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3 debates, zero mentions of the Federal Reserve, ZIRP, or QE
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2012 Oct 22, 6:35pm 944 views 2 comments
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curious2
2012 Oct 23, 5:22am
Since both major parties support the current Fed system (which in turn finances their campaigns and offers them revolving door patronage network opportunities), I've checked the positions of alternative parties:
(1) Green Party has the clearest platform
"Nationalize the 12 Federal Reserve Banks, reconstituting them and the Federal Reserve Systems Washington Board of Governors under a new Monetary Authority Board within the U.S. Treasury. The private creation of money or credit which substitutes for money, will cease and with it the reckless and fraudulent practices that have led to the present financial and economic crisis."
(2) Libertarian Party expresses principles, condemns Fed, doesn't commit to any specific alternative. A Libertarian candidate said, "We must legalize competing currencies, repeal the unconstitutional legal tender laws that require Americans to accept Federal Reserve Notes, and enforce gold clauses in contracts."
Either system would have some advantages compared to ZIRP and QE.
curious2
2012 Oct 23, 5:53am
From the link:
And either way, we get ObamneyCare, which both major candidates opposed and signed at different times, though I do think Romnesia would make it even worse: Obama disappoints people, Romnesia destroys them and forgets them.
In three debates, thee moderators and both major party candidates avoided even mentioning the Federal Reserve, ZIRP, and QE:
First debate - October 3
Second debate - October 16
Third debate - October 22
Right now the entire economy (including especially the housing sector) is dominated by Fed ZIRP and QE propping up the worst banks in order to prop up house prices at the expense of all other sectors. The excellent article below summarizes the situation well:
http://ochousingnews.com/news/the-housing-bears-are-right-but-prices-will-go-up-anyway
Yet the major party nominees do not even debate the merits of this policy, do not even mention it in debates. It started with the W administration, which approved TARP and named Bubbles Ben to chair the Fed. I don't see any change with the current administration rhetoric about "helping homeowners" with HAMP, HARP, HOPE, whatever. These programs amount to trillions of dollars in federal spending, for the express purpose of manipulating markets and favoring the FIRE sector over all others. The banker beneficiaries favor Romnesia, which is yet another argument against him in my opinion. This election I am leaning Libertarian or possibly Green, although I think Romnesia would be the worst possible outcome.
Does anybody see a way to restore market pricing to housing, instead of current federal insistence on centrally planned overpricing?
#housing