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Also see: Bernanke Says U.S. Workers Are to Blame for Bad Economy
The Fed Fibber's Hot Fart Mist
You have to give up your job for the economy, Americans.
I'll tell you, I have certainly had it with these Fed liars.
"Trying to balance inflation, concerns over downturn" by Robert Gavin, Globe Staff | June 12, 2008
HARWICH - Allowing inflation and unemployment to rise in the short-term would be an "appropriate" response by policy makers to soaring oil prices, Donald L. Kohn, vice chairman of the Federal Reserve System, said yesterday.
Kohn, speaking here at a conference sponsored by the Boston Federal Reserve Bank, said that moving quickly to bring down inflation in the face of oil and commodity price shocks could produce a sharp increase in unemployment.
Kohn noted that recent history shows big jumps in oil prices have had only "modest effects" on long-term inflation:
"It may be efficient to allow some adjustment period in which both overall inflation exceeds its desired low level and the unemployment rate is higher than its long-run sustainable level. Setting policy in a manner that balances the undesirable effects of a shock to the system on both inflation and employment will tend to be more efficient than setting policy so as to deliver more extreme outcomes in either inflation or employment."
Efficient and appropriate for WHO, readers?
Profitable corporations and those who control them?
I want to know how much shit the AmeriKan public can eat before it starts gagging.
Kohn's remarks, made during a panel discussion with central bankers from other countries, reflect the tricky situation faced by the Fed.
Yeah, how could all those smart guys fuck up so badly -- unless it ISN'T a FUCK-UP at ALL!!!
The economy is weak, perhaps in recession, while inflation is rising. If the Fed cuts interest rates further to give the economy a boost, it risks sparking rapid inflation.
If it raises rates to stamp out inflation, it risks a deeper economic downturn.
The Fed has cut interest rates by 2.25 percentage points this year to try to right the listing economy, but rising energy and commodity prices, including food crops, have pushed inflation to its highest levels in years...."
Gee, it sounds like the FED is FUCKED -- and SO are WE!!!
