Just so you know who this guy is and what Obama represents.
"A global economy requires a global currency." -- Paul Volcker, former U.S. Federal Reserve Chair (source)
"Obama to name Volcker to head markets panel" by Jeff Mason | November 26, 2008
CHICAGO (Reuters) - Barack Obama will name former Federal Reserve Chairman Paul Volcker to chair an advisory panel to advise the U.S. president-elect on stabilizing financial markets and maneuvering the country out of a recession, sources familiar with the matter said on Wednesday.... --source--"
Not good for you, America. Not good.
This additional $800 billion is also SEPARATE from EVERYTHING ELSE to date, America, so ADD THAT to your DEBT LOAD!
Just wondering the American taxpayer was going to get a lift. Think about it: they could have paid off every mortgage in the country with what they have committed to lending -- which the banks are not doing anyway (keep reading) -- and it would have been cheaper than the nearly TEN TRILLION this thing has cost already!
After pumping more than $1.5 trillion into the US financial system, the Federal Reserve will now commit another $800 billion to revive struggling mortgage, housing, and consumer credit markets and moderate a deepening economic downturn.
The Fed said yesterday it would essentially lend $100 billion to mortgage giants Fannie Mae and Freddie Mac and to Federal Home Loan Banks, and buy $500 billion in mortgage-backed securities guaranteed by Freddie, Fannie, and another government-sponsored company, Ginnie Mae. The central bank will also lend another $200 billion into the consumer market, taking as collateral securities backed by student loans, credit cards, and other consumer credit.
With the new $800 billion program, the Fed will have pumped about $2.5 trillion into the financial system, the equivalent of one in every four dollars spent annually by US consumers. This unprecedented stimulus poses a risk of rapid inflation if the Fed does not pull out of the program fast enough once the economy recovers, economists said.
Oh, I'm sure the move is MEANT to CAUSE INFLATION, the DEVALUING of our DOLLAR and whoops -- there we are in the North American Union and with the Amero in my pocket!
"What's startling is how blase we've become about these vast sums of money," said Bill Cheney, chief economist at John Hancock Financial in Boston. "Not long ago, this was called unconventional monetary policy, but now we're getting used to it."
Yeah, let the public hear billions and billions so often you can quietly go about looting them with no fuss. Like everything else our rulers do to us: boil that frog in the water so they (the American public) can't grasp the globalist masters plans and their fruition -- until it is TOO LATE!
The goal of the Fed's latest action, one of the biggest yet, is to provide more money to banks, encouraging them to make loans at lower rates to consumers buying homes, cars, and other goods. Mortgage and other lending rates have remained stubbornly high as banks, worried about getting repaid and weathering the economic downturn, have held onto cash instead of making loans.
Not that I would want to borrow any money from those usurious, evil, blood-sucking parasites.
I will just reiterate again how pained I am to post these items of looting regarding the American people. I mean, all my posts are posted with a heavy heart; however, the last few months of these lies and lootings by this outgoing band of criminals has really put the icing on the cake of their mass-murdering, war-criminal reign.
They should be leaving town -- and heading directly to Guantanomo! That's still open, right, Dick?