Associated Press
Fed to shift $400B in holdings to boost economy
By PAUL WISEMAN and MARTIN CRUTSINGER , 09.21.11, 06:15 PM EDT
WASHINGTON -- The Federal Reserve said Wednesday it will shuffle $400 billion of its portfolio to try to drive down long-term interest rates and get the economy going. But economists doubted it would do much good, the stock market sold off, and the Fed itself was unusually divided over the strategy.
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"The idea is to make mortgages and other major loans cheaper and encourage people and businesses to spend more money" - providing a lift to the broader economy, which has slowed sharply more than two years after the Great Recession.
Quoted [by me] above IS the pushing on a string part!
Not ONLY are you "encouraging" people and businesses to spend more money you are attempting to FORCE people to borrow more money!
You have made savings and fixed income completely WORTHLESS.
You have ARTIFICIALLY boosted equity prices by intentionally destroying the value of the dollar! Thereby making manipulated equity markets "the only game in town".
You have, partially, reflated the worst equity bubble in the history of mankind. However, when valued in dollars / gold it's STILL WORTHLESS!
Your ONLY plan is to weaken the currency further to protect the government and your banker friends!
I KNOW that you understand completely what you are doing which is exactly what makes it CRIMINAL!
What makes you THINK that you can FORCE people to WANT your WORTHLESS fiat?! Since your inception it has LOST 96% of it's purchasing power! What kind of "investment" is that?!
Perhaps you should try, with ordinary Americans, what you are doing with the banks? Which is to BURY them in FREE fiat! (Bring out the HELICOPTERS!)
It is the FED which has brought us to the point of having a WORTHLESS currency. And it is OBVIOUS to everyone that your ONLY intention now is to finish the job!
This is 2011 for God's sake! We KNOW what you are going to attempt to do months before YOU do!
IF the banks FAIL (which they ALREADY HAVE for all practical purposes! Insolvent ZOMBIES!) thousands of businesses would file for bankruptcy. Everyone's wealth would be WIPED out! Very similar to the 1930's..
YOU Mr. Bernanke, Mr. Great Depression scholar, have gone "ALL IN" in your attempt to chase away the ghosts of history. It is PAST TIME that you join the REST OF US in the 21st century!
WE DON'T WANT YOUR IMAGINARY WORTHLESS FIAT OR YOUR, SOLELY, DEBT-BASED PONZI SCHEME ECONOMY! YOU CAN HAVE YOUR PREDATORY LENDING DRIVEN EARNINGS NUMBERS!
YOU BETTER WAKE UP AND COME BACK TO THE FUTURE FAST!
Deflationary depressions are painful things! Get over it!
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But economists pointed out that Americans, still feeling insecure about the future and inclined to save rather than borrow, might not be willing to take on more debt, even at lower rates, or eligible to get it. Others see no reason to jump into the housing market when prices are still falling.
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It is DONE!
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Click for link to the full story Fed to shift $400B in holdings to boost economy
Greg
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