I am so sorry Fools.
This was my letter to the Fed befor I knew who the fed was. Does what Mc Cain and Obama are saying sound familar. Dear Ms. Quadland:
This will acknowledge your most recent letter commenting on price inflation, minimum wage, and other related issues.
We appreciate your continued willingness to share your views.
Public Affairs Office
IF YOU NEED TO REPLY TO THIS EMAIL, YOU MUST DO SO FROM OUR PUBLIC WEB SITE AT:
Last Name: QUADLAND
City: SAN ANTONIO
To the board. I would just like to give you my view here on the bottom. LETS SEE. pay 1998. 6.50 hour and gas was 78 cents a gallon and milk was 1.59 a gallon and bread was 55 cents a loaf. Rent was 325.00 month and health care was 7.50 a week with my corporation paying the majority with the government reimbursing them for offering them that. FAST FORWARD 10 years. pay 10.50 an hour. GAS 3.00 a gallon going to just under 3.50 this summer. Milk 4.25 gal. Bread 2.50 loaf and going up.Came into a house 10 years ago and it was 80,000.00 now values at 160,000.00. Taxes 10 years went from 2,000.00 year to 4,000.00 a year now. Thank god I have the house. Went back to apartment to see what Rent is and it is now 800.00 month. HEALTH CARE 15.75 a week. This is the stagflation I heard you talking about. If you are earning 20 million a year then inflation only went up 10% in ten years and my inflation went up 200% in 10 years. AND THAT IS the STAGFLATION THAT IS NOW AFFECTING NOT ONLY THE WORKING POOR BUT NOW THE MIDDLE CLASS. At the FED you AVERAGE'S THE ENTIRE PAY FOR THE COUNTRY AND THEN THE ENTIRE RAISING COST AND AVERAGES IT OUT THUS WE GET 10% INFLATION RATE FOR THE YEAR MORE OR LESS. WHAT I DO IS AVERAGE THE INFLATION TO JUST THE MIDDLE CLASS AND THE WORKING POOR AND GET A MORE ACCURATE READING OF THE ECCOMONY.Does anyone realize if we had indexed min. wage to yearly inflation it should be about 20.00 an hour? This is why these recessions cycle about every 20 years. President Bush could become the national Hero if he acted this month and have someone in the republican congress to submit a bill to congress to get the permanent tax cuts through congress by just bitting the bullet and craft a bill to state that permanent tax cuts to min. wage to 4.00 an hour effective in one month with a 2.00 a year increase until it reaches what min wage should be indexed to inflation. Then tie min wage to a yearly increase to its inflation ( middle and lower class ). This way the corporations can keep and invest most of their money and yet the hard working people who keep the corporations running will be able to afford to buy products from the corporations. If we want to keep a quality of live then we need the wages. I know corporations say the labor will be to high but with the savings they will receive from taxes will more than exceed what they pay out for wages.This way we bypass the government and the free market will heal its self. We can no longer sight other country's labor because we can't compete with 3.00 a day and retain our life style. Why don't we give a hand up to those country's and in free trade and raise their pay gradually towards our pay? This way as they have more to spend we will have more to sell them. I know all of you know this and I just wanted to give you my take on this mess.Now I have been seeing it in the middle class for 2 years.I know you are dealing with much more but maybe this will help. Thank you for your reply. Let me give you a few more facts. I know that you have a lot going on. Talk to the CEO's of this country and ask them to take a 75% pay cut and pass that on to the employees who are making under 40.00 an hour. This is the only way to keep us from a Depression. This is from the labor department. I am just a Bookseller but I know what you and the country are facing. The economy is so much bigger than during the crash. The figures don't lie.ileagle workers are leaving the country because they can't find work and I know that is so so bad when that happens.http://www.dol.gov/ Now the same 20k in 1970 would need to be $42,474.23 in 1980 $67,371.13 in 1990 and $88,762.89 in 2000 now and $112,791.24 in just the first half of 2008 not even the whole year.That is just not happening to peoples pay check. The rate to just break even is so vast 20k compared to 112k . May God Bless all of you because I know what will happen if the dollar does not get stronger.
