And now they're going to pass another one.
Story #4: Bernanke to Congress: Let's Print Some More Money
RUSH: "Federal Reserve Chairman Ben Bernanke told Congress Wednesday that a new stimulus program is in the works that will entail additional asset purchases, the clearest indication yet that the central bank is contemplating another round of monetary easing. 'Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation,' he said." What does that mean? Let me read that again. "Once the temporary shocks that have been holding down economic activity pass," okay, that fragment, what are the temporary shocks? Is that what he means? High gasoline prices, high food prices, the housing market, "once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation." What's that?
What's policy accommodation? No, no, no, no. Let me put it a different way. What is accommodation of policy? It says here "we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation." So what is the effect of accommodation of policy? Does that mean all of our printing of money is finally gonna start having a positive impact? Is that pretty much what it means? Okay. "'However, given the range of uncertainties about the strength of the recovery and prospects for inflation over the medium term, the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate.' Markets reacted immediately to the remarks, sending stocks up sharply in a matter of minutes. Gold prices continued to surge," so did silver. Silver was skyrocketing. I remember when the Hunt brothers tried to corner the market in silver back in the seventies, Bunker Hunt, the brother of Lamar Hunt who owned the Chiefs. Lamar didn't have anything to do with it, but Bunker and his brother were trying to corner the silver market, they got nabbed. I forget how. Silver is skyrocketing.
Ron Paul at the hearings today where Bernanke showed up, you know, Ron Paul, by the way, is saying he's not gonna run for Congress. He's "all in" on the presidential run now. He's all in. Not gonna run for Congress. And he hates the Fed and their monetary policies, started laying into Bernanke about gold and everything, and Bernanke effectively said, "Will you shut up. Gold isn't money." Bernanke shot back at Ron Paul, "Gold isn't money." Policy accommodation, by the way, I knew what it meant. I just want to see if you did. Policy accommodation, that phrase is Fedspeak for monetary policy. So I was right. Their policy accommodation, meaning all that stuff we printed is finally gonna start paying off once all these temporary shocks to the system -- when I think the biggest temporary shock to the system ought to be Obama. (interruption) But what? I know. I know. That's the thing. There's nothing temporary about any of this. It's all permanent. (laughing) That's the problem with Bernanke, the guy running the show doesn't get it. Temporary shocks. (laughing) That is the problem, none of this is temporary! It's all lifelong lasting. Ah, it's depressing.
____________
My Schedule of Regular Posts:
*Monday through Friday morning - schedules of President, VP and Secretary of State and her diplomats
*Monday through Friday afternoon - List of topics Limbaugh discussed on his program that day
*Monday through Friday throughout the day - My posts on anything that I feel like talking about. At least one or two a day, sometimes more.
*Saturday through Sunday morning - An addition to my booklist of political books - covering Democrats, Republicans and other interested parties.
No comments:
Post a Comment