Skip to comments.Fed searches for new tools to lift economy (Like to donate a 'tool'? Call Ben Bernanke ASAP)
Posted on 03/17/2009 2:56:08 PM PDT by NormsRevenge
WASHINGTON (AFP) Deprived of its main weapon to revive economic activity, the Federal Reserve opened a two-day meeting Tuesday to consider new tools to open up credit markets and tackle the worst crisis since the 1930s.
The Federal Open Market Committee (FOMC), which began deliberations at 1800 GMT Tuesday, was expected to leave unchanged its base lending rates at zero to 0.25 percent as it mulls further moves to tackle the credit crunch and economic slump.
An announcement by the FOMC is expected around 1815 GMT Wednesday.
With the traditional tool of interest rate policy now exhausted, the central bank is focused on extraordinary efforts to pump up credit to boost the economy.
It has already started buying up mortgage securities and corporate commercial paper, and is set to launch a new program to pump 200 billion dollars into consumer credit through the purchase of securities linked to auto, student and other types of loans.
Fed chairman Ben Bernanke calls this "credit easing," saying it is aimed at stimulating borrowing and thus different from "quantitative easing" used in the 1990s in Japan and now mulled by other central banks.
(Excerpt) Read more at news.yahoo.com ...
They need new tools?
Have they worn out Couric, Matthews and Stewart already?
How about the “jaws of life” on Ben’s butt?
They’ve got plenty of tools, Bernanke, Geitner, Obama, Rahm, Barney, Pelosi, Reid, how many “tools” do you need???
They don’t need a tool, they need adult supervision.
There are already enough tools in DC thank you very much!
1. Cut gubment spending by 80% and give me back my money.
2. Let the welfare queens get jobs and look for husbands.
3. Make pure Capitalism Constitutionally required.
I have new tools — mass resignations by the ZERO Administration would fit the bill including the resignation of the Lazy President who is overworked as he never had to work before.
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