FROM Bob Livingston Alerts

It is an interesting dynamic that the Federal Reserve has conjured in the decade after the 2008 credit crash. They spent several years using artificial stimulus measures to inflate perhaps the largest financial bubble in the history of the U.S., and then a couple years ago something changed. They addicted markets and investors to easy cash only to then cut off the flow of monetary heroin. The system was so dependent on the Fed's "China White" that all it took to give everyone the shakes was interest rate hikes to the "neutral rate of inflation" and a moderate balance sheet selloff. Now, the system is dying from shock, and no amount of intravenous stimulus can save it.

For many this may seem unprecedented, but it's really rather common. The Fed has a long history of inflating bubbles using easy liquidity and then imploding those bubbles with the tightening of credit. It also has a long history of pretending like it is trying to save the economy from crisis when it is actually the source of the crisis.

FROM Here’s How Andrew Jackson Stood Up to Unaccountable ‘Elites’

But Jackson took it a bit further. As small as the federal bureaucracy was at the time, Jackson believed that civil servants, who tended to see their office as their own private property, had wiggled their way into comfy positions in Washington, D.C., and had become slothful, incompetent, and in many cases corrupt. He intended to drain the swamp.

In his first annual message to Congress, Jackson explained his philosophy: “In a country where offices are created solely for the benefit of the people no one man has any more intrinsic right to official station than another. Offices were not established to give support to particular men at the public expense.”

During Jackson’s presidency, there was actually a law on the books that limited a civil servant’s time in office to four years, after which he had to apply for the position again.

Though many have blamed Jackson for instituting the “spoils system”—by which political parties reward their political friends with jobs and punish their enemies by booting them out—Jackson’s role in perpetuating this problem has been vastly overstated. So has its pernicious effect on our politics. That system had marked advantages over the modern one in which, of the nearly 3 million federal government employees today, virtually none can lose their jobs for any reason, including criminal activity.

Main-stream Media: Camera-happy Narcissistic Fools asking typical stupid, uninformed questions.

Eric Raines, eeraines@bmstahoe.com