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QE III is not
a stimulus package; it’s another bank bailout.
The banks are holding billions
of dollars of worthless assets on their balance sheets at
inflated prices some of which the Fed
intends to take off their hands in exchange for billions of
freshly minted US dollars.
This will make
the banks stronger, bankers richer and most Americans poorer
by weakening the dollar and inflating prices.
It will have a minimal effect, if any, on unemployment.
Our main problem is not that there are hundreds of
thousands of business owners who want and are ready to borrow
money from banks to expand their businesses.
The problem is that people are suffering; they’ve
been cheated out of their homes by criminals who took
advantage of them. Now
they are unemployed and/or broke and don’t have money to
support their families, pay their medical bills or send their kids to college.
Meanwhile, American roads, bridges, schools, and public
services are falling apart or being degraded and all most
politicians can think about is how to save money by reducing
benefits on all
the programs that help ordinary working Americans. Their
solution to our financial crisis is for government to turn its
back on past promises made to do what's best for all citizens
and to defend the Constitution against those who would destroy
it. That would include offering all
citizens decent affordable healthcare, stronger civil
liberties, a sustainable and safe environment that protects
future generations, more
opportunity in the workplace, and a way for ordinary folks to fund for
retirement and provide their children with a good education.
The
Fed is not a governmental institution.
It has no business being in charge of the country’s
economy. It mainly
functions to protect banks and bankers.
It’s the President and Congress who should be
figuring out how to offer citizens more job opportunities,
better healthcare, a safer and sustainable environment, a more stable
and energy independent economy,
and meaningful jobs that produce products and services that
make life better for real people.
They should be protecting us against those who profit
from war and social dysfunction.
They should be strengthening our judicial system and
striving for peace and prosperity.
Instead they are busy raising money for elections and
taking orders from bankers and war profiteers who are
programmed to destroy the body politic with their ill gotten
gains.
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