Skip to comments.More Jackson Hole Shock-and-Awe?
Posted on 08/10/2011 4:19:43 PM PDT by Perdogg
Ben Bernankes shocking FOMC announcement on Tuesday that its zero-interest-rate target would be extended for two more years through the middle of 2013 drove Dow stocks up over 400 points. But this new policy had no stock market carry-over on Wednesday, when the Dow plunged over 500 points.
But we have not heard the last from Ben Bernanke not by a long shot.
Buried in the last paragraph of this weeks surprise FOMC announcement was this huge statement: The Committee discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability.
(Excerpt) Read more at nationalreview.com ...
Wage and price controls?
Didn’t Nixon try that, or was it Carter?
My dad despised him after that.
“Without those new incentives for growth, the Fed can print all the new money in the world and the federal government can spend itself into oblivion, and none of it will resurrect the economy.’
That about sums up the failure of Barrys programs. What will he do now? Print and spend.
Wage and Price controls. Nationalize everything. Bring out the ration books. IOW Zimbabwe here we come. “We are going to fundamentally change America”. After he loses in 2012 those two months leading up to the inauguration will make the Civil War look like a church social.
I believe Zimbabwe switched to U.S. dollars. Now it seems that we are about to switch to Zimbabwe dollars.