Moderator removed post
Thomas Massie introduces bills to audit, abolish the Federal Reserve
NewsUser deleted comment
1mo
It's like his calls to abolish the IRS, ATF, EPA, department of education etc.
Also don't forget the CDC and the FDA.
We should all be back in the 1700's drinking cholera contaminated water and throwing poop at each other according to his views.
Yes because Socialist countries would've had clean drinking water in the 1700's /s.
Socialism is when FDA
Capitalism regulates itself.
That’s why mega corporations have taken over everything and killed off competition. Because capitalism regulates itself.
Competition gets killed off because of government regulation, not free markets.
what is socialism? please define it for me
Collective (Government) ownership of the means of production.
What does that have to do with regulating industry?
ABLUISH LIMBROLS
Ahh yes... represents the inhabitants of Kentucky, but asks Twitter what they think. Checks out.
Russia gonna let him know he is doing the lord (Putin’s) work
Downvoted but that's where the signals are.
It's why musk bought Twitter
What signals? The ones that the most active users surface? And who might those users be…..hmmmmmmmm
Didnt he buy it on behalf of Saudi Arabia?
Musk never met a dictator he didn’t like.
This time last year Musk was pledging to the CCP he would uphold “Core Socialist Values” in China.
Self-proclaimed “free speech absolutist” and Tesla CEO Elon Musk has promised the company will uphold “core socialist values” in China following a price war in the country’s electric vehicle market, the Financial Times reported. Tesla was the only foreign carmaker to sign the joint letter pledge with 16 manufacturers at an auto industry conference in Shanghai on Thursday. “Failing to comply with ‘core socialist values’ has been frequently used by authorities to punish speeches that are critical of the Chinese government,” a senior China researcher with Human Rights Watch told the Times.
So, if the Fed still exists on Thursday, we’re good?
Sadly the people who meed to read this can't read.
I mean the treasury exists… and we functioned for hundreds of years without it…
This is all Massie does. He introduces bills that are typically one page in length to abolish Federal departments. These are meant to grab headlines, nothing more.
He's not a serious person
Ya, but I’m inta that.
Don’t threaten me with a good time.
Yep.
The fed is private not federal…even if it has “federal” in the name…think more like “FedEx”.
If we didn't have the federal reserve, we'd have to raise taxes on the rich so we couldn't "print money" anymore. And we know that poor Kentuckians don't want that, so it won't happen
User deleted comment
1mo
The Fed monetizes the Federal Government's debt though. Without the Fed, the US government couldn't run a trillion dollar deficit every quarter or sustain debt levels over 100% of GDP.
So without the Fed, the US would need to either spend much less, or tax much more, or most likely a lot of both.
The idea of an emergency credit card is the same… but when your 16 year old darling daughter maxes it every month and then secretly applies to more cards and maxes those out too, and you just found out she is trying to put a second mortgage on your house… you cut up the credit cards and close the accounta
User deleted comment
1mo
But if they didn't the private market would happily buy all of it
Buy it at what yield?
User deleted comment
1mo
What does the market rate look like for a $5T COVID relief loan to a govt that earns $4T a year, spends $6T a year, and already owes $22T?
User deleted comment
1mo
So say we financed our COVID bailout package at 5% a year with 10 year notes... that'd be $750B a year in payments.
If that was the case, our debt expenditure today would be the mid-1 trillions against a $4.5T income. Then say we want borrow $3T from the private sector for the 2024 budget... what would the rate on that look like?
QE financed COVID relief at sub-1% rates, which no private investor would accept and which was required to keep our budgetary wheels spinning.
User deleted comment
1mo
Haha. Immediate default if that happens.
Are you hearing yourself? What exactly would the point of the Fed buying their own bonds be if the private market would happily buy all of it, for the LOLs?
The Fed absolutely transfers excess interest/dividends on securities (bonds and other stupid government subsidized shit like mortgage backed securities) they didn't sell on the open market back to the treasury department.
The Fed is required to pay its shareholders (can only be a national bank and they are mandated to buy certain amounts of shares) a fixed 6% dividend, after opex for whatever it does, if there is excess income from the interest/investments they made they pay the money to the treasury reserve.
User deleted comment
1mo
Well the near billion a week for the last little while wasn't major, it wasn't exactly nothing.
The bigger problem is the whatever the fuck is going on now. Whomever is buying votes in the last year has dug a hole so deep, the treasury ain't going to see a penny from the fed anytime soon
Without the fed, though, we couldn't just print money. Hence we'd need more income, which would mean higher taxes
Lol 😆
Just make JP Morgan Chase the central bank already.
See the Panic of 1907.
No. Absolutely not. If there's no fed, there's no fed put.
2008 would have tanked the world economy. The covid crash would have tanked the world economy (and we would still be tanked)
He's absolutely fucking stupid to try and abolish the Fed
Lots of assumptions without any merit. First, Covid was a joke and they blew over 200B on blatant fraud with these PPP loans, most of which went right into real estate, the stock market, and luxury goods. Second, the Fed lowered interest rates on top of all the other handouts which only served to benefit the wealthy asset owners further. Third, they single handedly caused inflation to just about decimate what remains of the middle class. We would be far better off in aggregate without these masters of malfeasance who appear to primarily cater to the upper 1%.
Lol
You really drank the far right Kool aid didn't you?
