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Friday, August 13, 2010
Fed Policymakers Screw It Up Again!
From Martin Weiss Research. This is all that stands in the way between us and the light at the end of the tunnel mentioned in the previous article (the corporate comeback).
"This week, policymakers met in D.C. and decided to fire up the printing presses. Led by “Helicopter Ben” Bernanke, they pledged to buy new Treasury securities whenever old Treasuries or mortgage securities matured or were paid off.
That means instead of shrinking its $2.05 trillion portfolio, the Fed will maintain it by purchasing an estimated $10 billion to $20 billion per month in Treasuries. It’s focusing on securities with maturities between two years and ten years."
...
"Heck, the Fed itself all but admitted its efforts have been a dismal failure.
In the post-meeting statement on Tuesday, the Fed said:
“The pace of recovery has slowed in recent months. Housing starts remain at a depressed level.”
The statement went on to say that household spending “remains constrained by high unemployment, modest income growth, lower housing wealth and tight credit.”
In other words, the economy is rolling over! And in what must be one of the most UNDER-reported stories of the year, researchers at the San Francisco Fed just announced that there’s a “significant” chance the economy will tip back into recession."
...
"What nobody in D.C. will tell you … but I will … is that a big economic slowdown is already baked in. There is nothing the Fed can do … nothing Congress can do … nothing the Obama administration can do … to prevent it.
The massive, reckless credit bubble that built up over the past couple of decades needs to be unwound. If you prefer the jargon term, it’s “deleveraging” — and it’s something we’re just going to have to get used to."
Same story, different day...what prolonged the recovery out of the Great Depression was government interference--much like what's going on now. If the government would just stop and get out of the way, business (the usual savior in any downturn) will step in to fill the spending gap with new orders for supplies, stock, and/or people to handle the new incoming orders.
As of yesterday, we had a teacher/union employee bailout with money to the states, a proposed program to (again) send seniors a $250 check, and there's talk about a government plan to pay unemployed people's mortgages for the next two years in the 17 hardest-hit states for foreclosures, as well as a new cash-for-clunkers deal, extending unemployment bennies yet again, and we've already had an extension of the unemployment bennies, Atlanta getting bombarded by 30,000 zombies looking for public housing (and there was only 13,000 applications for some 400+ possible openings next year), higher unemployment rates, higher foreclosure rates...all this in top of the proposed VAT tax, transaction tax, HCR "tax", higher income taxes, higher dividend and capital gains taxes, and inflation looming on the horizon.
Do you see a pattern here? Any sort of path to success, Obama's put a roadblock on with taxes--real or proposed. Any sort of path to dependency, Obama's funded with borrowed money and open arms, and the Fed is complicit in his ultimate plans.
By throwing out all this money, he's accomplishing two things: buying votes (for himself or the Democrats as a whole--he's worried about the midterm and 2012 elections), and creating dependency to accumulate power.
Screw up? No--it's the plan. Now all they need to do is figure out how to separate us from our pantries, gardens, emergency funds, paid-off debt, and self-made jobs. My guess is that's where the jack-booted thugs come in--during the Depression, house-to-house inspections were done, and any food deemed "excess" was removed and redistributed. I see that as the only way to separate us from our pantries--they did it once, and may do it again if desperate enough. Luckily, his term is almost half over, and time may not be on his side.
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