Correction: The Fed's policies have taken $50T of wealth from the Bottom 90%.
When you bail out irresponsibly over-leveraged and nearly bankrupted banks and corporations, and pay for those bailouts with tax-payer money, you steal from the poor and give to the rich.
Most importantly, when the Fed decides to print money ad nauseam, they create massive asset inflation, which steals from the poor and gives to the rich. This is because those dollars that are printed go directly into bonds, equities, and assets that only a small amount of the population owns a significant amount of. When money is "printed" the Fed actually injects money into financial markets through buying assets. This asset inflation caused by money printing gives more money to the rich to buy more assets, thus driving up the prices of financial products, real estate, and all other valued assets in society. Thus, cost of living skyrockets, but only the rich are actually increasing their net worth (which is increasing exponentially). All of this happens while minimum wage, and most wages, are stagnant.
Wealth inequality and social unrest in America is DIRECTLY related to corrupt and/or incompetent (you choose) Fed policies. It amazes me why most people do not grasp this. I think it is lack of education.
I learned Spain on the bass in the hopes that one day I could play my meager rendition for him. In a concert at SFJazz he picked people out of the audience to paint their portraits with his piano. How lucky was I to be placed upon such a seat where Chick dismembered me with his eyes, eviscerating my soul upon a platter. He stared at me with the eyes of a musician who had searched heaven and hell for the most tempestuous chordal mixtures. The two minutes I spent in that seat where he painted my portrait with his keystrokes are some of the most treasured moments of my life. I felt like I had been seen, chewed up, devoured, and reincarnated as the everloving Chick Corea sycophant I had always known myself to be.
The man was a goddamn monster on the boards and we are all at a loss with his passing. Rest in Power Chick, you're in my heart forever.
Since this is posted here I'll ask a question that has been bugging me for the last year: Who does the captions on these YouTube videos? Is it automated? I ask because every CS193p video starts with the same opening scene/music and the caption describing the music is different on every single one. Is this an auto-caption algorithm just getting it wrong? Or is there a person having fun behind the scenes waiting for someone like me to notice and spend an irrational amount of time wondering what happened? I feel like it has to be a person, right? YouTube's captioning wouldn't give 12 different results.
Edit- For anyone curious, here's how the music is described in the captions at the beginning of each lecture:
When you bail out irresponsibly over-leveraged and nearly bankrupted banks and corporations, and pay for those bailouts with tax-payer money, you steal from the poor and give to the rich.
Most importantly, when the Fed decides to print money ad nauseam, they create massive asset inflation, which steals from the poor and gives to the rich. This is because those dollars that are printed go directly into bonds, equities, and assets that only a small amount of the population owns a significant amount of. When money is "printed" the Fed actually injects money into financial markets through buying assets. This asset inflation caused by money printing gives more money to the rich to buy more assets, thus driving up the prices of financial products, real estate, and all other valued assets in society. Thus, cost of living skyrockets, but only the rich are actually increasing their net worth (which is increasing exponentially). All of this happens while minimum wage, and most wages, are stagnant.
Wealth inequality and social unrest in America is DIRECTLY related to corrupt and/or incompetent (you choose) Fed policies. It amazes me why most people do not grasp this. I think it is lack of education.