Dirty Fed: This economy is going to suck so hard we're going to have to keep giving the banks free money until mid-2013

The Federal Reserve pledged for the first time to keep its benchmark interest rate at a record low at least through mid-2013 in a bid to revive the flagging recovery after a worldwide stock rout.

The Federal Open Market Committee discussed a range of policy tools to bolster the economy and said it is “prepared to employ these tools as appropriate,” it said in a statement today in Washington. Three members of the FOMC dissented, preferring to maintain the pledge to keep rates low for an “extended period.”

The decision represents the biggest effort since November to spark the U.S. economy and revive confidence while stopping short of initiating a third round of large-scale asset purchases. Chairman Ben S. Bernanke and his colleagues acted after reports showed the economy was slowing and an unprecedented downgrade to the U.S. credit rating sent stocks tumbling from Sydney to New York.

The Fed offered a dimmer view of the economy than it did in the last statement in late June. “Economic growth so far this year has been considerably slower than the committee had expected,” it said. The Fed also said it expects a “somewhat slower pace of recovery over coming quarters,” adding that “downside risks to the economic outlook have increased.”

Devaluation: you're doing it wrong!


♫ ♫ said...

Lovely, so I'll continue to earn a whopping $50/yr for every $10K in my savings account, indefinitely.


SarahB said...

making sure that there is no way for boomers to support themselves through retirement.

Will be calling my broker for a re-fi, however.

Independent Accountant said...

As I said years ago, "No exit".


Anonymous said...

Do you really link to Sarah Palin at the end of the article as if she's a credible source for people? Are you really that far gone W.C. still into her tits and thick lips?

W.C. Varones said...

She's not the sharpest knife in the drawer, but that's kinda the point: even people like Sarah Palin are figuring out how evil and destructive the Dirty Fed is.

The disinformation and election interference is coming from inside the house

The FBI just admitted in court that Hunter Biden's laptop is real. Here are 20 minutes of Joe Biden, U.S. intelligence officials, and th...