remember when companies didn't have the right to price gouge or steal wages from labor? pepperidge farms remembers. so does nestle. which is why it union busts - eviltoast
  • yoyoyogi@lemm.ee
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    1 year ago

    The president doesn’t control interest rates (though they’d like to). The federal reserve bank independently decides interest rate changes to fulfill its dual mandate. Arguably, they should have started raising rates sooner, but the belief at the time was that inflation was transitory in nature. The executive branch could have tried to do more, but regulatory capture over the past decades has castrated the government’s ability to effectively control business (instead, the inverse is true: business controls government policy). Blaming the corrupt cogs (or, even worse, the “other team”) for a broken machine is useless. Instead, lose your mind screaming about all the things your local government should be doing, educate yourself and get involved in local politics, and start changing corrupt policies to rebuild from the bottom up. The other way is never going to happen, so all you’ll accomplish there is making yourself hoarse.

    • Astroturfed@lemmy.world
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      1 year ago

      If you think the president isn’t heavily leaning on the fed and having a strong say in how interest rates go I’ve got a bridge to sell you.

      Early in trump presidency when they should of been drastically cranking up interest rates. They stayed pretty fucking stable because the big orange turd threw a fit about them being raised. Biden could easily exert influence. The fed is way less indepent than it should be.

      • Zoboomafoo@lemmy.world
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        1 year ago

        After 4 years of the fed making poor decisions at Trump’s direction, I’m totally fine with Biden being hands off and letting the experts turn the dials