Discover more from Steve Laffey's Substack--on the campaign trail
Remembering 2008. How the Federal Government (FDIC, Federal Reserve) Destroys the Middle Class.
In 2008, I was driving down a winding road in Nesbit, Mississippi. As I listened to the radio, I heard that FDIC insurance was being raised from$125,000/account to $250,000. My first reaction was, “I could drive on this street all the way to the Pacific Ocean and not meet anyone who has over $250,000 in any one account at any one bank.”
When banks give you something, they give something that is unwanted and unneeded. Then, the Federal Reserve drove interest rates to zero, kept them there for over a decade and took over one Trillion dollars from the middle class. This occurred as if it was an even trade. And a weary middle class did not know how to fight back.
And now, these same problems have returned. The dilemma is even worse, to the point of being insurmountable. This financial crisis is only beginning. The debt is too big, the banks are too big, and there is no way to get through this without a lot of hardship. My Republican opponents, who are doing the best they can with what they were given, still seem to be only placating specialized niches. They create smokescreens in order to hide the real problems, like the amount of debt incurred during the Trump administration. They realize that if you focused on these extremely important topics, that they would lose votes. They realize that the anger towards them would be justified.
Perhaps the time has come to become angry; to create a true difference in our country.
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