Oh Shit... Here's A Truly Frightening Headline...

[WillyT]

Economy in Congress’s Hands As Fed Runs Out of Bullets
Published: Wednesday, 21 Sep 2011 | 5:08 PM ET
By: John Melloy - CNBC

Link: http://www.cnbc.com/id/44614708

:scared:

:beer:

:smoke:

[Guy Whitey Corngood]

1. We're so fucked that we don't even know how fucked we are. nt

[hifiguy]

2. That is the unvarnished truth, brother.

We are holed beneath the waterline and headed for the bottom.

[Guy Whitey Corngood]

10. I wouldn't mind being proven wrong on this one bit. nt

[ixion]

7. Yep. I believe that's an accurate assessment.

[Guy Whitey Corngood]

11. I don't know what else to say when we're at the hands of a bunch of Kamikaze

fuck wads.

[and-justice-for-all]

17. and that is exactly how the repuke teadaist want it...

I want for nothing more than for real Dems to tell those bastards to go fuck themselves.

[stuntcat]

25. +1, yep.

And the last thing the average American will do is speak up.

[SammyWinstonJack]

3. Screwn!

:scared: :beer:

[HereSince1628]

4. Truly terrible because they promise gridlock until after 2012

[Enrique]

5. is it really out of bullets?

or did the GOP convince them not to shoot?

(...)

Four top Republican leaders sent a letter Monday to Bernanke asking the central bank to refrain from any more extraordinary monetary actions because it wasn’t clear whether they were helping or hurting the economy. Texas Governor and presidential candidate Rick Perry called Bernanke’s actions “almost treasonous” last month.

“It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate,” said the letter from the GOP congressman including House Speaker John Boehner, in a historically rare shot at the politically neutral Fed.

Perhaps realizing the firestorm it could cause, Bernanke did refrain from announcing a third round of quantitative easing Wednesday, instead announcing a so-called Operation Twist. The Fed will sell short-term Treasuries and use the proceeds to buy government securities with longer maturities in an attempt to flatten 10-year and 30-year rates that are linked to key parts of the economy like mortgage loans.

(...)

[unblock]

12. they ignored the republicans and went ahead with operation twist.

unfortunately, they simultaneously communicated that the economy was in worse shape than previously thought, whihch sent the market into a panic.

add to that the fact that europe's a mess, and you have a continued rout on the market.


but the bottom line is that with short rates nearly at zero and now even the 30-year bond is well under 3%, there's little the fed can do to help the economy.

what's left is tinkering with technical things such as reserve requirements and interest paid for bank funds on deposit at the fed. not nearly enough to fix our mess.

[ProfessionalLeftist]

23. speaking of "treasonous", isn't declaring loyalty to Grover Norquist ...

..an unelected extremist sociopathic jackass, in lieu of your oath you took when sworn in to Congress (you know the one were you vow to protect and represent the US and the constitution) - rather TREASONOUS?

Do Republicans even know what that term MEANS?

Obviously. Not.

[Cali_Democrat]

6. Dayum

We're finished. :(

[pintobean]

8. "No more buwwets?"

(Calls out to Daffy) "Hey laughing boy, no more bullets."

[Newest Reality]

9. Ring out the old ...

ring in the new.

The system is failing us six ways to Sunday. Waiting for it to resurrect in our favor is like waiting for a dead loved one to turn come back as a zombie. Enough with the brain eating PTB.

Our need to change and choose is quickening. In the existential VOID of the mass media, there appear to be few options. Yet, this is about our collective survival and enrichment from crotch to commons.

Since the wealthy have already been riding most of us like good little ponies, we can just shift the burdens, difficulty and challenges to our own table and get on with what needs to change in our individual lives -- small or large changes -- in order to respond to the growing debacle of boondoggles and delays to the necessary transformations-at-hand.

Yes, fill in your own blanks to the process. It has come upon us, now. Send not for whom the bell tolls as next, it could toll for you, soon. When it comes down to rapidly increasing insecurity and instability about food and shelter, when do we collectively say that enough is actually enough?

[tblue]

13. They know what to do. But no will = no way.

If only they put country first.

[a kennedy]

14. I'm just so terribly disheartened...

:cry: :cry: :cry: :cry: :cry: and really, how much worse can it get???

[Katashi_itto]

18. It hasnt gotten even started being really bad yet.

Think of a cross between Somalia and the movie "The Road" with reality TV for for the rest of the country to watch and ignore whats going on around them.

[fredamae]

15. If "it" is this bad, it's because the Fed was part

of the problem from the "get-go", used a "sling-shot" and failed to use the "bullets" to begin with, imho.

[sad sally]

19. As long as the Fed keeps giving away money to the predatory banks at 0%

the problem won't end. The financial system and American economy are hanging by a thread, caused in part by the Fed's reckless loyalty to banks. Banks in return for the Fed's generous gift have increased revenues by borrowing money for free, turning around and buying Treasuries from the government with yields of 3-4%, while not passing these windfalls on to their customers; they pay lower dividends and 0 interest on savings; and pay little or no taxes. All activities pass costs onto customers, shareholders, and/or taxpayers, thanks to the Fed.

[formercia]

16. Bullets? More likely they were Blanks

You never solve the problem by printing more Money. It looks like Bernanke's Thesis is disproved after all.

[bdamomma]

20. that is really scary

millionaires in Congress are surely not thinking about the American people!!! I hope they choke on their greed.

[WillyT]

21. :kick:

:kick:

[fasttense]

22. It's not like the Fed was doing anything to improve the economy.

They were merely saving their buddies in the Wall Street Casino banks.

We are merely back to where we were when the 2nd RepubliCON Great Depression first hit.

[Hotler]

24. I have no hope. I see no future. eom.