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View Diary: Alan Grayson's Right; But He Misses the Larger Point (14 comments)

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  •  We SHOULD be printing money to directly create... (2+ / 0-)
    Recommended by:
    aliasalias, psyched

    ...jobs. At least that's what should happen in a sane government for the people; one not owned, lock stock and barrel by the one percent.  Since that's not going to happen anytime soon, I'll settle for just about anything that speeds up the velocity of money right now...and if we can create some jobs, and return even a few percentage points of lost equity to Main Street as (keeping it real) an unintended consequence of this purely status quo money play, that's what we'll get. Crumbs on the floor, once again.

    But, reiterating, we SHOULD be printing money to directly create jobs. Period.

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Fri Sep 14, 2012 at 09:23:08 PM PDT

    [ Parent ]

    •  Right (1+ / 0-)
      Recommended by:
      psyched

      But don't even think this latest attempt at QE will work. It's an asset swap. It doesn't add to net financial assets and it's not going to help main street or make any jobs. Monetary policy is impotent.

      •  Free energy from recycling trash! (0+ / 0-)

        If the assets the Fed buys are crappy, worthless enough, it amounts to deficit spending adding to NFA, turning insolvent banks into solvent ones that might be more likely to lend - or engage in a nice new fraud bubble. So the more illegal & corrupt the actions that the Fed takes, the more it could help in the short term.

        Money for trash, yes! But the government paying money for something of actual worth - the root of all value - labor? Never!

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