Sent: Wed, 25 Jun 2008 10:14 am
Subject: Response to your e-mail concerning: Board Members
Dear Ms. Quadland:
Thank you for your most recent correspondence in which you expressed your concern about price inflation and interest rates, and suggested that the Federal Reserve should increase the current level of interest rates. We appreciate your taking the time to share your thoughts with us and want to assure you that the concerns you have expressed are not simply ignored.
The public frequently makes suggestions on the direction our economy should take, as you did in your correspondence. In addition, the Federal Reserve receives and evaluates a mass of data, including information as you have supplied, in attempting to arrive at a balanced and realistic assessment of how the economy is functioning. While we value the observations and recommendations of private citizens, in conducting monetary policy, the Federal Open Market Committee (FOMC) must pay attention to guides for monetary policy as specified in the Federal Reserve Act.
With regard to your comments about interest rates, regardless of what one thinks interest rates should be, the rates that actually prevail are determined by a number of forces, and not by Federal Reserve actions alone. The Federal Reserve has considerable influence over some short-term interest rates, such as the federal funds rate. But the Federal Reserve has less control over other short-term rates, and long-term rates often respond to Federal Reserve's actions with considerable delay, i.e. the effect is indirect. Further, the FOMC does assess the impact that changes in interest rates will have on particular sectors of the economy. The goal of monetary policy, however, is to foster conditions conducive to sustaining sound, noninflationary economic growth over time and policymakers must make decisions that provide the greatest benefit to the economy overall.
Again, thank you for writing.
Original Email Content:
Following is the original e-mail received:
Last Name: QUADLAND
City: SAN ANTONIO
Referring URL: http://federalreserve.gov/aboutthefed/bios/board/bernanke.htm.
DEAR SIRS, BEFORE YOUR METING TOMORROW PLEASE TAKE INTO ACCOUNT A FEW FACTS. 2 YEARS AGO MIN WAGE WAS 5.35 HR. AND WITH 1 HR OF LABOR YOU COULD BUY 1 GAL OF GAS AND 1 GAL OF MILK. NOW MIN WAGE IS 5.85 AN HOUR AND YOU HAVE TO WORK 2 HRS FOR A GAL OF MILK AND GAS. RENT,GAS,HEALTH CARE,FOOD,CLOTHING,UTILITIES,MOVIE TICKETS,TAXES, EVERYTHING HAS GONE UP BY 100% SO WHEN YOU TALK ABOUT THE ENTIRE NATION PLEASE REMEMBER THAT 1/3 OF THE COUNTRY MAKES LESS THAN 10.00 AN HR AND FEELS LIKE YURTLE THE TURTLE AND OUR BACKS ARE BREAKING. PLEASE RAISE THE LENDING RATE BY .50 ON BOTH SIDES. PLEASE. WITHOUT HELPING THE PEOPLE WHERE WILL THE BANKS LIKE CHASE BANK OF AMERICA AND WELLS FARGO GET THE MONEY? WHEN YOU LOWERED THE RATE DID THE BANKS LIKE CHASE, BANK OF AMERICA AND WELLS FARGO LOWER RATES BY THE SAME AMOUNT YOU LOWERED? NO THEY SLIGHTLY LOWERED IT BUT NOT BUY MUCH. IF YOU DON'T RAISE RATES MY THOUGHTS ARE THAT THE ECCOMONY WILL SLOW EVEN MORE JUST TO PAY FOR THE BASICS.THANK YOU, QUADLAND. This was befor all of you fools educated me. Now as far as Palin goes ugh....... can you see her as president? Biden can you see him as president> I am still a Ron Paul suporter and if not him Nader. Just to let you know I won't be writting to the IMF any more. Learned a lesson the hard way. Just keep teaching me Fools. I need the free education.