Biden's blunders...

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Biden's blunders...

Post by Munchy »

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Biden's blunders...

Post by Intrinsic »

Not so much a blunder but a potential colossal mistake.

Binders dragging his feet, extending the timeline to end the inhumanity from the Trump's Administration ratfucking asylum-seekers and their families and children.


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Biden's blunders...

Post by Butcher Bob »

Eh, I think we have a pretty good idea of where that is going...from saber rattling dialog, so bad that sheriffs quit cooperating with ICE...to 'positive' platitudes, and a quite increase in enforcement. When you get right down to the numbers, Barack and Joe's record was so horrendous, even Trump couldn't top them.

But Bo is right in that if Biden doesn't significantly embrace citizens' needs, i.e. healthcare, economics, climate change, etc., it will continue to destroy the Democrat party. Whether Joe will make that blunder is yet to be seen.

Personally, I don't see things getting any better. This latest relief package...has an amendment attached to it that allows the Federal Reserve to purchase private equity, without the permission of the government. This is something that was banned for a reason. You think communism is bad?...wait until the Fed controls everything.

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Biden's blunders...

Post by Intrinsic »

relief package...has an amendment attached to it that allows the Federal Reserve to purchase private equity, without the permission of the government.

Interesting, got a link. Does that mean the reserve purchase equities with government permission already?

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Biden's blunders...

Post by Jesús Malverde »

Butcher Bob wrote: But Bo is right in that if Biden doesn't significantly embrace citizens' needs, i.e. healthcare, economics, climate change, etc., it will continue to destroy the Democrat party.
Cannot fucking happen soon enough. Kill it with fire.
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Biden's blunders...

Post by Butcher Bob »

Intrinsic wrote:relief package...has an amendment attached to it that allows the Federal Reserve to purchase private equity, without the permission of the government.

Interesting, got a link. Does that mean the reserve purchase equities with government permission already?
I think I saw that on The Money GPS channel on Y/T. He does a pretty good job keeping up on Fed news. I skimmed a couple vids but could not locate it...even googled for current news, nada. I make a point of watching for this type of thing because it indicates where the Fed is at with tools to combat economic downturns. These things occur in a certain succession...
Interest rates -> overnight funds -> corporate bonds -> corporate equity
Interest rates have been ridiculously low since the last crisis...currently sitting at 0.00 - 0.25%. And the Fed has stated over and over that they will not drop to a negative rate. With that tool gone, next is overnight funds between banks. The Fed started throwing money at that in Sept 2019, hitting up to $2 trillion a day. That is the equivalent of TARP funding, which previously required congressional approval, but became an automatic action without the need for approval under Obama. Then in April or May they moved to the corporate bond market, which would be similar to the bank/auto manufacturer bailouts. Again, it used to require congressional approval, but was turned over to Fed discretion under Obama. Private equity has been a no-no all along, because you start to artificially inflate the capital markets. I'm assuming this is a preemptive move to avoid public hearings. The Fed is at it's limit with tools to combat economic decline...they are doing whatever they can to keep the markets from collapsing. The problem with that is eventually you got to pay the piper.

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Biden's blunders...

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Biden's blunders...

Post by Intrinsic »

Thanks Bob, for checking and research. I like Puzzles but I just can't wrap my head around the Federal Reserve. Hence I naturally perceive them as a threat.

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Post by Butcher Bob »

The Fed is a tricky animal...subservient to the IMF and World Bank, yet superior because the US$ is the world's reserve currency...and on the same level has an equal but superior status with the central banks of other nations, for the same reason.

The ability to purchase private equity will come up in the future, and it will be covered at least by the financial news. When they first started meddling with the bond market, they used the publicised threat of purchases to prop the market up...and when that was not enough to hold the market up, they started to actually carry through with those purchases. The same will hold true for equities as well.

This, along with other facets, are why I see Biden's pick of Yellen to be a significant blunder. So far I've only provided a cursory look at her wiki info. I'm quite certain, after working with her for years as vice-chair and then chair of the Fed, Biden is very comfortable working with her as his Sec of Treas now. So it would seem pertinent that we take a more personal look at Janet. For this I'll defer to someone who knows her better than me, economist Richard Wolff...


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Biden's blunders...

Post by Butcher Bob »

So what's Yellen been up to since she left the Fed?

Business as usual...
Janet Yellen made millions in Wall Street, corporate speeches

In the past two years, President-elect Joe Biden’s pick to be Treasury secretary, Janet Yellen, has raked in more than $7.2 million in speaking fees from Wall Street and large corporations including Citi, Goldman Sachs, Google, City National Bank, UBS, Citadel LLC, Barclays, Credit Suisse, Salesforce and more.

Yellen, the former chair of the Federal Reserve, brought in nearly $1 million giving nine speeches to Citi alone. She earned more than $800,000 speaking to Citadel, a hedge fund founded by the Republican megadonor Ken Griffin. She also spoke to the law and lobbying firm Pillsbury Winthrop Shaw Pittman.

https://www.politico.com/news/2021/01/0 ... hes-453223" onclick="window.open(this.href);return false;
Yellen Earned $7.2 Million In Speaking Fees Over Last Two Years

Janet Yellen, President-elect Joe Biden’s nominee for treasury secretary, has earned more than $7 million in speaking fees from banks and large companies since leaving the Federal Reserve in 2018, a record that will force Yellen to seek permission before working at Treasury with some of Wall Street’s largest financial institutions.

- Yellen earned around $7.26 million from dozens of speaking engagements in 2019 and 2020, according to a disclosure form submitted by Biden’s transition team this week and posted by the Office of Government Ethics Thursday night.

- The former Federal Reserve chair’s clients included Citi (which paid for at least nine speeches in 2019 and 2020), Goldman Sachs, Credit Suisse, Deloitte, Salesforce and several other Wall Street banks and large corporations.

- Yellen has also earned $350,000 in consulting and speaking fees from Magellan Financial Group, an Australia-based asset management company, though she doesn’t hold any equity in the firm and says she’ll resign from her consulting post there if she’s confirmed as treasury secretary.

If the Senate confirms Yellen to helm the Treasury, the paid speeches she’s given to large banks could complicate her job overseeing them. Per government rules, she committed this week to seeking written permission from a Treasury-appointed ethics official for at least one year if she needs to participate “personally and substantially” in any matters involving Citi, Goldman Sachs, or any other bank that has paid her. This ethics requirement could drag on for the first nine months of the Biden administration because she spoke to multiple financial institutions in October of 2020.

https://www.forbes.com/sites/joewalsh/2 ... 10a47b26f9" onclick="window.open(this.href);return false;
None of these statements are disputed. All of these facts were provided by Biden's transition team, in Yellen's disclosure form...

Executive Branch Personnel Public Financial Disclosure Report - Janet Yellen

You can see every speaking engagement, who paid it, and how much they paid.

We're being assured that this will in no way affect her decisions as Sec of Treas. But seeing as she has probably made more money in the last two years, than the whole of the rest of her career, does anybody really believe that?

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