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Comment: Re: Great Recession part II? (Score 1) 670

by jcr (#49772685) Attached to: Greece Is Running Out of Money, Cannot Make June IMF Repayment

The Fed is not to blame for the predatory lending practices of the giant corporate banks

The Fed is definitely to blame for providing the banks with an unlimited amount of fiat money to lend. If the banks were limited to lending out their deposits, the interest rates would provide a natural limiting effect.

-jcr

Comment: Re: Great Recession part II? (Score 1) 670

by jcr (#49772681) Attached to: Greece Is Running Out of Money, Cannot Make June IMF Repayment

Unlike you, I actually understand the economy

As conceited as you are ignorant. How tragic.

if you had at least two brain cells ...and bereft of a logical argument, naturally you resort to being snotty.

The Fed has caused a series of bubbles by fucking with interest rates. Latin American debt, the dot-com bubble, and the most recent real-estate bubble are just three in a series going back to the Fed's inception.

When they interfere with interest rates, they break the crucial information flow. When there's an endless supply of fiat currency, the market signal of the scarcity of capital is destroyed. Read and learn.

-jcr

Comment: Re: Great Recession part II? (Score 1) 670

by jcr (#49767389) Attached to: Greece Is Running Out of Money, Cannot Make June IMF Repayment

You are a moron.

Coming from you, that carries no weight at all.

Fiat currency has nothing to do with the 2008 crisis.

What's your next guess?

The whole problem was caused by a huge shadow banking system that essentially allowed to use private debts as if they were a currency.

All enabled by the Fed. You really weren't paying attention, were you?

Without the Fed holding down the interest rates by inflating the currency, rising rates would have limited the pyramiding of debt on debt.

-jcr

Comment: Re:Great Recession part II? (Score 0) 670

by jcr (#49766425) Attached to: Greece Is Running Out of Money, Cannot Make June IMF Repayment

It's almost universally acknowledged that the GFC was caused by a LACK of regulation in the US mortgage market

Nope. We were regulated right into this mess. The Fed shit out a never-ending supply of magic rubber inflatobucks, holding interest rates below the inflation rate. The bubble was a symptom, not a cause.

-jcr

+ - How Employers Get Out of Paying Their Workers

Submitted by HughPickens.com
HughPickens.com writes: We love to talk about crime in America and usually the rhetoric is focused on the acts we can see: bank heists, stolen bicycles and cars, alleyway robberies. But Zachary Crockett writes at Pricenomics that wage theft one of the more widespread crimes in our country today — the non-payment of overtime hours, the failure to give workers a final check upon leaving a job, paying a worker less than minimum wage, or, most flagrantly, just flat out not paying a worker at all. Most commonly, wage theft comes in the form of overtime violations. In a 2008 study, the Center for Urban Economic Development surveyed 4,387 workers in low-wage industries and found that some 76% of full-time workers were not paid the legally required overtime rate by their employers and the average worker with a violation had put in 11 hours of overtime—hours that were either underpaid or not paid at all. Nearly a quarter of the workers in the sample came in early and/or stayed late after their shift during the previous work week. Of these workers, 70 percent did not receive any pay at all for the work they performed outside of their regular shift. In total, unfairly withheld wages in these three cities topped $3 billion. Generalizing this for the rest of the U.S.’s low-wage workforce (some 30 million people), researchers estimate that wage theft could be costing Americans upwards of $50 billion per year.

Last year, the Economic Policy Institute made what is, to date, the most ambitious attempt to quantify the extent of reported wage theft in the U.S.and determined that “the total amount of money recovered for the victims of wage theft who retained private lawyers or complained to federal or state agencies was at least $933 million.” Obviously, the nearly $1 billion collected is only the tip of the wage-theft iceberg, since most victims never sue and never complain to the government. Commissioner Su of California says wage theft has harmed not just low-wage workers. “My agency has found more wages being stolen from workers in California than any time in history,” says Su. “This has spread to multiple industries across many sectors. It’s affected not just minimum-wage workers, but also middle-class workers.”

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