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Diary

Taboo

By   Follow Me on Twitter     Message Robert Cogan     Permalink

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   It's taboo. Over 30 months in the Panic of 2008, the Federal Reserve created, by keystrokes only (no "printing of money") and directly deposited extremely low interest loan money to the very banks that created the Bubble and Panic. Depending on what is counted, the total of such loan monies was $7.7 trillion (Bloomberg News) or $16.1 trillion, (GAO Report 11-696, 7/21/10) or $29 trillion (Working Paper 698, Levy Institute, Bard College.) It worked to save the banks and without inflation. Indeed, home values continued to deflate, goods went unsold and businesses destroyed jobs.   Republicans and Democrats put on a theatrical act of gridlock over how to help harmed individuals, including two grossly insufficient, complex, misdirected, hobbled -- to insure -- failure   --   "stimuli."

   Couldn't the Fed or Treasury or some agency pursue a program of such direct loans to real American citizen persons? Sure. But (the taboo goes) "terrible things would happen, especially since these would have to be long term loans." What terrible things? "Inflation!" No! Not if   limited, targeted, keystroke - only money was only loaned to home mortgagors with agreement that that the proceeds be deposited directly to mortgagees' accounts or loaned to medium to small businesses in accounts held in custody by the government lender agency for exclusive use to subsidize new hires.   "Socialism is the horror that would occur!" Well,   horrible things that would surely occur are: subsidized job creation, mortgage refinance to lower rates, foreclosure diminution, family stress and divorce reduction, car payments made, dentistry visits, etc.

Our Constitution provides ample foundation for funding for the general Welfare. Check its' Preamble and Article 1 Sects. 8.1 and 8.3 on what it is supposed to spend money on.   If that's socialism, as Boehner says, "So be it."

 

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I'm NOT Bernie Sanders older brother, but could be by similarity. I was born in Manhatten, 1940, he, about a year later, in Brooklyn. I too am a white male American but a retired college professor of philosophy. We both cane from Jewish (more...)
 

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