GOPwinger Lies/Distortions/Omissions/Perversions of Truth Message Board

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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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From: geode00	12/16/2008 3:19:22 PM
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Utter right wing failure: Fed Cuts Rate to Zero-0.25%, Will Use All Tools Dec. 16 (Bloomberg) -- The Federal Reserve cut the main U.S. interest rate to “a target range” of between zero and 0.25 percent and said it will do whatever is needed to end the longest recession in a quarter-century and revive credit.... Japanese Experience The Bank of Japan has been the only major central bank in modern times to mix a policy of steep rate reductions with quantitative easing, or the strategy of injecting more reserves into the banking system than needed to keep the target interest rate at zero. Japan’s central bank kept its main rate at zero from 2001 to 2006 while flooding the banking system with extra cash to encourage lending, spur growth and overcome deflation. The abundant funds failed to prompt lending by commercial banks, which expanded their reserves at the central bank almost nine times by early 2004. Bernanke, acting with New York Fed President Timothy Geithner, has set up emergency loan programs aimed at averting a collapse of the nation’s credit markets. Geithner is President- elect Barack Obama’s pick for Treasury secretary and didn’t attend today’s meeting. The Fed has enlarged bank reserves, supported issuance of commercial paper and provided liquidity to government bond dealers. It is also swapping dollars with the European Central Bank and its other counterparts to supply banks in other countries..... ========== Hey guys, SOUND FAMILIAR? If you can see the past why are you continuing to repeat it? What about shutting down the weak institutions, putting in usury laws and stimulating EMPLOYMENT? Without EMPLOYMENT nothing works. More houses will be foreclosed upon, more debt will go unpaid and the situation will completely spiral out of control. Why are you letting the commercial banks run all over you?

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