Seriously. The rest of the members are incompetent, and most everyone here, along with the rest of the U.S. population will reel from the aftermath of the wake of destruction they're laying down right now. http://www.forbes.com/feeds/afx/2009/01/28/afx5977489.html Thomson Financial News US FED: Fed Maintains Range of 0.0% To 0.25% For Fed Funds Rate 01.28.09, 02:29 PM EST Washington, January 28 - The Federal Reserve decided to maintain its fed funds target rate at a range between 0.00% and 0.25% as expected. It remains the lowest target ever set by the Fed since it began publicly setting rates in 1990. Now that the Fed has no more room to cut rates, it is now in the process of purchasing large quantities of agency debt and mortgage-backed securities and will expand these purchases 'as conditions warrant.' The Fed had only stated plans to do this in their last statement on December 16. The Fed has also said it is 'prepared' to purchase longer-term Treasury securities, a move they were only evaluating during their last meeting. The Fed also repeated that the outlook for economic activity has 'weakened further', and conditions 'are likely to warrant exceptionally low levels of the federal funds rate for some time.' In this release, it said that it 'anticipates that a gradual recovery in economic activity will begin later this year, but the downside risks to that outlook are significant. The Fed says inflation pressures 'will remain subdued in coming quarters.' Last month it expected inflation to 'moderate further in coming quarters.' Voting against the measure was Jeffrey Lacker, 'who preferred to expand the monetary base at this time by purchasing US Treasury securities rather than through targeted credit programs.'
I guess history will be his ultimate judge, but I tend to agree with you. It's not that he's stupid; it's that he allowed Paulson & The Treasury Department to influence fed policy to the degree he did, to the benefit of Paulson & Friends, and to the detriment (IMO) of most of America.
The Fed will not be buying Tres. The Chinese want to dump and would be sooo happy to stuff it all on the Fed. This talk of buyin is just trying to save the market through words. He is the tard of the Fed now. Grats to him. I am sure he is a laughing stock. How can he not see what is happening?
Its harsh. I agree. More than anything he was just flat out 100 percent wrong. His ideas and the fed are very much responsible for the situation we are in. Now the concensus that no financial institution should evcer go bust because of lehman is setting us up for another disaster.
Let me get this straight, you criticize the fed for easing for months and now praise the fomc member who wants to ease more
www.endthefed.us FED is the privately held sword of the globalist owners.....used for the destruction of america!
This morning perfect example. Fed comes out stronger with this "we will buy long end ." More talk talk. Now because of this dissenter it is much harder to make the market believe. "If we are going to why aren't we now?" Yea... Canary in the coal mine. They are buying nothing. Comes out at the same time as.... the bad bank is now 1-2 Trillion. Lol. See if the market believes the Fed talk. I bet they fade the talk.