NP - St. Ralph Continues To Advance the Most Important Cause in American Politics, His Ego

[ish mailian]

I don't know much about RN's relationships with female academics or their
husbands but he may still claim to be supporting both a rate hike by the
Fed and working people, the poor, and the retired, most of whom are not
rich but nevertheless, live on investments, the great portion of which is
in fixed income securities.

One need only give Nader the benefit of the broken Phillip's Curve. There
are a growing number of economists who now contend that the continuance of
the zero bound policy is hurting the economy and working people because,
while unemployment has been driven down to near NAIRU by Fed policy, it
will nothing to lift wages and will cost, not only those retired to live on
less, but those close to retirement to work longer because investment in
safe retirement assets is discouraged while bubbles are made an popped,
and, while those indebted must pay off loans with non-inflated wages.

The Fed has a triple mandate, though the press and the Fed and Congress
confuse things by calling it a duel mandate. The third part is rates. The
Fed is charged with keeping rates in a range that promotes growth. It's no
doing that now. It is fixated on the Phillips curve model and it's not
working now. JY did well to focus on the unemployed and the participation
rate and the quit rate etc..., in other words, employment and wages, and
ignore inflation. She should continue with that plan. The Fed can't fight
the world. At this point, RN is on to something....lift rates to help the
working people.



On Tue, Nov 3, 2015 at 9:18 AM, David Morris <fqmorris at gmail.com> wrote:

> Ralph Nader, epic mansplainer, tells Janet Yellen to listen to her husband.
>
>
> http://www.salon.com/2015/11/02/ralph_nader_epic_mansplainer_tells_janet_yellen_to_listen_to_her_husband/
>
> Apparently, Ralph Nader is still talking, though in a way that certainly
> inspires a deep desire to go to Tumblr to find as many “shut up” gifs as
> one can find. Over the weekend, Nader published a nonsensical piece at the
> Huffington Post complaining that “humble savers” are getting screwed by the
> Federal Reserve’s unwillingness to raise the interest rate, which Nader
> seems to think is an elaborate plot to help the rich banks at the expense
> of working people.
>
> As Jordan Weissmann at Slate points out, the entire argument doesn’t make
> a lot of sense, as “relatively few households actually survive on interest
> income.” Most ordinary people would benefit a lot more from a robust
> economy than a higher interest rate on their savings account, but Nader
> seems to assume a nation of people living on investments rather than on
> paychecks, which really undermines his spokesman-for-the-working-class
> schtick.
>
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