Posted on 06/28/2008 11:07:27 PM PDT by TigerLikesRooster
Saudis press United States to put an end to rate cuts
American Account
Irwin Stelzer
SO the Federal Reserve Board’s monetary policy committee (technically, the Federal Open Market Committee, or FOMC) has decided to leave interest rates as they are - which is far less important than how it arrived at that decision. What follows is a combination of hard fact and my own surmise, mixed together so as to shield the usual highly placed, reliable source.
There is something called “the Fed family”. It’s not as shady as a mafia family, but far more powerful. Members include chairman Ben Bernanke and the six other members of the board of governors, appointed by the president; the presidents of the 12 regional Fed banks, five of whom serve on the FOMC; and several influential alumni who are frequently consulted by Bernanke and the White House, and whose public utterances Bernanke cannot ignore.
(Excerpt) Read more at business.timesonline.co.uk ...
As recent as a few years ago, so-called business gurus even scoffed at high-end manufacturing. Well, that is for less advanced economy. We do knowledge economy.
All those new management techniques from certain specific business sectors, mostly based on new computer technology, were blown out of proportion and generalized as a ground-breaking "paradigm" for the new century. Now they look far less mind-boggling. We have been living in more than a few financial bubbles. Our general outlook for future has been also a big bubble: our economy rising far above mundane physical level. Concept and knowledge are all that count. It progressed into the point that we have international dualism. U.S. is "mind," and emerging countries are "body." U.S. business is the "intangible essence" of world business.
All these pleasant dreams dashed overnight by credit crunch.
Ping!
Want to blow a hole in this oil futures market, raise interest rates to about 7.75% and see the money flow backwards.
Heck stepping the prime back up to 5.25% by Christmas would do that.
These guys are making big profits as we small guys suffer every time we drive up to the pump.
Filled up my wife's car 16 gallons at 4.59 per gallon $73.00 and that was the cheap crap...I said thanks Democrat arseholes, this Independent would vote for the devil before casting his lot with Barry Hussein Obama.
However, some greedy influential bassturds decided to mandate with legislation mortgage lending to minorities who couldn't afford them.
In the meantime the Congress went on a spending spree like a bunch of drunken sailors doing nothing to pay down the debt. Hence we are experiencing devaluation of the dollar and skyrocketing food and energy.
Also, do not forget that W gave Ben Ben the green light to further devalue the dollar by printing a few trillion.
OK, now, let's add in the costs of the illegal invasion to state and local governments who steal from DOT funds etc. to give the handouts to those illegals....and then there's Jerkoff and last minute pieces of legislation snuck in to slow the building of the fence even further.
In all Congress refused to cut pork to pay for the WOT and stop the illegal invasion.
And yes all of the middle and lower class folk in America are going to have to pay for it while the sellout of US continues. We are being forced into socialism and the NWO as some group within the government continues the assault of the middle class.
Precisely put, thanks for the big picture.
Congress, the Prez, and Courts aren’t here for the people. To quote the late George Carlin, “It’s a big club, and you ain’t in it”.
You are spot on, Wolfie. Shame...where’s the heart, soul, integrity, and wisdom of our forefathers in the whores now in elected and appointed offices??
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