are corporations, too.