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

To: RetiredNow who wrote (145708)

9/10/2014 11:12:44 PM

From: tejek

Read Replies (1) | 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%.

That's no longer true. I posted to you two articles which said that good paying jobs are opening up...........which is to be expected when unemployment starts to tighten up.

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* I would have repealed the Fed's current mandate, except for one prime objective: monetary stabilization, aka maintaining the value of the dollar within a narrow band against some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

None of which would have gotten the economy back on its feet.

To: RetiredNow who wrote (145708)	9/11/2014 12:01:58 PM
From: John Vosilla	Read Replies (1) \| Respond to of 149317

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. Yes that is what I fear most down the road.. Money printing = more debt. Things have never been the same since we repealed Glass Stegal, our stupid response post 9/11, excess fed intervention to 'save' the day and partisan politics. FYI I totally agree with your bullet points of what should have been done. BUT bottom line we are in the here and now, we didn't do that and neither did the rest of the world well at least those countries that didn't have a gun put to their head like Greece... Party on perhaps till the second year of the next administration? All the debt you see being added on to the federal government, to auto loans, to student loans, to corporate debt all already at extreme levels will continue but add in much more lax lending for mortgages (the grand daddy of them all) and credit card debt.. You can see where we already are in the UK, in Canada and in Australia.. All in the game of propping up asset prices and pulling forward consumption to the present