From the NYT:
As expected, the Fed kept its benchmark interest rate at virtually zero. But in a surprise, it dramatically 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.Despite a trickle of encouraging economic data in the last few weeks, Fed officials have shown no readiness yet to cut back on their unprecedented measures to pump money into the economy.
In an even bigger surprise, Bernanke then jumped onto a conference room table, grabbed his crotch, and yelled “suck on this, Zhou Xiaochuan.”
Two things:
- If the Fed even remotely believed its recent cheerleading about the economy, it would not be doing this.
- Good to see us push back on this…
Laugh outloud funny.
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