The Federal Reserve

[PhatMack19]

Interest rates are about to rise which has been expected for a while now.  Fed Chair Janet Yellen made some interesting comments today about Obama's economy.

 

The Federal Reserve may need to run a "high-pressure economy" to reverse damage from the crisis that depressed output, sidelined workers, and risks becoming a permanent scar, Fed Chair Janet Yellen said on Friday in a broad review of where the recovery may still fall short.

 

 

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[PhatMack19]

It's interesting that the article has been edited since I first read it to include 2008-2009 in front of the crisis.  I guess it makes it easier to blame Bush when you go back and add years to someone statements.  

[stevenash]

Never thought I would say this but, after reading the article, I am fearful that the tentacles of the current administration have gotten into a supposedly neutral Federal Reserve.   Rates should have risen some time ago .   Another solution for the economy ( God forbid we try this) would be to lower taxes and lessen regulation but that will never fly.

[PhatMack19]

3 hours ago, stevenash said:

Never thought I would say this but, after reading the article, I am fearful that the tentacles of the current administration have gotten into a supposedly neutral Federal Reserve.   Rates should have risen some time ago .   Another solution for the economy ( God forbid we try this) would be to lower taxes and lessen regulation but that will never fly.

Govt regulation got us into this mess anyways. Dem's in congress are now threatening to break up Wells Fargo and other large banks because they are too big to manage.  These same people created Dodd-Frank(which Big Girl loves), in order to get rid of banks that were "to big to fail."

 

Since Dodd-Frank became law in 2010

- on average 1 community bank or credit union shut down each day

- there are 1,524 fewer banks with asset under $1 billion today than in June 2010 which is a decrease of more than 20%

- As of November of 2015 the 4 biggest banks are 30% larger than they were when Dodd-Frank passed(Chase, BOA, Citibank, & Wells)

- The 4 big banks now control 50% of all deposits

- Prior to D-F, 75% of banks offered free checking, just 2 years later only 39% did and it's even less now

- D-F regulation fueled a 21% surge in checking fees from 2010-2012

 

 

Dodd- Frank regulation had the totally opposite affect than was intended.  Increased regulation and compliance pushed the small banks out of business while the big banks got bigger.  It also increased fees that hurt the low income people the most.  The Govt needs to get out of private business and let the free market work.  Hippy can probably give his thoughts on Dodd-Frank,the CFPB, and what a cluster they have been.  

 

[stevenash]

7 hours ago, PhatMack19 said:

Govt regulation got us into this mess anyways. Dem's in congress are now threatening to break up Wells Fargo and other large banks because they are too big to manage.  These same people created Dodd-Frank(which Big Girl loves), in order to get rid of banks that were "to big to fail."

 

Since Dodd-Frank became law in 2010

- on average 1 community bank or credit union shut down each day

- there are 1,524 fewer banks with asset under $1 billion today than in June 2010 which is a decrease of more than 20%

- As of November of 2015 the 4 biggest banks are 30% larger than they were when Dodd-Frank passed(Chase, BOA, Citibank, & Wells)

- The 4 big banks now control 50% of all deposits

- Prior to D-F, 75% of banks offered free checking, just 2 years later only 39% did and it's even less now

- D-F regulation fueled a 21% surge in checking fees from 2010-2012

 

 

Dodd- Frank regulation had the totally opposite affect than was intended.  Increased regulation and compliance pushed the small banks out of business while the big banks got bigger.  It also increased fees that hurt the low income people the most.  The Govt needs to get out of private business and let the free market work.  Hippy can probably give his thoughts on Dodd-Frank,the CFPB, and what a cluster they have been.  

 

Standard procedure for the Government-  I heard a banker from Tennessee state that his bank(s) now have more compliance officers than loan officers.  If you want to read something interesting, google "how to create jobs by George McGovern" former Democrate/ ultra liberal who once was a presidential candidate

[Hagar]

Other than our military, which the left is ruining, I can't think of anything our government runs successfully.  That such an inept bunch of people have the audacity to meddle in the private sector, confirms how stupid they are.

And any Bill with the name Frank attached is a cluster fudge.

[Kountzer]

12 hours ago, stevenash said:

Never thought I would say this but, after reading the article, I am fearful that the tentacles of the current administration have gotten into a supposedly neutral Federal Reserve.   Rates should have risen some time ago .   Another solution for the economy ( God forbid we try this) would be to lower taxes and lessen regulation but that will never fly.

To the contrary, the people who run the federal reserve, also run the government, no matter who is elected.  The prez, whoever he or she is, just goes along to get along.