Tay Tay = Dumb Dumb far left nut job who thinks money grows on trees 😂
How was Covid a joke? People died and that shit felt awful. Even Former President Trump got really sick and looked exhausted. He had to be hospitalized.
It’s a joke because all the politicians used a virus to stick their hands further in the cookie jar. Rational response would have sent the money to the vulnerable instead of tripling the net worth of the rich and political elite that you’re content simping for for some unknown reason.
DOA. The Federal Reserve was set up to protect depositors from run on banks.
No it wasn't. That's the FDIC. The Fed was set up to protect banks from having to act responsibly to avoid being wiped out during a bank run.
In Costa Rica we have a Central Bank, state owned.. And we do have protection over all our deposits
Maybe if this proposal included a guaranteed central bank it would be more plausible.
But a state owned central bank is anethma to them.
For a guy with 6 years of MIT engineering education who built a house that is completely off the grid and powered by solar, Massie can sure be a dumbass at times.
Do you want Bill Gates and Janet yellen controlling the money supply or would you prefer an independent federal reserve ?
This is impossible due to the fed’s power.
This was a big Ron Paul thing 15 years ago.
I’m surprised it’s still a thing
Ah yes, Libertarians and their desire to abolish things they don't like with no plans or ideas about how said removal will impact society other than "the market will figure it out".
Fucking idiots.
This man ain’t no Jackson
Based based based
hope he has good security
hes on crack
The only people dumber than WSB subs are people like Massie.
Here's good sleeping material:
Guesd he is picking up the mantle of " do- nothing libertarian " from Ron Paul
lol
User deleted comment
1mo
Yes. The 1907 one which almost cratered us. After the great depression crash, the fed was given even more power.
We've tried running our markets without the fed.
The market always ends up crashing itself.
Consider how 2008 or 2020 would have played out with no federal reserve. Consider also, how do we deal with an inflationary supply shock without a fed?
Please don’t post a Fox News article here. It’s all fantasy
Hope this dude doesn’t get into any helicopters or hot tubs soon.
Fuck yerr Bills, fuck yerr Laws..
For those who don't know, the federal reserve is never going to go away.
It's basically someone saying "i want the moon to go away."
User Report | |||
---|---|---|---|
Total Submissions | 2 | First Seen In WSB | 3 weeks ago |
Total Comments | 3 | Previous Best DD | |
Account Age | 1 month |
This guy is a joke
Hate the wasted time here. Move along
Massie is one of the dumber motherfuckers in Congress.
never forget how angry this doofus got about this picture
Massie smashes the stereotype that one must be smart to attend MIT.
usual pander of the week.
User deleted comment
1mo
Agree. as an outsider is strange to see a privately owned "central bank"
Sounds like a bad idea.. but if you own one of those banks
And we never had a chance to get to know each other Mr Massie, good luck in the after life!
A completely regarded position to hold.
Yeah like those powerful people will let it happen.
The Fed gets audited by KPMG. It provides critical financial infrastructure for the U.S. so that if it ended overnight people and businesses literally wouldn’t get paid.
It would also make federal reserve notes, aka all paper legal tender, worthless.
Guys an idiot.
Who cares if it happens or not, we should be happy the conversation is at least happening.
Obsessive unoriginal nutters have been whining about the fed since before I was born.
We aren't actually having the conversation because people like Massie are not serious and seem to have no actual knowledge outside of Republican virtue signaling and identity politics. They only talk about the fed to virtue signal or campaign.
At least is something
I would, but only 5% or so of congress supports it. It's a fantasy.
literally everything new starts like that
Abolish the Fed is not a new thing, it's been around for decades. It doesn't have any real support because it's fucking regarded.
I agree with all you just said.... The monetary system is so overly corrupted that it should literally be the first topic on every single call / speech / press etc.
I agree should be reigned in with some pretty strict requirements, not abolished.
He can suck on Imhotep.
:51295:
It’s ignorable, there is no consensus on doing this
the reason the federal reserve exists and is structured the way it is, is specifically so that congress isnt doing monetary policy
The FED is Aduited regularly it on their web site.
Massie did not kill himself
Red meat for sure, has zero chance of succeeding.
And if that zero % rises to even 3% they will JFK him faster than you can say "Oswald was not a lone gunman"
Abolish the fed:4271::4271:
Just buy stocks with your money and you will be free of the government
4 missing replies
Thanks for your submission!
r/WallStreetBets is ultimately a community about making money through trading, and our conversations should shift around that.
Politics are fundamentally intertwined with making money, and political actions almost always have an impact on financial markets.
Still, we need to make sure that when we have these discussions, we're explicitly calling out the financial impacts of the politics we're discussing. Otherwise, the conversation can very easily veer off into flamewars and boring, unproductive, discussion.
Here's an example of a political comment that doesn't offer any value:
Now compare it to this:
The latter is significantly more interesting and offers a great jumping point into market related discussion.
Put succinctly: If you choose to start or engage in arguments about libtards or Nazis instead of making fun of their bad SPY long then you're in the wrong place and we'll show you the door.
If you're not sure if your content is political, it probably is, and there's probably a better way to post it without making things weird.
All that being said, we are here to help. We want to make it as easy as possible for you to post to our community. We have to balance this with making the subreddit interesting for our readers.
If you need some guidance, don't hesitate to reach out to modmail and we'll give you some pointers!