"Fed to Start Buying Stocks"?

Discussion in 'Political Opinions & Beliefs' started by bringiton, Mar 31, 2020.

  1. bringiton

    bringiton Well-Known Member

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    In another move to rescue the super-duper uber-rich from their own greed and folly, the US Federal Reserve has announced "tentative" plans to shovel trillions of dollars directly into the pockets of the richest, greediest, and least productive people who have ever lived:

    https://www.cnbc.com/2020/03/29/wha...-buying-stocks-during-coronavirus-crisis.html

    The Fed is already moving to buy into the corporate bond market, creating money specifically to prop up the values of the rich's companies and bond holdings, so that they don't suffer any reduction in the massive unearned capital gains they demand society provide to them in return for nothing. A 200%-300% gain in the last decade is not really enough when you are already a billionaire, so Trump's hand-picked Fed governors are planning to use their money-creation privilege to buy billionaires' stocks from them at inflated prices rather than let the market price them more realistically.

    So you lose your job, your savings and your home, while the taker class gets trillions shoveled into their pockets in return for nothing. No doubt about it: America is great again.
     
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  2. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    Thats one way of looking at it. BTW, using global standards, you are uber rich. How much can we take from you to give to those less fortunate?
     
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  3. bringiton

    bringiton Well-Known Member

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    Right. It's called, "the truth."
    No, that's just false and disingenuous nonsense from you. I am roughly at the 95th %ile on a global basis. That is far from the 1% globally, which would require wealth of almost $1M, let alone the 0.01%, which would take tens of millions.
    Everything I didn't earn by commensurate contributions to production.
     
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  4. Robert E Allen

    Robert E Allen Well-Known Member

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    Nice opinion piece..
     
  5. squidward

    squidward Banned

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    Did you complain when the FED was paying the banks trillions of dollars for assets worth pennies on the dollar, at face value, while the government suspended GAAP accounting principles, mark to market and reserve requirements for the largest banks, all under the previous admin?
     
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  6. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    You are incorrect; its called an opinion. So you have no investments/retirement?
     
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  7. bringiton

    bringiton Well-Known Member

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    No, it's called the truth because it corresponds to fact.
    Modest ones. I don't have an expensive lifestyle to maintain.
     
  8. bringiton

    bringiton Well-Known Member

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    Yes. I knew Obama would betray his voters -- though not his corporate donors -- when he appointed all the same old crooks to every position of economic authority.
     
  9. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    So you would let it crash?
     
  10. ArchStanton

    ArchStanton Well-Known Member

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    Hey, I'm good with no bailouts. I'm sure you'll agree with your future unemployment.
     
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  11. squidward

    squidward Banned

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    Good.
    I opposed it then and I do now.
    The failed big banks should have been liquidated in 2008, from their own doing.
    But the FED sees that the government gets funded for unlimited spending, and in exchange its owners get unlimited wealth
     
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  12. Ethereal

    Ethereal Well-Known Member

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    I bet big on corruption winning. Looks like I'm going to earn a nice return.
     
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  13. bringiton

    bringiton Well-Known Member

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    I'd mitigate the damage by putting money into the system through purchases of government debt, not corporate stock or bonds. Let the market find a reasonable price for stocks, something more in line with historic multiples. If that means half their value goes bye-bye, that's the chance "investors" take.
     
  14. bringiton

    bringiton Well-Known Member

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    Just out of curiosity, how did you go long on corruption? I'm not confident I have a good read on which type of corruption will win.
     
  15. bringiton

    bringiton Well-Known Member

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    Even if my employer went bye-bye in the crash, there's no real risk of me being unemployed for long, as I have skills that are always in demand.

    BTW, nice nom de plume.
     
    Last edited: Apr 1, 2020
  16. wgabrie

    wgabrie Well-Known Member Donor

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    Isn't it the case that if you own a majority of shares that ownership of the company reverts to you? State ownership of companies for a mixed public/private ownership of companies in the economy.

    Oh wait, the Fed is a private entity. That means they are literally going to buy out these companies and take ownership.
     
  17. alexa

    alexa Well-Known Member Past Donor

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    I was listening recently to someone speaking about the situation of the ordinary people of the US - I can't remember where he came from but some Asian country which until recently was quite poor. He said he had heard that the majority of American's did not have $500 put aside for a rainy day. He could not believe what had happened to the richest country in the world, a country which called itself a democracy and they had found themselves in this position. The majority of people in his country he said had a fair bit more than $500 put away for a rainy day.

    It is sad that people do not notice this and instead encourage the taking of the wealth of the US by the 0.1% coupled with their move to eventual serfdom. There again they do say that in democracies you get the government you deserve.
     
  18. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    Fair enough. Maybe if the government had to make painful cuts and lower taxes.
     
  19. fmw

    fmw Well-Known Member

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    I hate to see the government do this sort of thing but, to be correct, these are the most productive people and they do a lot. What the governmet has done over the past week is so painful for me that I am considering putting my head in the sand and removing myself from the news.
     
  20. fmw

    fmw Well-Known Member

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    Of course, if that is what it wants to do. Either we believe in capitalism or we don't. I do.
     
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  21. Doofenshmirtz

    Doofenshmirtz Well-Known Member Donor

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    Fair enough. If thats the case, the government should have to make painful cuts and reduce taxes to a minimum.
     
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  22. squidward

    squidward Banned

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    And if actual people were buying the debt, and not just the big bank bond dealers who collect commissions for sales to each other and then are relieved of these bonds by the FED, in exchange for freshly created digital currency
     
  23. squidward

    squidward Banned

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    Stopping the crash only allows the giants that created the debt bomb to cash out now, gaining enormous wealth, while the rest of us slowly suffocate, with no chance of real recovery.
    Let the crash happen. Eliminate the FED. The perpetrators will die the economic deaths they deserve and we will recover in time, but with a much more sound and equitable system.
     
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  24. bringiton

    bringiton Well-Known Member

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    They do do a lot, but it is a lot of rent seeking, which is NOT productive.
     
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  25. fmw

    fmw Well-Known Member

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    Not all wealthy people are landlords. In fact most are not.
     
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