In order to keep their Wall Street Friends happy, The Federal Reserve will continue printing 80 billion a year. Let’s not forget that Ben Bernanke worked at Goldman Sachs. He is determining Fed policy not on what is good for the economy or living standards, but just a few fat cats living good.
An economy still stumbling toward recovery was not enough to sway the Federal Reserve, which defied market expectations Wednesday and said it will not begin pulling back on its monthly asset-purchasing program.
Stocks on the Dow industrials and S&P 500 averages surged to record highs on the news and bond yields moved sharply lower, with the benchmark 10-year note most recently at 2.76 percent.
“This is incredibly wimpy,” David Kelly, chief global strategist at JPMorgan Funds, told CNBC.
[….]
aders cheered the developments, despite their somewhat dour implications for the state of the economy, with the belief that more QE would keep fueling the stock rally.
“The idea that the economy is still too weak to taper and market goes up has its limits,” Leon Cooperman, manager of the Omega Advisors hedge fund, told CNBC. “If we keep going we are taking away from future returns.”
Bernanke further insisted that market demands would not dictate Fed action.
This is not free market capitalism, this is corporate socialism. Wall Street maybe doing good, but the average America’s living standards continue to decline. The Federal Reserve and Ben Bernanke are not putting the interest of the nation in their decision, they just want to enrich their friends at our expense.
Tags: Ben Bernanke, Federal Reserve, QE3
