“This is a very powerful and aggressive move,” said the chief economist at Bank of New York Mellon Corp., speaking with Bloomberg Television. “One of the reasons I’ve been arguing we won’t have a depression is we’ve got a Fed chairman who understands the problem and is going to come with the right diagnosis and the right medicine.”This I gotta see, a real blockbuster. Pass the popcorn, please.
“With the purchases of Treasuries and housing debt, Bernanke is effectively using the Fed’s powers to print money and aim it where he and other officials believe it will have the greatest impact in lowering borrowing costs.”
Tuesday, May 3, 2011
Write this down
Bill Bonner reports regarding the Fed and the federal government's deeper draughts of their own fumes: