It’s long past time to end the Fed as it is currently constructed. And it was only a matter of time before an Obama appointee put an exclamation on the point. It’s what Obama appointees are best at.
Yellen stepped out of her role as Master of the Stock Market to expound on taxation and public education.Yellen points out that poor school districts sometimes aren’t funded as well as rich one are because the United States relies on local control of education. It’s what she calls “subnational taxation.”
Her implied proposal is that it would be much better if the Feds (as in federal government, not Federal Reserve) taxed and spent the money on behalf of the school districts.
“A major reason the United States is different,” says Yellen—different in this case means worse in liberal-speak—“is that we are one of the few advanced nations that funds primary and secondary public education mainly through subnational taxation.”
To which my reply to Yellen is: Shut up.
A few years ago we got this idea in our head that we wanted to hear from our Federal Reserve Chairman more often.
So Bernanke held court through press conferences.
Actually, it would be better if they just shut up, starting with Yellen.
What do 100 battered markets have in common? The Fed just doesn’t know when to shut the hell up.
Let’s forget for the moment that the Bernanke-Yellen axis has pumped more money into the financial markets than any of their predecessors with so little result for our economy. Let’s forget for the moment that that they head an organization that has failed at its primary duty of being the reserve bank of the United States. Instead, it is we the people who have to be the reserve bank.
Forget for a moment that whatever their intentions, the Fed’s (the reserve bank, not the government) actions have served only a narrow set of Americans in Washington and Wall Street while leaving the rest of us behind.
So forgetting that these economists, so-called, can’t even get their own jobs done, let’s get to the argument Yellen makes.
New York spends the most amount of money per pupil per year with funding at $19,552. That means that to teach a class of 25 kids to read and write for the year it costs $488,800. Yet only 31 percent of New York’s public school students were proficient at reading and math in the 2012-2013 school year.
If I gave you $500,000 and told you to teach 25 kids to read and write would you end up with only seven kids who were proficient at the end of the year? I bet you could if you TRIED.
Colorado, by way of example, spends less than the national average of $10,650 per pupil and yet 65 percent of students statewide were rated as proficient in 2014.
Not since constitutional law professor Barack H. Obama presumed to lecture the rest of us about the constitution-- as he would have it-- has a so-called expert been so out of her league as Yellen is on the education argument.
It’s bad enough that the Fed has turned into just another failed government agency that protects a narrow set of elites, and acts virtually unashamed of the fact.
Do we have to treat the chairman’s inanities on other topics as writ?
The country’s experts and leaders and self-appointed spokesmen have become so bad at what they are supposedly expert at that it’s not surprising that they would venture into other areas where they also lack understanding.
What’s so surprising is that we are still listening.