Another Failed Economic Goose
The Federal Reserve reached the bottom of its bag of tricks today when it announced it was going to extend the term of its short term debt in the hopes of driving down almost non-existent interest rates even lower. Here is a little secret fellows. Come closer and I will whisper it in your ear. IT WON’T MAKE ANY DIFFERENCE. Low interest rates are not the problem. The problem is nobody will loan money. Business is slowly grinding to a halt. Obama’s incendiary speech on the debt and jobs this past week is the real problem. One can’t tell whether he doesn’t have a clue, a firm possibility, or completely understands and just doesn’t care, the more probable possibility. Until this guy is out of office, nothing will get better because nobody trusts him anymore. He is a liar, and will say anything to advance his ideological agenda of income redistribution, solving global warming (also income redistribution), and global government. That is his agenda. When one views increasing dependence on g