You are currently viewing the printable version of this article, to return to the normal page, please click here.

Fed up with the Federal Reserve’s policies

Question of the Day

Is it still considered bad form to talk politics during a social gathering?

View results

When then-Federal Reserve Chairman Alan Greenspan artificially lowered interest rates in 2003 and 2004, it popped the housing bubble and allowed toxic subprime mortgages to poison the global economy. Since late 2008, when the recession became a reality for many people, the Federal Reserve dropped the interest rate from 2 percent to zero by the middle of 2009. Current Federal Reserve Chairman Ben S. Bernanke now thinks the economy will resurrect itself if interest rates are kept near zero.

What has risen and spread across our nation since 2008 is unemployment, foreclosures and business and personal bankruptcies. President Obama and the Democrats in Congress are reeling after Nov. 2. They fear the newly elected conservatives in Congress who will block their socialist agenda and fight the idea that quality of life only improves with redistribution of wealth.

Mr. Obama thinks following Mr. Bernanke's promise makes him look good by stimulating our economy with zero interest rates and buying Treasury bonds from banks with the Federal Reserve's pretend money - the "ex nihilo" banking strategy. In fact, Mr. Bernanke's quick fix will only stimulate speculators, who will make the stock market temporarily shine its false, optimistic light over our scorched economic landscape.

HELEN LOGAN TACKETT

Fullerton, Calif.

© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.

Comments
blog comments powered by Disqus
TWT Video Picks
You Might Also Like
  • Maureen McDonnell looks on as her husband, former Virginia Gov. Bob McDonnell, made a statement on Tuesday after the couple was indicted on corruption charges. (associated press)

    PRUDEN: Where have the big-time grifters gone?

  • This photo taken Jan. 9, 2014,  shows New Jersey Gov. Chris Christie gesturing as he answers a question during a news conference  at the Statehouse in Trenton.  Christie will propose extending the public school calendar and lengthening the school day in a speech he hopes will help him rebound from an apparent political payback scheme orchestrated by key aides. The early front-runner for the 2016 Republican presidential nomination will make a case Tuesday Jan. 14, 2014, that children who spend more time in school graduate better prepared academically, according to excerpts of his State of the State address obtained by The Associated Press. (AP Photo/Mel Evans)

    BRUCE: Bombastic arrogance or humble determination? Chris Christie’s choice

  • ** FILE ** Secretary of State Hillary Rodham testifies on Capitol Hill in Washington, Wednesday, Jan. 23, 2013, before the Senate Foreign Relations Committee hearing on the deadly September attack on the U.S. diplomatic mission in Benghazi, Libya, that killed Ambassador J. Chris Stevens and three other Americans. (AP Photo/Pablo Martinez Monsivais, File)

    PRUDEN: The question to haunt the West

  • Get Breaking Alerts