Term deposits are in at the Fed!
10% unemployment apparently is acceptable on Maiden Lane, but the non-existent threat of inflation must be fought tooth and nail!
So haul out the reverse repos, line up the toasters, and get those depositors in the door!!!
Helicopter Ben clearly doesn’t want all that money the zombie banks are hoarding to start being used in the real economy!
It’s truly astonishing how absolutely blind the nation’s economic policymakers are to the very real pain of an unemployment rate that’s actually around 15% (when you add in those who have given up looking for jobs).
The Fed’s mission is supposed to be equally divided between price stability and employment, but there’s been zero done so far for all the poor shnooks looking for jobs.
Blank checks for Fannie and Freddie, the dollar carry trade, and the guarantees of toxic assets obviously are more important to Wall Street and Washington than another lost decade of zero job and income growth.
The bankers have Ben and Timmy in their pockets, and the worst Congress money can buy.
Gorilla doesn’t understand: “CD shouldn’t stand for Coming Depression, but it looks like we’re headed that way again!”
Tags: Ben Bernanke, Fed, US Economy