Posted on 05/09/2014 10:44:57 AM PDT by shove_it
(CNSNews.com) - "Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?" Sen. Bernie Sanders, a Vermont socialist, asked that question of Federal Reserve Chair Janet Yellen at a hearing on Capitol Hill Wednesday.
Yellen said she'd "prefer not to give labels," but she admitted to being very concerned about income inequality.
"So, all of the statistics on inequality that you've cited are ones that greatly concern me, and I think for the same reason that you're concerned about them. They can shape the -- determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.
"And so I don't know what to call our system or how to -- I prefer not to give labels; but there's no question that we've had a trend toward growing inequality and I personally find it very worrisome trend that deserves the attention of policy-makers.
Sanders told Yellen, "There comes a point, where the billionaire class has so much political power -- where the Koch brothers are now, because of Citizens United, able to buy and sell politicians -- they have so much political power -- at what point is that reversible?" he asked.
E-Brief About Us Subscribe Contact Us Donate RSS Home » News Fed Chair Unsure If Capitalism or Oligarchy Describes the U.S. May 8, 2014 - 7:07 AM By Susan Jones Subscribe to Susan Jones RSS Follow Susan Jones on Twitter Share on Facebook Share on TwitterMore Sharing Services 505 Share on printShare on email Yellen Federal Reserve Chair Janet Yellen takes her seat before she testifies about the economy at the Joint Economic Committee of Congress on Capitol Hill in Washington, Wednesday, May 7, 2014.(AP Photo/Charles Dharapak)
(CNSNews.com) - "Are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?" Sen. Bernie Sanders, a Vermont socialist, asked that question of Federal Reserve Chair Janet Yellen at a hearing on Capitol Hill Wednesday.
Yellen said she'd "prefer not to give labels," but she admitted to being very concerned about income inequality.
"So, all of the statistics on inequality that you've cited are ones that greatly concern me, and I think for the same reason that you're concerned about them. They can shape the -- determine the ability of different groups to participate equally in the democracy and have grave effects on social stability over time.
"And so I don't know what to call our system or how to -- I prefer not to give labels; but there's no question that we've had a trend toward growing inequality and I personally find it very worrisome trend that deserves the attention of policy-makers.
Sanders told Yellen, "There comes a point, where the billionaire class has so much political power -- where the Koch brothers are now, because of Citizens United, able to buy and sell politicians -- they have so much political power -- at what point is that reversible?" he asked.
Sanders also asked Yellen about repealing the estate tax: "Would it make sense to you to give enormous tax breaks to the families of the top one percent of people in this country?"
Yellen repeated that she shares Sanders' concern with inequality -- but "it's up to the Congress to decide what's appropriate."
Sanders tried again, asking Yellen if giving tax breaks to the Koch brothers, who are worth $80 billion -- "do you think that's going to create a whole lot of jobs in this country?"
"Well, I'd say most of the evidence that we have suggests that transfers to lower income people ted to be spend -- a larger fraction of the dollar is spent than when there's a transfer to a wealthy individual...so that's from the demand side," Yellen said. "Tax policy also has supply side effects that one should take into account."
Video at the linked article.
Wealth inequality or income equality or intellectual inequality?
I agree with her. I’m not sure what we are anymore. At best, we are a crony capitalist country with a huge Socialist Welfare State grafted onto it which eventually will overwhelm the private sector.
Yellen said she’d “prefer not to give labels,” but she admitted to being “very concerned about income inequality.”
Income is a means to acquire wealth...wealth is capital. I cannot believe, actually I can given how these people get appointed, the Fed Chairman thinks like this.
Crony-fascists pay government big-wigs to grant them monopolies.
Yeah, let's take the money away from the billionaires and give it to the government. I would feel much safer that way /sarcasm.
Part of the problem is that we are moving more towards fascism - a fusion of government and corporate interests - and oligarchs are a symptom of that, not a cause.
Oligarchy with the controllers of the political parties at the top.
There is the real question.
>>Yellen said she’d “prefer not to give labels,” but she admitted to being very concerned about income inequality.<<
Me too.
I want to quit working so damn hard and have 1/2 of Bill Gates’ income.
Fair is fair, right?
I don’t know about you, but I don’t see a lot of poor people handing out jobs and paychecks.
That they own and operate, and they will use the government like a giant flyswatter or pitbull to destroy any competition who get’s in their way.
Don't believe me? See Reid (BLM) vs. Bundy as one of countless examples.
Tastes bad. More filling.
Small businesses, up until Ubama started driving them out of business, used to provide 50% of the jobs in this country. That is diminishing rapidly.
The textbook definition of fascism is when big government and big business are so incestuous that it's hard to tell where one ends and the other begins.
The minimum wage debate is a case in point. The big companies are more than willing to raise the minimum wage, because they don't employ minimum-wage workers. Small businesses employ minimum-wage workers. Raising the minimum wage is no skin off your nose, and it drives your competition out of business.
Don't tell me you believe in the minimum wage? Please tell me you're not that stupid.
Fascism, Socialism and Marxism are all roots of the same tyrannical despotic tree. Each on their own have resulted in the deaths of countless millions in the attempt to consolidate the power of the elite. History...history...history.
The amount of subsidies, credits, tax breaks, grants, favors & bailouts Big Business cronies get make it impossible to believe this is a free market, capitalist country.
Why not the obvious — a Plutocracy
And Yellen replied: Pump up the market, ump up the market1
But what about savings rates Ms. Yellen?
And Yellen replied: Pump up the market, pump up the market.
Next.
Bernie, it is people like you that have created whatever mess we are in and you can define that mess in whatever term suits your feeble mind. Asking that question shows your ignorance.
“There comes a point, where the billionaire class has so much political power — where the Koch brothers are now,
or better yet
“There comes a point, where the billionaire class has so much political power — where George Soros and Bill Gates are now,
We the people now live in a fascist oligarchy.
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