Federal Reserve plan to buy mortgage bonds until unemployment recovers
The Federal Reserve opened a new chapter on Thursday in its efforts to stimulate the economy, announcing simply that it plans to buy mortgage bonds, and potentially other assets, until unemployment declines substantially.
Federal Reserve plan to buy mortgage bonds until unemployment recovers - The Denver Post
The geniuses at the Federal Reserve have concocted a bold new plan to revive the U.S. economy -- print a bunch of money, loan it to Americans at super low interest rates so they can speculate on rising real estate prices, extract the appreciated equity and spend it on consumer goods. In other words, build an economy of real estate, by real estate, and for real estate. The only problem is we've been there and done that. The last time it almost destroyed the U.S.economy. I guess almost isn't quite good enough for the Fed, so now it's determined to finish the job.
These actions will destroy Americans' savings and hurt people on fixed incomes.
How does cleaning up the mess from the mortgage-backed securities fraud create jobs? If you want to create jobs, pump that newly created cash into new businesses and let the Wall Street money-junkies go to prison for their crimes.
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