This answer by Senator Richard Shelby in an interview with Maria Bartiromo last week scares the heck out of me.
Efforts to restore liquidity to the credit market by bailing out banks haven’t worked. Where does that leave us?
It hasn’t worked at all. And I’m not sure that the Fed, led by Chairman Bernanke, knows where it’s going. I believe they’re in uncharted waters. The chairman has basically said that before. They’re printing money. The Fed is supposed to be the lender of last resort. It looks like in some instances it’s the first resort. I don’t know how much more capital they can expend without some serious questions around the world being asked about the health of the Fed and our monetary system. BusinessWeek.
This is why I am so worried about our children. The rapid and panicked infusion of money into the economy can not do anyone any good. Yet, our government, between Washington and the Federal Reserve, is looking to print trillions of dollars to prop up banks that have completely messed up.
They are mortgaging our children’s future to fix their messes. And that depresses me.
No related posts.
{ 2 comments… read them below or add one }
Hi Kevin,
On this Thursday at 8pm ET, CNBC premieres "House of Cards," the definitive look at the origins of the economic crisis. CNBC's David Faber investigates with inside accounts from key players, tracing the calamity from Main Street to Wall Street to Washington. Faber even reveals how one savvy investor even profited – by 600% – as the house of cards fell. Watch preview and see web extras at http://houseofcards.cnbc.com.
This is the definitive record of today's unprecedented economic crisis. Please let me know if you would like any additional information, including web extras.
Best,
Kevin
Yes, this is all blind attempt to fix the economy. We are indeed in unchartered waters and Bernanke and company have no clue it this is going to work, let alone help the situation. When are the leaders of this great country just going to admit that there is not an answer for everything and we just need accept it for what it reall is right now.