Saturday, January 28, 2012

The Fed's follies

BACON: Fleeced by the Fed
Fed’s zero interest rate bails out Wall Street and Treasury, sinks middle class
By James A. Bacon

The Federal Reserve Board announced plans last Tuesday to keep short-term interest rates at near zero for another three years and said it might embark upon another bond-buying program to drive down long-term interest rates. The stock market rallied and President Obama's supporters hailed the rising stock market as a sign of his brilliance as a manager of the economy...
But give Mr. Obama credit for this: While his handmaiden Bernanke plunders the middle class in order to prop up Wall Street and the U.S. Treasury, the president has exploited the resulting uncertainty and unease by posing as a champion of Middle America. That's more than you can say for Newt Gingrich, who is attacking Mitt Romney for the sin of being a successful, wealth-creating capitalist, or for Mr. Romney, who seems incapable of defending himself. Like Sherlock Holmes and Professor Moriarty at Reichenbach Falls, they are locked in a death grip that will plunge them to their political demise. I've never been much of a fan of Rep. Ron Paul, but the man is making more and more sense when he says it's time to abolish the Fed. 
Comment: Some people really seem to be able to learn.

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