For immediate release
Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. Housing starts continue to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
In English: Other than construction, which The Fed overinflated, the rest of the economy looks ok. Alright, so you’re just trying to inflate housing. Thanks Ben – we figured that out. The problem with this premise is that while you might “help” real estate (of all sorts) you have done so at the expense of commodities, and guess what – 99% of Americans buy a payment, not a house.
Therefore, your operations are net-negative, because due to economic slippage you get screwed by this.
PS: It’s not lost on us that the real problem is $400 billion in putbacks from fraudulent MBS and another $200+ billion of worthless second lines that are being held on bank balance sheets at 95 cents. Yes, that’s enough to blow every large bank to beyond the orbit of Mars, and what you’re doing won’t work. When this gets into the public’s consciousness – that you trashed their standard of living so the banksters can try to pretend for another six months – they’re going to want to invite you to dinner – as the main course.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
Inflation is too low eh? What’s your mandate? 1-2%, right?
Heh shithead, what’s this then from the current GDP release?
Simply put: You are a lying sack of shit Bernanke – the GDP Deflator is 2.2%!
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
In English: To attempt to force prices higher, which already has and will continue to reflect into commodities and thus screw you, the common man, The Fed is now monetizing essentially the entire net issue of Treasury Debt for the next six months.
This is an effective 20% devaluation of the currency beyond that which has already been done.
I hope you like expensive gas, milk, bread, you know – everything you need to buy to live.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
They’re trapped. Period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
Voting against the policy was Thomas M. Hoenig. Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits. Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
Hoenig is right, and you’re not only a douche Bernanke, you’re a lying douche.
To the House and Senate: Impeach this lying jackass who not only perjured himself when he said, in sworn testimony, he would not monetize the federal debt, but who just got caught claiming that inflation is below his target when the GDP Deflator just printed 2.2% – which is ABOVE target, and is the second quarter running at or above the upper boundary!