The FED increases it's own pay 13% a year

[planosteve]

These charts need little comment. The Fed’s books are not audited and they spend billions per year on 20,000 superfluous staff. The latter produce endless rationalizations and duplicitous whitewashes of Fed policy.

Worse still, the Fed uses its unlimited ability to print money and earn interest off its $4.4 trillion holdings of taxpayer issued debt to award cushy research and study contracts to most of the monetary economists in the country. No wonder that when the monetary politburo speaks, the chorus of monetary economists shout a grateful, amen!

Meanwhile, the wage picture for the nation’s work force of 155 million, less the 22,000 Fed staff and outside economists who work for them, is not so good. During the Fed’s massive money printing spree since 2008, which took its balance sheet from $900 billion to $4.3 trillion, average real hourly wages have not yet regained their pre-crisis level.

http://davidstockmanscontracorner.com/t ... flat-line/

[GFB]

These charts need little comment. The Fed’s books are not audited and they spend billions per year on 20,000 superfluous staff. The latter produce endless rationalizations and duplicitous whitewashes of Fed policy.

Worse still, the Fed uses its unlimited ability to print money and earn interest off its $4.4 trillion holdings of taxpayer issued debt to award cushy research and study contracts to most of the monetary economists in the country. No wonder that when the monetary politburo speaks, the chorus of monetary economists shout a grateful, amen!

Meanwhile, the wage picture for the nation’s work force of 155 million, less the 22,000 Fed staff and outside economists who work for them, is not so good. During the Fed’s massive money printing spree since 2008, which took its balance sheet from $900 billion to $4.3 trillion, average real hourly wages have not yet regained their pre-crisis level.

http://davidstockmanscontracorner.com/t ... flat-line/

Maybe you could start a "Department of Real Wages"..the Fed doesn't do that..they do "controlling inflation" and "maximizing employment."

[planosteve]

If inflation is under 2% a year like they keep telling us, why is the FED raising their own pay an average of 13% every year?

[GFB]

If inflation is under 2% a year like they keep telling us, why is the FED raising their own pay an average of 13% every year?

Well, I don't know whether that's true or not..but..

Don't tell me you're suggesting Ben and Janet have not been worthwhile investments.

[planosteve]

If inflation is under 2% a year like they keep telling us, why is the FED raising their own pay an average of 13% every year?

Well, I don't know whether that's true or not..but..

Don't tell me you're suggesting Ben and Janet have not been worthwhile investments.

Whether it's true or not is not the point. They said it was 1.9% in 2013. That's what they base social security and many other pensions on. That was the raise people got while they took 11.7 %. They make Bernie Madoff look like an angel.