The Fed held interest rates at 2%. I am sure Ben Bernake is not sleeping well at night with the spectre of inflation (and dare I say stagflation) looming. Between my last economics post and this one the Fed also decided to hold open the discount window for banks. I would try to explain exactly what this means, but I will let wikipedia do it for me. (Here is where the Fed's website directs you to understand the discount window. Headache inducing.) There was a recent protest of the discount window down here in dc, and though I didn't see it, here are some pictures.
William Engdahl at Global Research, examines the real state of the US economy. Note the amount of retail stores shuttering their doors.
Can someone please tell me with unbridled success of the Bush tax cuts and regulatory policies, why on God's green earth should we continue them? How does it make any logical sense to McCain with our economy, at best, sputtering along that continuing and possibly increasing tax cuts will rebound the economy? Where in the world has this ever been successful? My head hurts.
At least we aren't Zimbabwe, though it would be cool to just hold a 10 million dollar bill just once in my life.
_John
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