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throughout this week Janet Yellen has been facing her Senate confirmation
hearing now she's up to be the chair the federal or
Federal Reserve once Ben Bernanke he steps down and we're still learning
about much reviews NW
what she thinks about fiscal policy monetary policy one topic that she
discussed earlier today that's quite interesting I think it's gonna
be well-received here to it. is the issue up income inequality and so here
are a few for quotes
she said this is a very serious problem it's not a new problem
it's a problem that really goes back to the nineteen eighties in which we have
seen a huge rise in income inequality
for many many years the middle and those below the middle
have actually been losing absolutely a disproportionate share those gains
that we have had had gone to the top 10 percent even the top one percent
so this is an extremely difficult into my mind very worrisome problem
so a very good words for income inequality it's one %uh the biggest
issues facing our country that almost never gets discussed
outside up to it. indicating a liberal blog I think and she also talked about
you talked about technology globalization and the thing I'm union
says the things the cost
machines just like is like begging to be filibustered
I with you need to bring forget is that
yet look it we if are really hard to make sure that Larry Summers was
not nominated to be the head of the bed I so you go out to be the top economic
adviser to Hillary Clinton campaign yeah
yourself your horse right um and
and maybe you know make a little bit of a difference now look don't put all your
hopes and aspirations and Jenny offers will do that with you guys anybody right
but a and she has been on board for most of the
fed policies a central issue was a little right about
you know the oncoming problems before the 2007 crashes that now
would Larry Summers have given a damn about income inequality he can say he
can pay lip service to
he wouldn't give a damn about anything larry summers lives in the banker world
and up like 98 percent of his friends are bankers
he wondering do a damn thing about it and he was certainly in his confirmation
hearings
wasn't talk about how unions should be strengthened so we can have better
income
equality want is you um
well look to headed the bed as well the most powerful people on the planet out
pinch effect how much people
earn in take-home pay their employees well for example
say when you get to policies about banks
if you give them lower interest rates right as we have been over a long time
that gives them huge power and the ability to make more and more money
and hence more money to the top one percent ten percent it said all right
and actually in the hope for all the people who save their money retirees
it gives them less money cuz theres lower interest rate yes
raid so one thing to do she could raise interest rates a little bit but don't
expect anything drastic
but so is here's a person who will be in a position ok significant power in that
regard
worship you know so it's something it's something it's hot here
haha it's such a hard issue I mean when I look at how it affects some other
businesses I work in
you know it's like if you're looking for money for small business
because the consolidation oh well the guys like
look cost me as much work to a million dollar deal
as $300 million dollar deal so
get outta here like with your small like little things that you guys want
that's how it affects the average person and she had Janet Yellen
is gonna be able to change that well as she's gonna be directly advising the
president if her words are gonna be
you are spread throughout like the media is going to be coming at the end her
words become gospel and she has the right views on income inequality
on austerity and things like that I think that if nothing other than tone I
think they can possibly have nothing to talk about a significant part of the
the economic hierarchy in government and if it's one person at least one person
saying be out loud and vociferously
hey it's sequestration is crazy it is slowing an economic recovery that would
put people to work
that this is this isn't as she said there you want to actually I get debt
reduction I
a good opinion leader but with no power well it means you expect I mean in a
sense that nobody had all but vanished
mean West no nobody is God right so like
so show has all at the head of the bed as a hope our
if you think she doesn't have any power the no one has power also shows up at
work
this is all been caused by opening up our borders for any kinda
import sign on wtoo like everything else we've done in the last twenty years this
is it like an instant thing what he tossed all been about saying oh you have
these American regulations and labor laws
don't see how much fuel it takes to get from China to America with the product
will move it over there
you can argue that having the header the Fed say that we need to strengthen
unions and crack down on Wall Street deregulation
that that doesn't somehow that that that that doesn't increase the chances
that you at least stop the endless separation
coverage from poor I mean it definitely helps and she course has some bargaining
power with congress
