Skip to comments.Fed to pump another $1 trillion into U.S. economy
Posted on 03/18/2009 4:59:08 PM PDT by pissant
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WASHINGTON: Saying that the recession continues to deepen, the U.S. Federal Reserve announced Wednesday that it would pump an extra $1 trillion into the economy by buying mortgage-backed securities and long-term Treasury issues.
"Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending," the Fed said, adding that it would "employ all available tools to promote economic recovery and to preserve price stability."
As expected, the Fed kept its benchmark interest rate virtually at zero. But in a surprise, it drastically increased the amount of money it will create out of thin air to thaw out the still-frozen credit markets that have cramped lending to consumers and businesses alike.
(Excerpt) Read more at iht.com ...
Has Barry Sotero arrived in SoCal for his improv event with Jay Leno? THAT could be what you're smelling.
Welcome to the third-world everyone.
That money you still have in your 401-K will soon be worth even less.
By the time he's finished, the great 0 will have destroyed something like 3/4ths of the value of US assets.
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