| jan 29 2009 | | Pulling out the stops. | “The Fed has pulled out all the stops,” Paul McCulley, a managing director and fund manager at Pacific Investment Management Co. in Newport Beach, California, said in an interview before the announcement. “The Fed’s mission has to be to bring down private-sector borrowing rates.” Source Bloomberg News.
What a plank!
Here we are in the world's biggest socio-economic disaster and this muppet tells us that now the Fed is pulling out all the stops.
Last month they were reaching into their 'tool-kit', presumably to find the stop pulling tool. But why haven't all the stops been pulled out previously? Were we coasting with the stops in? Were there only one or two stops out all the way? Maybe there were a lot of stops pulled but only partially. If this latest pulling of the stops fail like all previous remedies what does that leave? Once you have used all your stops and they are all the way out, you are pretty much stopped out. Unless you can convince people that by pushing the stops back in a little it will have a beneficial effect.
Anyone, including Paul the Plank, that believes that the people who got us into this mess have the skill or integrity to solve it need to return to planet Zog. It's about time these acolytes of the Fed realise that since 1913 the Fed has been responsible for inflation, market booms and busts, near total dollar destruction, market manipulation of what are claimed to be free markets, unstable employment and collusion to permit proliferate government spending. The exact opposite of the rationale foisted on the public for it's creation.
Buy Gold.
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