Fed Says Treasury Buying to End in October, Recession Easing (More jobless "recovery" announcements)

[brentspeak]

Source: Bloomberg

Fed Says Treasury Buying to End in October, Recession Easing

By Craig Torres

Aug. 12 (Bloomberg) -- The Federal Reserve said it will slow the pace of its $300 billion program to buy U.S. Treasuries and anticipates that the full amount will be purchased by the end of October.

snip

Chairman Ben S. Bernanke’s $1 trillion expansion of the Fed’s balance sheet, providing emergency funding for banks and markets from commercial paper to asset-backed securities, is helping spark a recovery from the worst recession since the 1930s. Employers cut fewer jobs last month, and the unemployment rate dropped, encouraging analysts to project an annual growth rate of at least 2 percent in the second half of 2009.

snip

Bernanke, 55, a self-described Great Depression “buff,” told lawmakers last month that policy actions by the Fed and other central banks may have helped avert “the collapse of the global financial system.”

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“But if you look beyond the third quarter, where is consumption going to come from?” said Joseph Brusuelas, director of Moody’s Economy.com. “Wages and salaries are not there. There is no way the Fed is going to engage in policy normalization early next year.” He spoke before the Fed decision.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=atHH9K7ZKsE4

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Thank you, Mr. Brusuelas. At least somebody in the article understands that without decent jobs, all the technical trumped-up talk about "recovery" is just a gigantic, ten-mile-high pile of horse crap. Bernanke obviously isn't as bad as Greenspan was (who could ever compete against Greenspan in terms of utter cluelessness and malfeasance?), but we can do a lot better than yet another ivory tower agent for Wall St. running the Fed

[Craftsman]

1. No new decent paying jobs = no recovery.

[janx]

5. Jobs come after everything else.

:shrug: I'm in dire straits myself, but I realize this.

[Babyserendip]

2. HR 1207: REVIVIE AMERICA and KILL OFF THE BANKING CARTEL

Dear All,
There is no bill more important to the fate of the U.S. economy and with it the fate of the American people than HR 1207.

You must understand exactly why the true capitalist elite are terrorified of this bill - including those elite within the Democratic party. It will completely destroy their hold and control on broad investment in the United States, and their duplicitous trades off that overseas, think labor arbitrage, etc.

With HR1207 and the eventual end of the Federal Reserve....investing in the United States (not just buying our paper BS bonds that does nothing for the American people) will be the greatest investment opportunity in over a 100 years. Waves of capital post HR1207 will come to the US as if it was the 1880s all over again. We will find ourselves on par with China and others in a way that was a true reset...and with it flush down the toilet a whole class of elites that want nothing more to just hold us down....where they can arbitrage the American peoples ignorance.

HR1207 has broad bi-partisan support. There is NO QUESTION this bill can pass the House and Senate VETO proof. PLEASE CALL AND HARASS BARNEY FRANK....to STOP STANDING IN THE WAY OF HR 1207.

[ozone_man]

6. Thanks, I needed to read that.

And our lone Rep. Peter Welch is one of over a hundred cosponsors.

Fvch expanding powers of the FED. It needs to be abolished and maybe this the first step in the process. Some long overdue oversight.

[fasttense]

3. The recession is easing for corporations NOT for everyone else. n/t

[Craftsman]

8. Yep

[truedelphi]

4. It sounds like the Federal government's right hand doesn't know what the

Left hand is doing.

Geithner just asked the Congress criters to RAISE the national debt ceiling, as we face imminent danger should it not be raised. Apparently 12.1 trillion is not enough to keep our economy viable.
See article here:
www.huffingtonpost.com/.../geithner-asks-congress-to_n_254593.html

Now Bernanke decides all is well. Hope he has Timmy the Elf's phone number.

[Zynx]

7. I am absolutely certain that Bernanke knows that the debt ceiling has to go up.

A simple back of the napkin calculation could have told him that.