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MarkS's avatar

Sadly, the Democrats are now very far from being a "pro-normal" party.

Lauren, are you aware that Joe Biden, Kamala Harris, and EVERY Democrat in Congress want to pass a new federal law allowing a naked man to ogle you in your gym's locker room? And that if you protest, you will have violated his new "rights" under that law?

It's called the Equality Act. Biden once again called for its immediate passage in the SOTU. EVERY Democrat in Congress has either already voted for it or is on record as supporting it.

On everything except abortion, the Democrats have abandoned women and girls.

I too hope they one day become a "pro-normal" party. But right now they are very far from it. Too far for me (a registered Democrat for 50 years) to vote for any of them anytime soon.

https://womensbillofrights.com

https://womensdeclarationusa.com

https://womensliberationfront.org

https://www.amazon.com/Reckoning-Democrats-Betrayed-Women-Girls/dp/B0CN32BXC2

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blox.'s avatar

Outstanding piece, thanks for sharing. I agree with almost everything here.

On a policy note, however, "normal" Americans should not be pushing for lower federal interest rates. This position conflates the health of Wall St with that of Main St. As a millennial lefty who entered the workforce in 2010, I can assure you they are not the same, despite considerable effort by the elite to convince us otherwise.

I urge you to look into the "Cantillon Effect." In brief, those people and institutions closest to the source of money creation capture the vast majority of new wealth, and allow but a trickle to the rest of us. We can therefore thank the QE / low rates era for the stratospheric cost of housing, for example, as well as gnawing inflation and soaring inequality. When the market implodes in the next year or two, it won't be high rates that caused it; it will be the 15 years of free capital that created massive over-valuations (bubbles) across the economy, and hordes of zombie corporations surviving on rock-bottom financing rates.

Historically, 5.5% is actually a low rate. My parents paid 17.5% on their first mortgage. I'm not saying we should go back that high, but in general, the economy is healthier when higher rates force consumers to live within their means, and corporations to focus on their core business instead of seeking arbitrage / investment opportunities with free government money. When tech companies like Apple decide to expand into credit cards and savings accounts because that's where the money is, your low rates program has gone WAY too far.

SOURCES:

Cantillon Effect: https://austriancenter.com/cantillon-effect-populism/

QE and Asset Prices: https://www.forbes.com/advisor/investing/quantitative-easing-qe/

Apple Goes Finance: https://www.apple.com/newsroom/2023/04/apple-cards-new-high-yield-savings-account-is-now-available-offering-a-4-point-15-percent-apy/

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