Best Santelli Rant in a while..

[kinggyppo]

Here is the problem, per the fed's dual mandate it is trying to inflate, in fact they are short of their current target of 1% and looking for close to 2% by 2015. Its right here:

http://www.chicagofed.org/webpages/publications/speeches/our_dual_mandate.cfm

see graph under consumer inflation. This is where most people have a hard time understanding that the fed wants MORE inflation, I believe they see this as "price stability". If you look at the slowly increasing minimum wage you can see the footprint of inflation.

 

[Ricter]

Quote from Maverick74:

Huh? There are two ways to re-distribute wealth. By way of the law or by way of the gun. Stalin used a gun. Obama the law. I fear the gun is not too far off though.

Redistribution in a socialist sense is a de-concentration of wealth. Obama is not a socialist.

 

[Maverick74]

Quote from Ricter:

Redistribution in a socialist sense is a de-concentration of wealth. Obama is not a socialist.

No, it's not. It's assumed to be a de-concentration of wealth from the rich. In reality, it's wealth taken from the middle class and not from the rich. The rich write the laws in this country. They would never take the wealth from themselves.

 

[Ricter]

Quote from Maverick74:

No, it's not. It's assumed to be a de-concentration of wealth from the rich. In reality, it's wealth taken from the middle class and not from the rich. The rich write the laws in this country. They would never take the wealth from themselves.

Now that is a very socialistic belief. And I think you're right.

But, we must thank the rich, the job creators, for this. Anything else is "just envy", and they may take their money and leave. Leave us with only our productive land, water, forests, minerals, fish and game, etc. : )

 

[Martinghoul]

Quote from Tsing Tao:
Just curious, but how can you be a defender of the Fed and anti-QE? Unless you're limiting yourself to how Bernanke shaves his beard or something. It's like saying you're for Obama, but against wealth redistribution.

It's very simple and I am rather surprised that you can't imagine such a thing...

I am a defender of the institution and the concept. I think it's superior to any alternative that I can think of. However, that doesn't imply that I am always in agreement with all the policies, decisions and methods.

Quote from Maverick74:
No, it's not. It's assumed to be a de-concentration of wealth from the rich. In reality, it's wealth taken from the middle class and not from the rich. The rich write the laws in this country. They would never take the wealth from themselves.

I am very curious about this, actually, Maverick. Are you saying that, if there were a way to redistribute wealth away from the rich towards the poor and the middle class, that sort of redistribution would be OK and maybe even welcome?

 

[Tsing Tao]

Quote from Martinghoul:

It's very simple and I am rather surprised that you can't imagine such a thing...

I am a defender of the institution and the concept. I think it's superior to any alternative that I can think of. However, that doesn't imply that I am always in agreement with all the policies, decisions and methods.

Oh, stop it. When I point out your defense of the Fed, I'm not talking about the concept of the central bank. I'm talking about your specific defense of Bernanke and the Fed's actions in various posts. Do I have to dig up all the posts you've made on the subject? Really?

 

[Martinghoul]

Quote from Tsing Tao:
Oh, stop it. When I point out your defense of the Fed, I'm not talking about the concept of the central bank. I'm talking about your specific defense of Bernanke and the Fed's actions in various posts. Do I have to dig up all the posts you've made on the subject? Really?

You don't have to, if you don't want to. I am pretty sure that my attitude regarding the Fed and its policies has been consistent. Specifically, I have always defended the institution and the framework. As to specific policies and decisions, I am pretty sure I have at times agreed and supported them and at other times disagreed.

 

[Tsing Tao]

Quote from Martinghoul:

You don't have to, if you don't want to. I am pretty sure that my attitude regarding the Fed and its policies has been consistent. Specifically, I have always defended the institution and the framework. As to specific policies and decisions, I am pretty sure I have at times agreed and supported them and at other times disagreed.

Alright, my friend. Here's your chance to come clean

Do you currently support Quantitative Easing by the Fed? If not, did you ever believe it was a good idea? Lastly, if you supported it once, but not now, what changed your mind?

 

[Martinghoul]

Quote from Tsing Tao:
Alright, my friend. Here's your chance to come clean

Do you currently support Quantitative Easing by the Fed? If not, did you ever believe it was a good idea? Lastly, if you supported it once, but not now, what changed your mind?

No, I don't support it the current version of QE by the Fed (QE3). I don't think I ever believed that QE3 was a good idea. I did support the previous iterations of QE, since I thought they were warranted by the macroeconomic backdrop.

 

[Tsing Tao]

Quote from Martinghoul:

No, I don't support it the current version of QE by the Fed (QE3). I don't think I ever believed that QE3 was a good idea. I did support the previous iterations of QE, since I thought they were warranted by the macroeconomic backdrop.

So you believe the economy has improved since the end of QE2 and Operation "Twist" (which is actually still going), then? What do you think has improved?