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In About-Face, Fed Official Eyes Low Rates For Years

Friday, September 21, 2012 - 5:36 AM
More signs that these very low rates may last for a long, long time. From Reuters:
A Federal Reserve policymaker, who has long argued that pushing too hard to get Americans back to work risks inflation, pitched a bold proposal on Thursday to keep interest rates low until unemployment falls sharply.

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2
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Friday, September 21, 2012 - 10:55 AM
Creeps!  I just finished reading Shorebreak's joyful post about low rates and for dessert, we have Ken's banana cream pie!  Doesn't anyone have any cheerful news to share?  I have never been soooo grateful to  be a senior!  We at least had a chance to build up some savings but it's the workers and young people who are the real victims of this financial debacle.  How do they save any money for their futures without taking on a lot of risk we didn't have to?. 

I was in a coin shop yesterday and a young man came in and asked if they had his "junk" silver coins he had ordered.  They did and he was happy to get it.  As most here probably know, junk silver is coins which are purchased just for the silver content in them and not for numismatic value.  I have a feeling a lot of people who can't afford gold are grabbing all the silver they can afford.  I asked the owner if he had any more to sell and he said the guy got all he had at that time.  I was in the shop to get other things I needed so it was no big deal for me.  However, when "young" people start buying these kind of coins, I think it is a sign of the bad economic times we are in and expected to get worse.

The good news for today is that nothing lasts forever.  Things will change but unfortunately, we can't be sure if it will be for the better or worse.  Whoever wins this next presidency will put the handwriting on the wall for all of us, young and old.  I think I need to find a slice of banana cream pie to cheer up!
4
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,150
2. Friday, September 21, 2012 - 4:13 PM
Then you will probably enjoy this little blog post Paoli2:

Davidowitz on QE and the Econonomy: "Bernanke is Certifiably Nuts"

Mish's Global Economic Trend Analysis: Davidowitz on QE and the Economy: "Bernanke is Certifiably Nuts"
4
ShorebreakShorebreak2,695 posts since
Apr 6, 2010
Rep Points: 14,611
3. Friday, September 21, 2012 - 5:28 PM
Shorebreak:  I ask for banana cream pie and you post "Bernanke is Certifiably Nuts"??  I know that!  What is it with me and this group?  I just finished supper and of course I "had" to read anything about Bernanke.  I am almost out of Mylanta too!  Ok, since so many of "those in the know" seem to agree we have a certifiable nut making decisions for our financial "no future", why, oh why, doesn't someone send him to a far off island and put someone in his place to try to undo this mess?.  If he were working for a private business, he would have been fired a long time ago!  I'm glad to read that others agree Bernanke is a financial nutcase, but nobody is doing anything about replacing him.  I need to read some positive news.  I sure wish I had kept my Mad Magazines!
2
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,150
4. Saturday, September 22, 2012 - 6:34 PM
Re: Paoli2 @ 3. Friday, September 21, 2012 - 5:28 PM

Oh sorry, I forgot to inform you that the inmates are in control of the asylum. You are stuck with Bernanke for the near future. You are going to just have to accept that and deal with it.
1
ShorebreakShorebreak2,695 posts since
Apr 6, 2010
Rep Points: 14,611
5. Saturday, September 22, 2012 - 7:45 PM
Shorebreak:  I don't have a problem with asylums.  I just have a problem with the kind of people who live in them and I will not let "them" control my life.  I may have to accept that Bernanke the Head Honcho of this Asylum has control over our finances but I don't have to accept it.  The way I deal with it is by "trying" to do something about his actions.  We're in this predicament because Americans have that "acceptance" attitude, imo.  If you think we need to just accept Bernanke, why do you post "Bernanke is Certifiably Nuts" type articles?  Start posting some "Bernanke is Great for the Economy" articles and maybe I will shut up for a while (just a "while" :))
1
paoli2paoli21,406 posts since
Aug 10, 2011
Rep Points: 6,150
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