Lost Decades and Income Inequality - Obama's Legacy

[WhiskeyGirl]

This past Friday, watching Federal Reserve Board Chairman Ben Bernanke laugh his way through what is likely to be his last press conference as a Fed official, we ought to be reminded of the numerous times that President Herbert Hoover called the economic recovery. "Prosperity is just around the corner" is what he said to businessmen in 1932 when things were just about to get a lot worse.

The biggest obstacle to economic recovery is ignorance, among the public and in Congress. Even reasonable proposals like those advanced by DeLong are basically frozen out by the strange logic that currently holds sway inside the White House and within the FOMC. In both cases, the idea of real debt restructuring and economic revival is shunned in favor of policy stasis and financial repression. The current policy mix includes restricting consumer access to credit, punishing savers with low interest rates and subsidizing debtors and big banks with massive inflation. How much more regressive could US economic policy possibly be?

 Income inequality is growing in the US because our leaders understand nothing about encouraging growth and jobs. Liberals should stop fretting about "income inequality" and start to encourage growth.  As the recovery in the housing sector fades in 2014, just remember the words of President Hoover when you think of the Fed and the fantasy land economy policies of the Obama Administration: Recovery is just around the corner.

read more here - http://www.breitbart.com/Big-Government/2014/01/04/Washington-Wall-Street-Income-Inequality-and-Financial-Repression