The Fed announced it would keep interest rates at low for an extended period while also buying $600 billion in government bonds, the latter an attempt to shrink borrowing costs for consumers and businesses still suffering in the aftermath of the worst recession since the Great Depression.
Cramer called the decision part of Fed Chairman Ben Bernanke’s “by any means necessary” approach to tackling the US’s economic problems. While Bernanke can’t boost housing prices or create jobs, he can create the conditions under which businesses, and in turn the markets, can start to rebound.Full text
Comment: The economics of madness has finally found its "third man": Cramer. He has been long on the list, now he has qualified the likes of Bernanke und Krugman to join ranks. By the way, Stiglitz is still on the waiting list, too bad for him: silly, but not silly enough. Nevertheless, the silliest of all seems to be Obama. Does he even have a glimpse what is going on? I guess not.
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