And so the Fed family continues to follow follow in papa Greenspan’s footsteps. Hey fella’s, I think you all wore that pair of shoes out long ago. This mentality that says keep money cheap and damn the inflationary torpedoes has got succom to some kind of vision on the part of some kind of leader. According to their charter, it’s the Fed’s job to quell Inflation, not prop up portfolios while the culprits have time to unwind.
New York Times, August 5, 2008: “With jobs leaking from the economy month after month, Federal Reserve policy makers decided on Tuesday to keep the key interest rate they control at its current level of 2 percent.”
Then appearing on August 14, 2008 with no mention of the story a week prior, as if the knee bone where not in fact connected directly to the thigh bone, a story by the New York Times demonstrates again how one department of the government’s job is to write reports that show how another government department is lying, or just not telling the whole truth, or worse yet is in complete and utter denial:
