Jon Hilsenrath wrote in the Wall Street Journal:
Dear American Consumer,
- Sir,I’m not an American consumer but a Citizen and as such I should be represented in Congress. But I’m not a high profile corporation that can afford lobbyists I have only two options to offer. My vote and my money, It’s my choice so far how I spend both!
We’re writing to ask if something is bothering you.
- Yeah! something is bothering me, Accounting for even the minor inflation the FED will admit too. Real wages are about equal to 1998 in terms of buying power. Over 93 million american citazens are unemployed/ not working. Actual inflation on the things we need to survive day to day like food,energy, housing and mandatory spending on healthcare has spiked in cost.
The sun shined in April and you didn’t spend much money. The Commerce Department here in Washington says your spending didn’t increase at all adjusted for inflation last month compared to March. You appear to have mostly stayed home and watched television in December, January and February as well. We thought you would be out of your winter doldrums by now, but we don’t see much evidence that this is the case.
- While sunshine is nice it has very little nutritional value and really has no effect on most peoples wages.
You have been saving more too. You socked away 5.6% of your income in April after taxes, even more than in March. This saving is not like you. What’s up?
- Actually we are not saving any money. With what little is leftover for survival is going towards paying off debt!
We know you experienced a terrible shock when Lehman Brothers collapsed in 2008 and your employer responded by firing you. We know stock prices collapsed and that was shocking too. We also know you shouldn’t have taken out that large second mortgage during the housing boom to fix up your kitchen with granite countertops. You’ve been working very hard to pay off this debt and we admire your fortitude. But these shocks seem like a long time ago to us in a newsroom. Is that still what’s holding you back?
- I got to tell you that we have not recovered from the asset wipe out/shocks as you put it. The average “consumer” does not have a window for REPO rates like the banksters to take advantage of ZIRP!
Do you know the American economy is counting on you? We can’t count on the rest of the world to spend money on our stuff. The rest of the world is in an even worse mood than you are. You should feel lucky you’re not a Greek consumer. And China, well they’re truly struggling there just to reach the very modest goal of 7% growth.
- I feel sorry for the Greek people having a government work in colusion with Goldman Sachs to cook the Greek books to make them eligible for entry into the EU.
- I really don’t feel for communist China and their slave labor nor environmental rape of their provinces to simply keep us paying for Igadgets and Nikes. So Apple and Nike can off shore their profits and engage in stock by backs using central bankers ZIRP to boost CEO pay offs.
The Federal Reserve is counting on you too. Fed officials want to start raising the cost of your borrowing because they worry they’ve been giving you a free ride for too long with zero interest rates. We listen to Fed officials all of the time here at The Wall Street Journal, and they just can’t figure you out.
- Please show me any middle class investor or a home owner that has been given a zero percent interest rate. College students are not getting anywhere close to a Zero interest rate. The only ones getting a near 0% interest rate is the TBTF banksters and they are not lending. What is the basic credit card rate at JP/Chase? or Citibank or Bank of America? It is 12%-24% for a credit card at best. So Mr. Jon Hilsenrath who in the middle class is getting a zero interest rate?
- You are an economic dilettante at best. Gold always runs uphill. Get money in the hands of the poorest people and they will spend it. Yes people tend to be dumb financially speaking, because you have controlled the education system. You want people to spend dollars you must give them money to spend. Of course giving money to the serfs will probably ignite rampant inflation.
Or you could bring back Glass- Stengel, make the US Treasury coin real money of silver and gold with intrinsic value, and kill all Central banks.