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Member Since: Sat May 17, 2008
In Reply To
Late Great Donald Blake 

Member Since: Sat May 17, 2008
Posts: 7,600
Subj: Re: Right, that's all the FED can do.
Posted: Wed Jun 22, 2022 at 01:16:21 pm EDT (Viewed 133 times)
Reply Subj: Right, that's all the FED can do.
Posted: Wed Jun 22, 2022 at 11:39:03 am EDT (Viewed 135 times)

    But it's a relatively modern (post 80s) belief that the only economic interventions or hedges against inflation are the purview of the FED.  They'll TRY to thread a needle, but if push comes to shove, the FED will be more than welling to push us into a recession and suppress workers wages in order to stem the time.  And the FED has very few very broad tools to use.  As I've said there are a multitude of potential solutions or at least abatements that Congress could pass and things Biden himself could do in terms of EOs and general pressure in both the short and long term.   They for one actually have to BELIEVE they should.  Bidens primary strategies have orbited leaving it all to the FED or begging the Saudis.

Biden is conservative on EO, but those would be challenged in court and many stayed and overruled along the way. It would happen, guaranteed and with judge shopping and SCOTUS they would not even go into effect. 

I think Biden is a creature of the classic system, but that does not mean more radical solutions would work in the current system either. 

I think I posted elsewhere that there are other things that can be done, but alot of it is hardly a quick fix and most would take Congressional action to pull off and even that could be axed by SCOTUS. 

I would rather something more be done but realistically the Fed is the most realistic solution at the moment even if they are probably not the best in the mid or long term. 

    If you like compare FDR's approach to dealing with economic dire straits vs our current president.  They have pretty oppositional attitudes, and FDR was elected 4 times.

I think this an improper comparison. I wish there was a government more like FDR, but FDR came into an economy that was in a massive hole. His choice was to do as much as possible as fast as possible and Congress was mostly game, particularly with majorities in Congress. 

The problem then was not inflation and FDR tried numerous public works and social safety net initiatives to help a struggling population. And even with all of that the New Deal is often not considered to be the main reason the US escaped the Depression, although he did alot that was good, it was often considered that WW2 helped alot on those grounds. 

The current political and economic climate is not the same. And it was not too long before opposition to FDR came about. Most people were glad he was doing something and his fireside chats helped get the idea out there of what they were trying to do. 

There was not a Fox News or various voices saying alternate things and dividing people outright. The desperation of the Depression allowed for things that probably never would have happened at any other point in time. 

At best most presidents will get a major piece of legislation through and are often not rewarded for it and then we all take it for granted before it is undermined by courts over time. The Voting Rights Act comes to mind right away. 

I went all over a little bit in that but I disagree that the situations were the same that allowed FDR to win four terms or pull off his domestic agenda. 

Hell Social Security was a great start but in some ways it is probably closer to being gutted than it or other safety net programs are to be created or strengthened. Which further stratifies class into haves and have nots all while just under 50% of people think it is all in their best interest. 

If anything with everything happening I think Biden is more likely to be a Hoover or Carter based on luck of the draw as opposed to true policy impacts. As he did more to combat the pandemic but Courts limited him greatly there, dealing with economic challenges after the pandemic that ran head long into a war on top of fall out from the crap the Trump team did, but will not get blamed for by the electorate as a whole. And even if he does solve some of those problems it is likely that folks will not regard it as a win since he let it happen from the get go and will be punished for it. 

Biden for sure is a symbol of the classic Democratic party. In many respects I think his heart is often in the right place but he does not want to rock the boat enough IMO. And it is hard if he does with SCOTUS being what it is now. And the main reason he won was not because he was the most transformational candidate ever, it was because he was not Trump. 

--- the late great Donald Blake 

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