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Fed’s Janet ‘QE III’ Yellen Decries Income Inequality

From CNS News:

Fed Chair Unsure If Capitalism or Oligarchy Describes the U.S.

By Susan Jones | May 8, 2014

(CNSNews.com) – "Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?" Sen. Bernie Sanders, a Vermont socialist, asked that question of Federal Reserve Chair Janet Yellen at a hearing on Capitol Hill  Wednesday.

Yellen said she’d "prefer not to give labels," but she admitted to being very concerned about income inequality.

But then she goes on to practically say that she agrees with Mr. Sanders.

"So, all of the statistics on inequality that you’ve cited are ones that greatly concern me, and I think for the same reason that you’re concerned about them. They can shape the — determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.

"And so I don’t know what to call our system or how to — I prefer not to give labels; but there’s no question that we’ve had a trend toward growing inequality and I personally find it very worrisome trend that deserves the attention of policy-makers.

And never mind that this is the same woman who called for the shoveling of $85 billion dollars a month into the financial markets, and into the pockets of ‘the rich.’ And she is the same woman who, since she had been in charge of The FED, has resisted tapering off ‘Quantative Easing’ by more than 10%.

So The Fed still shoveling in $76.5 billion dollars a month into the stock market.

Sanders told Yellen, "There comes a point, where the billionaire class has so much political power — where the Koch brothers are now, because of Citizens United, able to buy and sell politicians — they have so much political power  — at what point is that reversible?" he asked…

So is Bernie Sanders outraged at Tom Steyer buying Obama and the Democrats with his $100 million dollar donation to the DNC?

Sanders [asked] Yellen if giving tax breaks to the Koch brothers, who are worth $80 billion — "do you think that’s going to create a whole lot of jobs in this country?"

The Koch brothers don’t get any tax breaks. Oil producers pay the same tax rate that every other company and manufacturer pays who deplete their resources. Including the several oil companies in Tom Steyer’s hedge fund.

This article was posted by Steve on Friday, May 9th, 2014. Comments are currently closed.

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