The Federal Reserve Shows They Know The Obama Economy Is Dead

The big news yesterday was that the Federal Reserve was not going to “taper” their 85 billion dollars worth of bond purchases every month. The “money printing” will continue. The “Quantitative Easing” program that Federal Reserve Chairman Ben Bernanke cooked up was supposed to be a way to “get the economy going.” Once the economy was moving again, then, Bernanke told us, the QE could be ended—ended incrementally or “tapered.” But creating new money doesn’t actually create Read more […]

New York Times Admits Bank Lobbyists Write Laws For Banks

We all knew this was going on, I hope, but it is nice to see a story in the New York Times actually admit to it: “Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The Read more […]

New Jobless Claims: Why Economic Indicators Exist To Keep You Blind

So Bloomberg is reporting “good news”: “First-time jobless claims unexpectedly fell by 7,000 to 340,000 in the week ended March 2, the lowest since the period ended Jan. 19, according to data today from the Labor Department in Washington. The median forecast of 50 economists surveyed by Bloomberg called for an increase to 355,000. The four-week average dropped to a five-year low. Companies are easing up on dismissals as purchases of equipment climb and households maintain spending in the face Read more […]

Bernanke’s Delusion About Spending And Respectable Economists

  Congressman Sean Duffy did an amazing job pinpointing the issue with Ben Bernanke. I suspect that the reference to $700 billion to teach shrimp to use a treadmill was a misprint, but that is a minor problem. Duffy tried to get Benanke to admit that two percent of the budget could be cut without causing catastrophe, and that the government needs to do at least that much to avoid the coming collapse of the American economy. Among other things, I gleaned from Ben Bernanke’s words Read more […]

QE3 Won’t Work; How About QE4?

Fed chief Ben Bernanke recently announced the Fed’s policy to buy up an additional $40 billion in mortgage-backed securities every month at least until the end of this year. He said that the policy will continue until we have recovery. Some on Wall Street are already saying that QE3 will not be enough. They want more. Whenever the Fed prints money, money flows into Wall Street and pumps up the stocks and makes investors wealthy. No wonder they want more. They want the Fed to guarantee their Read more […]