Archive for August 30th, 2010

By @CarFreeStpdty

Last week the Federal Reserve met at an economic summit held at the decidedly elitist Jackson Hole Resort where Fed Chairman Ben Bernanke said he, “will do all that it can,” to right the economy. He’s correct… he’s doing everything thing he can – from holding the Federal Funds Rate at a historic low at or below .25% to Quantitative Easing (QE) in which the Fed buys Treasury Bills – for the BANKS! Fed policy is being used to SUSTAIN RECORD FINANCIAL SECTOR PROFITS even while the rest of the economy languishes and unemployment hovers at just under 10%. This is corporate rape and pillage… bait and switch… whatever you want to call it the rich are getting richer and the middle class is disappearing.

Why is Fed policy hurting you and me? Hit the jump for my take. And for more great insight into misguided economics check out Prophets Without Profit… my new favorite blog.

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