Consumers (you and me if the word “consumer” doesn’t resonate) are paying RAISED interest rates for mortgages and credit cards – so, why keep cutting the rates (or hinting that you’ll leave them alone for the remainder of the year) as more US dollars have been released into the market thus making the value of the dollar worthless?
The Divided States of America is already under the pressure of horrendous inflation – Gas is $4.30+ a gallon and milk is $3.99 a gallon. Why? Supply vs. Demand. Of course not. Why are economists, the administration, etc. unwilling to say the word INFLATION?
Check out the definition of inflation. If those gas and milk numbers in my random blog posting aren’t convincing enough check out “hard” data…
Of all that the bush administration has fcked up on, the handling of the current inflation issue may be what’s remembered most clearly since this joke of a process has happened since as he’s embarrassingly tried to close out his last 12 months (7 and ticking now). Naw, maybe the iraq “war” and denying constitutional rights may stand out most clearly. But, this is a joke. For Bernanke to hint that he doesn’t plan on raising the interest rates during the remainder of 2008 is fcking insane.
Richard Fisher is the smartest guy in the room…
Why am I blaming a worthless bush administration? Bernanke is another crony put in a position that he isn’t qualified for…
But not everyone is pleased.
Some commentators say the Princeton University economist has little experience outside the academic realm.
The nomination also marks the third time in as many years that the president has turned to Mr Bernanke for a sensitive post.
In 2002 Mr Bush put him on the Fed’s board and this year made him chairman of the president’s Council of Economic Advisors – prompting concerns that he may be “too close” to the Republican government.
“He worries me as the next Fed head. He’s very tied to what Bush wants too. Having been made the head of the CEA, Bush has gotten to know him, and feels in control,” said John Tierney, credit strategist, Deutsche Bank.
Mr Bernanke is a leading advocate of “inflation targeting” – an approach widely adopted in Europe – under which central banks set a target for inflation and stick to it.
However, Mr Greenspan believes central banks should keep markets guessing on how tough they would be on inflation.”