The problem with the US government's stimulus efforts and the Federal Reserve's quantitative easing to foster full employment is that banks are the only direct beneficiaries, writes hedge fund manager and commentator Shah Gilani. There's just no good pool of jobs being formed from the trickle-down effect that first bathes bankers in bonuses, and then showers shareholders with buybacks and dividends writes Gilani. He argues that two crucial steps are required in order to create long-term jobs and to crank up economic growth. The first step is structural change: eliminating the Fed's dual mandate and breaking up the big banks. The second step involves the creation of stimulus programs that directly impact jobs growth in the five legs of the economy. According to Gilani, this two-pronged approach will ensure the US can reignite solid and sustainable long-term economic growth. (VIEW LINK)
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