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Bernanke and the Fed decided not to raise interest rates today because the high inflation in the economy is all in food and energy which doesn’t really affect the wealthy. Right, it along with no healthcare is simply killing the working poor and lower middle class. Two words for Bernanke, the Fed, and Geithner: fucking monsters!
Shorter Bernanke: Inflation Insignificant to the Wealthy |
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| By: BlueCrow Wednesday September 16, 2009 9:36 am | |
6 Comments
Including food and energy to the inflation index would be a great idea. Also Helicopter Ben that scholar of the Great Depression he did his thesis on it seems to think that Keynes was wrong to do a big stimulus plan.
Never mind that it worked Helicopter Ben seems to think that bailing out the rich will work better.
Conservatives claim to respect the past and tried and true methods they claim to hate change.
I think they hate anything that benefits regular people.
If Bernanke were a civil war historian, he would be writing about how Lincoln should have stuck with McClellan, instead of US Grant who won the war.
The data:
Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city
average
Seasonally adjusted changes from
preceding month
Un-
adjusted
12-mos.
ended
Aug.
2009
Feb. Mar. Apr. May June July Aug.
2009 2009 2009 2009 2009 2009 2009
All items………………………. .4 -.1 .0 .1 .7 .0 .4 -1.5
Food……………………………. -.1 -.1 -.2 -.2 .0 -.3 .1 .4
Food at home…………. … … -.4 -.4 -.6 -.5 .0 -.5 .0 -1.6
Food away from home (1) .3 .1 .3 .1 .1 .1 .1 3.0
Energy…………………………. 3.3 -3.0 -2.4 .2 7.4 -.4 4.6 -23.0
Energy commodities………. 6.9 -4.7 -2.6 2.3 16.2 -.4 8.5 -30.8
Gasoline (all types)….. 8.3 -4.0 -2.8 3.1 17.3 -.8 9.1 -30.0
Fuel oil……………………. -3.8 -8.5 -.3 -3.3 4.8 -1.5 6.2 -39.9
Energy services…………… .0 -1.4 -2.2 -1.7 -1.2 -.3 .0 -10.6
Electricity…………. ……. .5 -.2 -.6 -.4 -1.9 -.6 -.1 -1.2
Utility (piped) gas
service………………… -1.6 -4.8 -7.0 -5.7 1.3 .9 .4 -32.7
All items less food and
energy…………………….. .2 .2 .3 .1 .2 .1 .1 1.4
Commodities less food and
energy commodities….. .4 .4 .5 .2 .3 .2 -.3 1.1
New vehicles…………….… .8 .6 .4 .5 .7 .5 -1.3 .5
Used cars and trucks.…. -1.7 -1.7 -.1 1.0 .9 .0 1.9 -5.4
Apparel…………………….. 1.3 -.2 -.2 -.2 .7 .6 -.1 .6
Medical care commodities .6 .2 .3 .4 .1 -.1 .5 3.7
Services less energy
services………………… .1 .1 .2 .1 .1 .0 .2 1.6
Shelter…………………….. .0 .0 .2 .1 .1 -.2 .1 .9
Transportation services .4 -.1 .3 -.1 -.1 .5 .6 1.4
Medical care services.… .3 .2 .4 .3 .2 .3 .2 3.2
1 Not seasonally adjusted.
Note the medical care comodities and medical care services numbers.(I can’t get the table to line up properly so please use the linky for better viewing)
And this will be used to make sure that retirees and people receiving Social Security disability get NO increase in their checks next year.
If an honest accounting of the CPI was made retired people and those disabled would be receiving a bigger share of the pie, but we can’t have that here, now can we? God forbid.
Class warfare, as usual, being perpetrated on those who can only defend themselves by withholding their labor or by purchasing less, but when the increases are in the food and energy sectors, well that just doesn’t work.
Let me count the ways I loathe Bernacke.
On second thought, I don’t have time.
Hey Obama just nominated Him for another term, and has been listening to Him like He was a God. We all listened to Greenspan, while the Media and everybody hailed Him as a great man. Then we find out He not only was wrong, but was responsible for making people think all the bad was good. It boils down to this, when idiots and assholes get appointed, elected, and hired to our Government and places of power we have the mess this Country is in. Whether you keep or change assholes, it’s still a shity proposition, no m,atter how you smell it.