Fed Officials: “Not Much We Can Do About Debt-Limit Crisis”
MoneyNews.com reported this morning that: “The Federal Reserve has pretty much done all it can for the economy and can do little to steer it from a failure to raise the debt ceiling that could throw the country into default, say two Federal Reserve governors”. This report was the result of interviews by CNBC of James B. Bullard, president of the Federal Reserve Bank of St. Louis and Dennis P. Lockhart, president of the Federal Reserve bank of Atlanta. Bullard also said that “We can’t do anything directly to fix this.” (the debt Ceiling).
The Federal Reserve has dumped Trillions of Dollars onto the open market in their lame attempt to add liquidity to the capital markets in order to stimulate borrowing by businesses and thus increase business growth! That is like pouring gasoline on a dead man! Earth to Federal Reserve, “Stay on the Sidelines, you are not able to help this economy with your idiotic “Quantitative Easing Schemes”. You are too late to help. You, President Clinton, Robert Rubin, George W. Bush, Secretary Hank Paulson, President Obama, Secretary Geithner, and your old leader Alan Greenspan, rushed into save the “Too big Too Fail” but left the small businesses bleeding on the sidelines. You helped to create the 2008 Depression by your collusion with Freddie Mac, Fannie Mae, the Treasury Department, Wall Street, by supporting the corrupt practices of banks in promoting Sub-Prime mortgage lending. Oh, lets add in the rating agencies like S&P, Moody’s, and others as they grossly over-rated Freddie and Fannie and such upstanding mortgage lenders like Angelo Mozilo’s Countryside, and NovaStar, Fremont Corp, right up to days before their collapse.
You have already proven your brilliance in “helping our economy” so do us all a favor and stay on the sidelines. Once we dig our way out of this Depression and the incomprehensible debt crisis that our fearless leaders in Washington DC have foisted on we taxpayers, we will be back to deal with you!