bobbyw24
11-14-2010, 07:05 AM
By Matt Towery
I'll give President Barack Obama credit for signaling that he will abandon temporarily one aspect of his crazy economic philosophy.
It appears the president will at least allow the George W. Bush tax cuts to remain in place for some additional period of time. That's a smart move for him because everything else the administration and the Federal Reserve are doing appear to be setting us up for another economic disaster.
CNBC reported: "The Fed plans to print enough money to buy an average of $75 trillion in treasury bonds each month for eight months. ...
"The ... program is intended to energize the economy by forcing down long-term interest rates. Those lower rates might encourage some consumers to borrow and spend more."
The idea that making it cheaper to borrow money when rates are already at all-time lows is just plain nuts. Sure, the banks have cheap cash. But just go and try to borrow any of it.
http://jacksonville.com/opinion/columnists/2010-11-14/story/obama-fed-mismanaging-us-economy
I'll give President Barack Obama credit for signaling that he will abandon temporarily one aspect of his crazy economic philosophy.
It appears the president will at least allow the George W. Bush tax cuts to remain in place for some additional period of time. That's a smart move for him because everything else the administration and the Federal Reserve are doing appear to be setting us up for another economic disaster.
CNBC reported: "The Fed plans to print enough money to buy an average of $75 trillion in treasury bonds each month for eight months. ...
"The ... program is intended to energize the economy by forcing down long-term interest rates. Those lower rates might encourage some consumers to borrow and spend more."
The idea that making it cheaper to borrow money when rates are already at all-time lows is just plain nuts. Sure, the banks have cheap cash. But just go and try to borrow any of it.
http://jacksonville.com/opinion/columnists/2010-11-14/story/obama-fed-mismanaging-us-economy