The Fed is No Friend of Mine
Or yours, either. Unless you happen to be in Wall Street or a financial institution.
Today, the Fed made the decision to keep a key interest rates unchanged.
Why Gina, you ask, what does that mean to me?
Well, it means that instead of looking out for the majority of the citizens of the United States, the Fed kept their friends in the banking and financial industries happy campers.
Don't believe me? The Dow was up 331 points today.
You see, by choosing to raise interest rates, the Fed would have taken a step to fighting the rising and alarming inflation that is affecting all of our pocketbooks.
However, it needs to keep printing money to lend to all the banks and institutions such as Fannie Mae and Freddie Mac, and higher interest rates make that a lot harder. They are doing it under the guise of "stablizing" the real estate markets, but they are only interested in stablizing it for certain people. Namely the ones that have lost record amounts of money gambling (and losing) on bad loans. And I'm not talking about John Q. Public.
Those sub-prime loans and most of the shenanigans that went with them were acutally illegal, and yet here we are, suffering so that they can keep their jobs. They should all be prosectued, not protected.
So, no relief for you or me, but lots for CEOs and the like. And, the rub is that all these extraordinary measures to save these peoplewho have the Fed in their pocket may not even work.
So thanks for nothing, Mr. Bernanke. I'll keep thinking of you as my grocery bill skyrockets, and yet I get less.
Where is the outrage?
Today, the Fed made the decision to keep a key interest rates unchanged.
Why Gina, you ask, what does that mean to me?
Well, it means that instead of looking out for the majority of the citizens of the United States, the Fed kept their friends in the banking and financial industries happy campers.
Don't believe me? The Dow was up 331 points today.
You see, by choosing to raise interest rates, the Fed would have taken a step to fighting the rising and alarming inflation that is affecting all of our pocketbooks.
However, it needs to keep printing money to lend to all the banks and institutions such as Fannie Mae and Freddie Mac, and higher interest rates make that a lot harder. They are doing it under the guise of "stablizing" the real estate markets, but they are only interested in stablizing it for certain people. Namely the ones that have lost record amounts of money gambling (and losing) on bad loans. And I'm not talking about John Q. Public.
Those sub-prime loans and most of the shenanigans that went with them were acutally illegal, and yet here we are, suffering so that they can keep their jobs. They should all be prosectued, not protected.
So, no relief for you or me, but lots for CEOs and the like. And, the rub is that all these extraordinary measures to save these people
So thanks for nothing, Mr. Bernanke. I'll keep thinking of you as my grocery bill skyrockets, and yet I get less.
Where is the outrage?
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