On top of the unprecedented sum, the European Central Bank reversed its position of just a few days ago and said it would buy government and corporate debt. And the world’s leading central banks, including the U.S. Federal Reserve, announced a joint intervention to make more dollars available for interbank lending.
Several months ago, Alan Grayson was asking questions of Ben Bernanke,
Grayson -- like most people in Washington -- believes his own press clippings. In reality, the man is an idiot. But expect a "serious line of questions" from the Representative from stupidity over this one.
3 comments:
Speaking of which, we're due for a follow-up. Everyone got the vapors about the huge capital injection the Fed used to free up the liquidity crisis, which showed up in the BASE chart as a huge spike.
You posted a follow-up some weeks ago that most of the Fed's programs are completed or will be soon, but how's that chart looking?
I went to the Fed's site but could only find raw data. Everyone is only linking to the old chart that tracks monetary base through 2008 because, well, it's scaaaary.
I could use a revised chart to de-bunk the "sky is falling" idiocy, but I'm having trouble finding an easy-to-hotlink image.
Uh, help?
I started a list of doofuses in Washington...list got too long but it was bipartisan....
Grayson may be an idiot but the American people have a right to know what the Fed is up to.
As for the monetary base, it's a worthless indicator now that the Fed has turned itself into the world's biggest hedge fund. It's about to spike up once again with the Euro bailout.
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