if you're talking about you know short-sighted a budget cuts because you
want to achieve something you are reduce the deficit from 16.52 in a 16-point to
two trillion during your term so you can take back your constituents
I mean I don't know how this works I don't know sheryl is look you I keep
interest rates low
for your people then don't do this I mean their stuff she can
she has some power yet and
more people that are in in the Rye camp in more positions a power might make a
difference but ultimately
it I have a ironic agreement with US which is that
I think she's missed diagnosing the problem is I think almost everybody does
trade
so let's show my favorite chart in the world we've shown as many times me on to
examine
involves productivity and and then
the wages that people got in return for so
a is you see their productivity is
don't great it's been doing great for a long long time in america
and then real many median family income in the late nineteen seventies
a levels of and this is shiet difference between how productive you were as
americans
and the return you got from that and that difference went to the top
1 percent ten percent et cetera now the reason for that
is many folding yes you've got unions in this and that all that but the real
reason is
the the top one percent was a lot of pics the rules
in their favor in every way wes sewed decade decir
that's right and so to on wine that of course I think
the most important issues to get money out of politics like a keep
fixing the rules so all the rules
in their favor right so soaking Janet Yellen do that as though the pen of
course you can
now right but every boy's matters every position of power matter so that
if there is a if the American people rise up
left right middle et cetera RL we can disagree on that too
but that when they get opens up iPad like yeah this is the not so dust off
their stomach today that the trek a
when if they ever get to that position
where you know where they can make a difference to that movement
then having a Janet Yellen and a progressive president
and a progressive senator houses cetera ask
proof that the river could possibly yet which is very very
so that's that 8 congress is the least hopeful
place right the so but when it happens at least having those people in place
will help but two year did buttress
your chart the bottom sixty percent of earners have the
this has been described as a lost decade yep like the
wage growth in the last 10 years just has it's been non-existent
well as we know the rich have gotten enormously wealthy
look at how retail dozen things like very high and brand sacks and
stuff up on 5th Avenue and then compared to Walmart K-mart
other things and you've seen every time after you have this recession
within six months the rich have a lot of money the art
industry is booming down below there's nothing
because they're taking all the money like as much as for twenty years you've
heard no no no the pies getting bigger
we need the job seekers to make the pie bigger and there was a
thing last week I saw where you had like you know was at five to ten richest
people in the world are
walton's like sam walton's kids
were 33 34 35 billion dollars you like or how do you get that money
we've got that money because people are still willing to buy all these products
and you ship them overseas for slave labor and you're taking all the money
it's not that simple or we came in we took over the company and we liquidated
the retirees that's where the money comes from it does not magically
creating anything
here's now my favorite factor along with my favorite rock
the six walkin airs have the equivalent
over forty-percent above the wealth
forty percent of the American people as well like the bottom forty percent
does not equal does not be called just the six
Walton airs and by the way I remember
those guys might have helped in the business a tiny bit whatever they did I
don't know
but Sam Walton founded in there the heirs those six
you couldn't say pretty much didn't you any being
they are fighting modest inheritance tax
or they're fighting everything there along with the coconut is a Serra
very big butt ton of money disgusting human beings
they fight and minimum wage they fight the minimum wage they buy
and every kind o a though you know
I breaking up the union's the whole Scott Walker thing in Wisconsin
the Walton airs the the leeches
that you know okay look good bless Sam Walton you agree or disagree with the
wal-mart sam walton Duke
back in San Juan took a job way for millions of Americans and left us with
this mic
economy that does nothing that doesn't provide great if there's anything up
doing
just because when I hear only well I understand but at least he was the
original power barren
who who in his age *** you didn't want to pay people money anywhere
politicians in arkansas on the roster places to kill you means to make sure
you could set up there and not at Union problems
shouldn't have to pay people so I could at least respect that the way that I
respect *** cheney
raid but I don't respect insists 6
a kid's renewed ache now tell me about how much they deserved
and how we shouldn't give Annexure and Nicole
in minimum wage the guys work in in a store that their daddy set up yet
they're glorify Paris Hilton