Only Those Making $90,000 Or More Like the Federal Reserve

People Less Well Off Don’t Like What Bernanke Has Done

A new poll by Gallup finds that only those making over $90,000 a year like Ben Bernanke’s policies:

A majority of Americans living in households with annual incomes of $90,000 or more, 54%, approve of Bernanke’s performance as Fed chairman, while 35% disapprove. Lower- and middle-income Americans show a closer divide between approval and disapproval, with generally higher rates of no opinion.

Approval of Ben Bernanke, by Annual Household Income, January 2014

Bernanke and other officials at the Federal Reserve have long insisted that the controversial quantitative easing program was designed to help the overall economy, but many critics charge that it has only benefited the wealthy by boosting the prices of assets disproportionately owned by upper-income Americans, such as equities. These data suggest that the wealthy were more aware and more appreciative of Bernanke’s performance.

(The median household income in the U.S. is only $52,100 a year.)

Zero Hedge puts the poll results in graphic form:

Three-quarters of all Americans are in favor of auditing the Fed to see what the heck it’s been doing.

And Bloomberg noted in 2010:

A majority of Americans are dissatisfied with the nation’s independent central bank, saying the U.S. Federal Reserve should either be brought under tighter political control or abolished outright, a poll shows.

***

Americans across the political spectrum say the Fed shouldn’t retain its current structure of independence. Asked if the central bank should be more accountable to Congress, left independent or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Only 37 percent favor the status quo.

Indeed, many economists also say we should end or severely rein in the Fed.

Why do so many – especially those making less than $90,000 – disapprove of the Fed’s actions?

It’s not a mystery:

  • The Fed threw money at “several billionaires and tens of multi-millionaires”, including billionaire businessman H. Wayne Huizenga, billionaire Michael Dell of Dell computer, billionaire hedge fund manager John Paulson, billionaire private equity honcho J. Christopher Flowers, and the wife of Morgan Stanley CEO John Mack
  • Moreover, the Fed has more or less admitted that one of its main goals is to boost the stock market.  Professor G. William Domhoff demonstrated that the richest 10% own 81% of all stocks and mutual funds (the top 1% own 35%).  The great majority of Americans – the bottom 90% – own less than 20% of all stocks and mutual funds. So the Fed’s effort overwhelmingly benefits the wealthiest Americans

More information here and here.

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  • Tonto

    Sure, of course… All the under achieving malcontents want to blame someone else for their own inability to get focused and do something for themselves, instead of idly whiling away their time complaining about inequality in America!

    Those making more than $90k represent the creators of the vast majority of private enterprise jobs in this country. But the scumbag socialist here want to point at those making more than $90k as if they are criminally complicit in the hope and change idiocy of Barack Obama. And all the god-damned malcontents here can deny it all they want, but that won’t change the fact that they voted for Obama.

    • my name doesn’t matter

      Women lie, men lie, and numbers don’t. This guy has an entire blog with article after article after article documenting research confirming the blatantly obvious fact (to everyone rational) that there is ALOT wrong with the people who run this country and who run the world. All you have is your opinion and NOTHING else. Instead of spewing nonsense, why don’t you stop blindly defending these institutions that have OBVIOUSLY screwed us all over (you included) and try to be part of the solution?

      And for goodness sake, obama=bush=chris christie=reagan=nixon=etc. ALL politicians are part of the SAME system that benefits them and them only. There is none better or worse than the other. Wake the hell up…

      • jadan

        here, here, nameless!

        • Tonto

          “Here, here” indeed, Jadan. That would be, Hear! Hear!

          Nameless is a clueless twit who thinks “alot” is a word.

          His opinion is laughable. “Wake the hell up…” says the twit as if he were on to something important.

          Welcome to the free speech zone. All the nameless morons post here.

  • jadan

    If more people understood the financial system, the polls would show a very dramatic rate of disapproval, except, of course, at the top of the pyramid. This reflects the financialization of the economy: save the investors at all costs! Investment income no longer derives primarily from productive enterprise, but from derivative bets, the money-making-money financial sector, which is parasitic activity that diverts capital away from productive investment at the same time it destroys the value of the dollar. The Fed is a privatized monetary system that works on behalf of those who own it and is incapable of serving the public interest. A nation’s monetary system should be operated in the public interest by a monetary authority accountable to the people. Today, those countries that have some type of public banking, including Germany, Brazil, Russia, China, are the leaders in the global economy. The idea is very simple: make money available to more people and you create a dynamic economic engine. If you direct money to the wealthy, you might as well just bury it in the landfill. They will only use it to hire peasants to wipe their asses.

    • Tonto

      Welcome the the George Washington Blog FREE SPEECH ZONE.

      All the kooks post here. “The idea is very simple: make money available to more people and you create a dynamic economic engine.”

      Dynamic? Yeah, let’s raise the minimum wage to $800 an hour! That way everyone can eat at McDonald’s all they want. And everyone can get a job at McDonald’s too! The idea is very simple: Just blow it out your ass!

  • gozounlimited

    It doesn’t matter what the $90,000 Or More Like….. They are DYING! Victims of their own greed, hate, stupidity,…….no person there….there…….just an illusion. ($90,000 is NOT going to help them when they reach their final destination) So we celebrate our success http://radar.weather.gov/Conus/full_loop.php. Even though they are doing all they can to dry out Nika….http://www.accuweather.com/en/us/national/satellite-wv (orange denotes chemtrails around our storm (NOT CLOUD SEEDING, DRYING IT OUT!)) We Thank God …..and each other for the LOVE and FAITH that gives us meaning, grace, reality, eternal life. Love You…. thank you for Loving Me…….and Another.

    • gozounlimited

      • jadan

        like most good rock songs, you can’t understand but 20% of the lyrics, and yet one imbibes meaning from the grand unknowing

  • http://khanneasunztu.wordpress.com/ KhanneaSuntzu

    Let me give you Americans a suggestion:

    http://www.scoop.it/t/deliberating-violent-revolution

  • Rehmat

    Tom Perkins disagrees. He believes only billionaires and millionaires, especially the Jews like Federal Reserve which has been controlled by the Zionist Jews since its inception.

    http://rehmat1.com/2012/08/13/banksters-financial-holocaust/

 

 

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