"Fed to use unconventional tools to help economy, keep rate at record low" by Associated Press | January 29, 2009
WASHINGTON - The Federal Reserve, acknowledging the economy has continued to deteriorate, signaled yesterday that it will keep using unconventional tools to cushion the fallout, including keeping a key interest rate at a record low for quite some time.
Like what? Just print money? That's not going to cushion anything!
Specifically, the Fed said it is prepared to buy longer-term Treasury securities if circumstances warrant such action....
For HOW MUCH?
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Having taken the unprecedented step of slashing its key rate to record lows at its meeting in December, the central bank pledged anew to look to other unconventional ways to revive the economy. Fed chairman Ben Bernanke and his colleagues are battling a three-headed economic monster: crises in housing, credit, and financial markets that, taken together, haven't been seen since the 1930s.
The fact is they CAN'T CUT the RATE ANY LOWER! That's why they are going "unconventional."
Despite the Fed's aggressive rate-cutting effort, a string of bold Fed programs, and a $700 billion financial bailout run by the Treasury Department, credit and financial markets are still stressed and far from normal....
Translation: the BAILOUT DIDN'T WORK -- or did, depending on your (globalist) goals!
The Fed also said it stands ready to expand another program aimed at providing relief to the crippled mortgage market.
HOW MANY "programs" do they have?
The central bank is buying up to $500 billion in mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. It also has agreed to buy up to $100 billion of Fannie and Freddie debt. Mortgage rates have fallen since the program was announced late last year. The Fed said it could buy more of these securities or extend the length of the program.
That's YOUR MONEY, taxpayers. Where's YOUR BAILOUT, huh?
The central bank also said it will be launching a program aimed at bolstering the availability of consumer loans. Under the program, which is expected to start in February, up to $200 billion will be made available to spur auto, student, and credit card loans and loans to small businesses.
So let me get this straight: they are taking TAXPAYER DOLLARS to LOAN OUT to TAXPAYERS -- with INTEREST DUE!!! Assuming anyone wants to borrow.
To do that, the Fed will buy securities backed by those different types of consumer debt. The Fed also hopes that action will lower rates on those loans.
WTF?
So they are going to BUY UP LENDER DEBT so they can LOAN it back to you WITH INTEREST!!!
How about PAYING OFF SOME MORTGAGES for some people, huh?
You know, the ORIGINAL SALES IDEA for this MONSTROUS LOOTING JOB!!!
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