"jminer" (jminer)
06/18/2020 at 13:55 • Filed to: None
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"jminer" (jminer)
06/18/2020 at 13:55 • Filed to: None | 2
| 27 |
This essay popped into my news yesterday and I wanted to make sure to share it here to Oppo.
!!! UNKNOWN CONTENT TYPE !!!
It’s a moving and clear take on things happening now and it’s worth reading as Raphael Bostic is the President of the Federal Reserve Bank of Atlanta. This means he is a very intelligent person and his experiences as an African American man make him especially qualified to speak to what is happening and the economic toll of it.
Raphael Bostic is the first African American President of a Regional Federal Reserve Bank and before you think too much one way or the other him, the 11 other Federal Reserve Presidents and the Board of Governors is essentially the only thing that has stood between the US economy and total collapse. When Congress and our President failed to act swiftly the Federal Reserve System acted quickly and decisively to avert disaster as much as possible.
There’s a lot of economic policy wonk details we can get into to discuss further - I just wanted to point out that the people running our nation’s bank are very smart and we should listen to them when they talk to us.
Beefchips
> jminer
06/18/2020 at 14:20 |
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This is an interesting note. One thing in particular I ’m interested in, Bostic writes
We are each being challenged to rise to this occasion through education and action. All of us, especially our white allies, must learn the history of systemic racism and the ways it continues to manifest in our lives today. Furthermore, we all must reflect on what we can do to effect change at every turn.
I’m wondering if anyone kn w os some good resources on this topic for the n00b? In particular I’d like to understand existing proposals and experiments in institutional reforms, for example ImmoralMinority’s post here . It’s cool to smash the system but I’d also like to have a better replacement at hand.
I like cars: Jim Spanfeller is one ugly motherfucker
> jminer
06/18/2020 at 14:35 |
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a true capitalist would be against racism in all its forms so all labor could be exploited to the greatest extent possible
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jminer
> Beefchips
06/18/2020 at 14:44 |
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One good place to start that gives some insight is to read up on red lining.
It’s a practice that was once government sanctioned and has been against the law for decades but still practiced in effect as well.
Bryan doesn't drive a 1M
> I like cars: Jim Spanfeller is one ugly motherfucker
06/18/2020 at 14:48 |
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Pretty sure the “true capitalist” ship has sailed.
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jminer
> I like cars: Jim Spanfeller is one ugly motherfucker
06/18/2020 at 14:48 |
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This is part of the logic of economists. They’re a very smart but odd bunch.
Part of it though is a pushback on the argument of ‘it’s expensive to fix these things’ he’s making the alternate argument of ‘it’s actually more expensive to leave it the way it is’.
Rusty Vandura - www.tinyurl.com/keepoppo
> I like cars: Jim Spanfeller is one ugly motherfucker
06/18/2020 at 14:56 |
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An unintended consequence? But perhaps the exploitation model makes more money.
MrSnrub
> I like cars: Jim Spanfeller is one ugly motherfucker
06/18/2020 at 14:56 |
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Capitalists tend to be penny wise and pound foolish, and like to push their luck. If they had any brains they’d be clamoring for tax increases and redistribution because the alternative for them is ultimately much worse
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 14:57 |
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This is part of the logic of economists. They’re a very smart but odd bunch.
My son-in-law wants to be an economist when he grows up...
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 14:58 |
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Have you seen the documentary on Netflix called 13th ?
nermal
> jminer
06/18/2020 at 15:18 |
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There is a shocking amount of money to be made off of poor people, who are disproportionately non-White ( or Asian) - $68 Billion was spent in 2018 alone just on food stamps / “ SNAP” . Where do you think that $$$ went?
The key to ending economic inequality is to stop making all of those poor minorities so dang profitable.
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jminer
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 15:20 |
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Have him check out the SF Federal Reserve Bank for internships - they have them regularly. Too late for the summer ones probably but there are always postings.
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jminer
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 15:21 |
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I have not yet - it is planned viewing for this weekend though
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jminer
> nermal
06/18/2020 at 15:25 |
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There’s too much of a ‘pick you up by your boot straps’ mentality here in the US. If investments were made in education and other social services it would be far cheaper in the long run and we would all have better outcomes.
InsanezX2
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 15:29 |
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For anyone else interested in watching it, Netflix put the whole thing up on YouTube a while back.
I’d also recommend the PBS series RECONSTRUCTION: AMERICA AFTER THE CIVIL WAR.
https://www.pbs.org/weta/reconstruction/
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nermal
> jminer
06/18/2020 at 16:43 |
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Walmart makes ~$13 Billion per year off of food stamps, in addition to the free-to-them benefits of their underpaid workers that are also on food stamps. Amazon isn’t far behind. As I said, poor people can be very profitable.
Based on that, the three best solutions that I can figure out for fixing the economic inequalities facing poor minorities appear to be 1) Bootstraps 2) Hunger Games 3) Starve the children .
The problem with getting investments made today into education and social services (specifically targeted to poor minority communities) is that they are expensive, and take a generation to show any real effect.
WiscoProud
> jminer
06/18/2020 at 16:46 |
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Its funny, because the saying refers to an impossible task. You can’t lift yourself up by your own bootstraps.
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 16:50 |
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He has to finish his schooling and, next month, have a baby.
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Rusty Vandura - www.tinyurl.com/keepoppo
> InsanezX2
06/18/2020 at 16:51 |
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We just watched it a few months ago. I’d talk about the great things I learned watching it, but then I’d reveal my ignorance.
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 16:52 |
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The thing is very well done. We started Spike Lee’s new joint last night and it was not very good, so we moved on to something else.
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jminer
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 16:54 |
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Congrats on the impending grand baby!
The SF Fed does a lot of community outreach and have internships that cover everything from highschoolers through graduate students.
If his degree is in economics/research they have several programs
https://www.frbsf.org/economic-research/
If it’s an adjacent field they probably have something too.
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 17:13 |
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I am encouraging him to also consider the actuarial profession.
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jminer
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 17:24 |
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I know nothing about that profession but do know bother economists and CPAs. CPA is a good thing to do and have known several that ended up being COOs for mid-sized companies.
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Rusty Vandura - www.tinyurl.com/keepoppo
> jminer
06/18/2020 at 19:53 |
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This guy is now on our folding team as syndbret . He comes from a family with five boys and he’s the baby and all of his brothers have advanced degrees in engineering or medicine or whatever; there’s an active strain of brains and work ethic that runs through that family. He’s at one of those Utah colleges that has a U in its name and is located in Logan and he’s already buddied up with a professor who has him doing research projects as an undergraduate. All of this is good because when I retire, I want to sell my Bay Area home and move to wherever they are and live on the same property with them and be that cool live-in grandpa who is cool and has lots of skills and wisdoms and dad jokes.
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jminer
> Rusty Vandura - www.tinyurl.com/keepoppo
06/18/2020 at 21:15 |
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That all sounds excellent!
DC3 LS, Fuck Hyundai, now and forever
> nermal
06/18/2020 at 22:44 |
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Not to mention those investments can be quite dubious at best. I remember through the Texas robin hood program the schools that received it pooled their money together and built a big football stadium for them to play in, literally none of it went into actual education.
And don’t even get me started on college, it’s practically a scam at this point. An associates degree from a community college
is probably the only one worth bothering with (obviously professional certifications and training are as good as ever).
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Beefchips
> InsanezX2
06/19/2020 at 11:24 |
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Thanks!
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Beefchips
> jminer
06/19/2020 at 11:25 |
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Than ks, will do