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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (239984)	12/16/2013 7:12:01 PM
From: bentway	Read Replies (1) \| Respond to of 542149

I'm saying you're clueless because the Fed Funds rate is the rate the government lends money to banks, who jack that few point and lend it to YOU. The Fed SETS that. The Fed is an independent agency, and doesn't take orders from the president. Volker DOUBLED the Fed rate, which more than doubled your ( and my) borrowing costs at the time. The president had nothing to do with that, other than appointing Volker in the first place. So, yes, you ARE clueless. Currently, the Fed chairman is holding interest rates at rock bottom, as there is no inflation, and one of the mandates of the Fed is to maintain full employment. Are you thanking Obama? Why not, by your mistaken logic? I keep putting the information right in front of you, but you seem incapable of absorbing it.