Letters to the editor for Friday, July 5, 2013
Wealthy manipulate stock market
Carol Perry gave us some food for thought in her column June 23. Add Ron Wood’s interest and inflation vs. real gross domestic product and cost of living argument, and it makes for an interesting stew.
Perry notes how real estate values are again on an “unrealistic course,” she says for lack of inventory. How can there be a shortage of properties when we’ve lost to foreclosure? Her observation is that the “super-rich” prosper most in post-recession periods.
Banks were never willing to renegotiate loans. Mortgages were repackaged and sold to those who could afford them, likely held in reserve as a part of whatever scheme best profits the buyer. Thank the Federal Reserve for extending quantitative easing, or low interest rates to help them.
Wood uses the Fed’s own numbers to tell of the 13 recessions we’ve suffered since 1960. He argues interest and inflation are not accurate numbers to reflect the truth. We’ve seen how low interest benefits the wealthy most, and inflation statistics are misleading. She tells us it is the number of people participating in economic growth that is real. Wood says it is the RGDP and cost of living ratio, our buying power as opposed to earlier that matters.
The market is too easily manipulated by the wealthy. As for the Fed, they are outlaw in their very existence. Their participation in this fraudulent money grab makes them doubly criminal. Perry tells us we’re lining up at the stock exchange to get fleeced again, like 2008 never happened.