Posted on 03/08/2009 4:41:32 AM PDT by Lady GOP
WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Saturday the U.S. central bank would use all of its tools to stabilize financial markets and pull the economy out of recession.
"At the Federal Reserve, we will continue to forcefully deploy all the tools at our disposal as long as necessary to support the restoration of financial stability and the resumption of healthy economic growth," he said in remarks prepared for delivery at a naming ceremony in Dillon, South Carolina.
A copy of his remarks was distributed in Washington.
(Excerpt) Read more at news.yahoo.com ...
The Fed lowered benchmark interest rates to near zero in December, the last of seven rate cuts in 2008 that took the fed funds rate down from 4.25 percent at the beginning the year in one of the most aggressive rate-cutting sprees in the central bank’s history.
In addition to chopping rates, the Fed has pumped hundreds of billions of dollars into financial markets in what Bernanke calls “credit easing” to revive economic activity.
He coulda just used one word: capitalism.
I note that he didn't.
It would be nice to be told just exactly what the problem really is. What is their bottom not when is it the bottom!
Like pushing on a piece of string, nothing happens.
5.56mm
This includes the use of DEADLY FORCE to implement its policies.....
It’s the politicians who push on a string. Fed policy isn’t working because the financial system is all gummed up.
Jeez...this comforts me...NOT!
So do I stop at 500 ATM and pull all my money out now or wait until the run begins tomorrow?!? /half sarcasm
It would be nice to be told just exactly what the problem really is. What is their bottom not when is it the bottom!
A haunting and disturbing post, Friend.
Sure, I'm not really going to run to the bank or anything, but just the thought of all these clowns in control of our nation's financial well being? I'm feeling a bit like a martini that been both shaken and stirred.
The problem is there are too many tools running the country.
Not that I have that much to run with but what good would it do or be if the bottom is a total currency change. Imagine Bama nickles.
The real problem is high taxes. We have businesses all over the U.S. in place and ready to hire if they could just have a reasonably low tax rate, instead, a very few businesses are getting bail-outs, and the rest of the growth comes though, the very limited to Democrat ideas, of Government spending
I'll bet Bernake and Obama we're much good as parents either. Sometimes the right answer is to stay out of the way, both for parents and for government officials. As a parent, I know that if I can't fix the problem and interfering will make it worse, I need to stay out of the way. They clearly never learned that lesson. This "crisis" would have fixed itself by now if they had just let the market determine the value of Citi and Bank of America, of foreclosed homes, and of the other "toxic" assets. Instead, we're keeping all those problems around so they can fester.
Oh Lord, not that.
The Fed has no money left. The only tool it has left is to print huge quantities of monopoly money. This will bring about 3, 4 and 5 figure inflation.
Their bottom to me is when they reach that fine point of wealth redistribution. From what I am hearing/reading that is what all this free fall on 'wall street', bailouts, generational debt spending, tax increases, and universal health care is leading. The economy is about to become a total function of what government declares it to be, and nobody has anything except what they get from the local government 'git and go' coupon stamp distribution center. Oh and I fully expect them to require photo IDs.
Government coupons to stimulate whatever economy they deem needs activity.
Well got to get unionization fixed first. I would think these people were about at least stabilizing this free fall if they would cut taxes. But no they won't cut taxes on anyone and their plan is to let the Bush tax cuts lapse on those 'evil' rich.
I have come to the conclusion that liberals know how they do business and what it requires of them to make a profit and they assume that everyone else does it like they do. Then there is that element of punishing to the point of destroying the 'free' spirit of hardworking enterprise to balance their scales.
Sorry Bennnie 0 interest rates ain't helpng.
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