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xchrom

(108,903 posts) Sun Mar 30, 2014, 09:08 AM Mar 2014

Stressed: What Are They Trying To Tell Us?

https://www.commondreams.org/view/2014/03/30

New York, New York: Ok, I have to admit it, I feel as my faith in economic justice is being tested with these stress tests. Truth is, I am becoming more stressed than ever.

The reason: despite all the “regulations” in the Dodd Frank Financial “reform” and the Volcker Rule and The Fed’s “oversight:’ the banks seems to have free reign to do what they will despite the financial crisis, and the pathetic “recovery.”

There have been fines and settlements but nothing is settled. None of them have or will go to jail.

Economic conditions continue to stress out millions even as the Fed announces “stress tests” that appear on the surface to be a way of insuring that big banks won’t need more bailouts.

Sad to say, it’s more of the charade. Partially that’s because the banks dominate the Federal Reserve, a private, not public, institution.

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Stressed: What Are They Trying To Tell Us? (Original Post) xchrom Mar 2014 OP

Very interesting article. Here's a key excerpt: Laelth Mar 2014 #1

Laelth

(32,017 posts)

1. Very interesting article. Here's a key excerpt:

Reply to xchrom (Original post)

Sun Mar 30, 2014, 05:33 PM

Mar 2014

why is the Obama Administration running victory laps, unrolling the ‘Mission Accomplished’ banner on the credit crisis, as Mike Konczal describes it? I suspect this is just a political stunt to provide cover in the mid-term elections to somehow demonstrate that the Democrats fixed the problem that the Republicans created.

I think it could backfire if only because the (real) underemployment rate is still 17%. Nobody wants to hear the “I saved the economy routine” when they’re unemployed and losing their home.”

Indeed. The Democratic base does not want to hear about how the Obama administration has saved the economy when, in fact, the recovery remains uneven and weak. Indeed, this strategy may backfire because its message (everybody else is happy--what's wrong with you? why are you still struggling?) may be very discouraging to Democratic voters who know that there has been no recovery for them.

-Laelth

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