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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (145700)	9/10/2014 10:00:45 PM
From: RetiredNow	1 Recommendation Recommended By pcstel Read Replies (2) \| Respond to of 149317

The only jobs getting created are part time jobs or fast food jobs...7 million of them, while prime head of household jobs are getting whacked. Labor participation has plummeted. There has been no real recovery, except for the 1%. What would I have done? Simple. I would have done the following: * vigorously prosecuted the criminal banker executives and put them in jail, as well as ensured they were impoverished through civil suits to recompense the government in part for bailing out their institutions * I would have put Glass Steagal pack into law and broken up every single one of the TBTF banks down to a size that none of them were TBTF anymore and I would have raised reserve requirements to a solid 10% for banking institutions, while making it ironclad law that investment houses would be prohibited by law from receiving bailouts and would have no recourse but bankruptcy in the future * I would have repealed the Fed's current mandate, except for one prime objective: monetary stabilization, aka maintaining the value of the dollar within a narrow band against some objective measure (+ or - 1% inflation or deflation, a basket of foreign currencies, a basket of commodities, or gold, or some other easily definable measure) * I would make it a law that the Fed is not allowed to manipulate interest rates on Treasuries, but rather interest rates would float freely based on supply, demand, and perceived risk of Treasuries * I would have reinstated the Democratic PayGo law, raised taxes, and cut spending to balance the budget * And I would never ever have allowed the Fed to print money In short, banking would become a boring and stable industry and the creative genius of this country would go back to making useful things and services, instead of creating the next financial weapon of mass destruction. In addition, the 99% could rest assured that whatever money they make and save would be stored in the mighty US Dollar, which would once again be a stable store of value free from insidious inflationary destruction by the Fed.