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Democrats are making income inequality worse | Washington Post

George Will argues in The Washington Post:

In this sixth year of near-zero interest rates, the government’s monetary policy breeds inequality. Low rates are intended to drive liquidity into the stock market in search of higher yields. The resulting boom in equity markets — up 30 percent last year alone — has primarily benefited the 10 percent who own 80 percent of all directly owned stocks. Charles Wolf writes in the Weekly Standard: “The financial sector’s profits rose from 18 percent of total corporate profits preceding the recession in 2007 to 23 percent in 2013.”

Richard Fisher, president of the Federal Reserve Bank of Dallas, says the total reserves of depository institutions “have ballooned from a pre-crisis level of $43 billion to $2.5  trillion .”

And? “The store of bank reserves awaiting discharge into the economy through our banking system is vast, yet it lies fallow.” The result is a scandal of squandered potential.

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