By Thad Beversdorf: I was shocked today by the absolute gaul of the Fed releasing a statement
about Net Worth in America reaching record levels. Now I get that they
are under extreme pressure to sell the story that everything is
rainbows and butterflies. But surely they understand that working class
Americans are going along with the story because they really don’t have
any say in our nation’s policies anymore. That doesn’t mean they want
it thrown in their faces that the Fed has spent 6 years now inflating
the wealth of the top 10% so much that it actually lifts the total
wealth of the nation’s citizens to record highs.
The ugly reality is that the bottom 80% of Americans experienced none
of that gain. That’s right a big ole goose egg. And so when the Fed
via its ass pamper boy, Steve Liesman, start banging on about the fact
that some sliver of society is being handed extraordinary wealth while
the working class has lost 40% of their net worth since 2007, well a big
fuck you right back at ya bub! The Fed is very aware that the bottom
80% of Americans own less than 5% of US equity markets. And so the Fed
is very aware that its manipulation of stock prices such that it creates
immense unearned wealth to those in the markets doesn’t reach the
bottom 80%. So why celebrate the results of the stock market price
manipulation??