The plutocrats own the republicans and the establishment democrats. : ) I support lower taxes when lower taxes are appropriate, which time is, not always. Inflation is better than deflation. Which is why every nation targets some level of inflation, not some level of deflation.
let me know the non establishment democrats who held out for single payer. let me know how 700 percent inflation over the last 50 years, is better for the working class. let me know when you have ever supported more freedom from government or lower taxes. It may be your dream, but you not ever the side of the proletariat, you are a plutocrat apologist / mouth piece. Pete Townsend warned you about your version of politics. Meet the new boss, same as the old boss.
To understand this, you have to understand who Mel Watt is. A former congressman from Durham, NC, ie black, he is a far left ideologue. He has zero experience in housing or banking, and is basically just another radical black obama has put into a position of considerable authority. Watt's imperative is not to enrich lenders. It is ludicrous to even suggest it. He wants to get back to shoving tons of money to obama voters to go along with their free health care and obama phones. Get them that obama mortgage as well. The 5% down payment standard for "certain", ie minority and illegal immigrant, buyers was irresponsible enough to begin with. Take buyers with the worst credit and most incentive to default and put them in a mortgage with essentially no down payment. What could possibly go wrong? So now it is 3%. Radicals like Watt consider this to be the essence of fairness. Rich white people are making money off the Fed's zero interest rate policy, and it is unfair blacks aren't too, just because they have no assets, no income and bad credit. Perhaps the other changes were meant to compensate lenders for the inevitable losses on these borrowers. Have lenders already forgotten the extortion suits for "predatory" lending? Now they are going right back to that well. Idiots. The problem with the housing market had nothing to do with down payments. It was that people with essentially OK credit, but an incomplete credit file, say a short job history, couldn't even refi loans they were up to date on. This forced them to pay much higher than market interest rates, in effect nullifying what the Fed was trying to do. Lenders were reluctant to lend, not out of some grand conspiracy, but because they had been burned repeatedly by the gSE's on less than perfect loans.
You assume lower taxes are always a good thing, but that's simply not true. There is work to be done that must be paid for by taxes--the work comes first. As for inflation, it's been a constant for a couple of centuries of American history, so it's nonsense to blame it alone for the plight of the middle class. Compensation has recently ceased keeping up with inflation, except for those at the top. Compensation needs to be examined.
you are talking out your butt. you could not be more wrong about inflation see chart below. as far as taxes... taxes come last... jobs and food and roofs come first. why do we need taxes...when private bankers get to print trillions of electronic dollars. income and death taxes are competition control... those who own the money supply get to buy up all the companies and the politicians. This is in large part is what happened to the middle class real wages... and savings. Then you tax away the gains made through inflation... in your parlance this is the wealth transfer to the rentier class who manage to buy up the assets with the bankers who make the money.
Yes, I said there has been inflation since the beginning, and your chart shows that. Thank you. I also said incomes have risen. Inflation adjusted median household income since 1968: Looks like the last high point was in 1999. Let's hope there's more to come.
so when you look at the first half of the chart and the second half of the chart you see the same quality of inflation? Seriously... I wonder if leftists / pre fascists / commies can actually trick themselves into believing whatever they need to believe to avoid cognitive dissonance.
Speaking of cognitive dissonance, if ALL you have experenced in your economic life is 700% inflation in prices, then you would likely be dead. Clearly other variables have changed in your lifetime as well.
cognitive dissonance defined -- supporting privately owned central bank policies which are destroying the middle class while at the same time claiming to be a commie who loves the working man? You are on the side of the czars. I already went through the dissonance... its still hard for me to argue against bankers and the elite. But I saw what it is doing to my parents retired friends and how much money is flying out the window with my family. There is massive inflation and ridiculous interest rates coupled with high taxes. That kills non asset owners. Look I grew up in Greenwich. My friends parents were the the guys who ran wall street. I still tell my kids to be bankers or own IP. I was close to being one of the entitled but chose to move to San Diego. I don't have a dislike bankers in general... they were my people. But, I have to explain what massive inflation, high taxes and devaluation of the dollar are doing to the working mans savings and real wages... especially now that they are holding down interest rates and printing a trillion a year... plus however much else does.