Washington, March 18 - The Federal Reserve said today that it plans to purchase up to $300 billions of longer term Treasury securities over the next six months, and will purchase up to an additional $750 billions in agency mortgage backed securities, bringing its total purchases up to $1.25 trillion this year
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Just as I predicted two or three months ago, as soon as the Stimulus package had passed, the financial community would flood the world with dollars, force devaluation of the dollars and its accompanying hyper-inflation, all of which would be blamed on the Administration. Rightly enough, because it's being done by the people President Obama selected to run these key financial jobs.
by Zach Carter, Media Consortium MediaWire Blogger
Last week's passage of the economic stimulus bill marked the first major win for progressives on economic policy under President Barack Obama, but the hardest economic battles have yet to come. The fight against entrenched corporate interests and a global order that ignores the needy will likely be as long and arduous as the recession itself.
The financial markets are again getting pummeled, both domestically and globally; the nearly $800 billion stimulus package signed with fanfare by President Obama has done little to alter the mood. In fact, if you read through financial websites and assorted blogs on politics, economics, or anything related to those, you will find a nearly endless sea of misery. The level of anger, pessimism, despair, and sheer hopelessness seems to reach new peaks every week, in inverse relation to the movement of global equity prices and the size of individual retirement accounts.
The "Chewable Pampers" commercial on Saturday Night Live last weekend was pretty hilarious, turning brown to green with an eco-friendly edible diaper that comes in three different flavors: "tangy cheddar, spicy lentil, and corn chowder." Gag me with a biodegradable bamboo spoon.
OK, so it was funny--but how farfetched, really? Thanks to our tanking economy, folks are eating crap en masse. Who knew that a pyramid scheme would generate its own food pyramid? Frank Rich took a peek at the ponzi'd-out pantry in his Sunday op-ed in the New York Times:
What are Americans still buying? Big Macs, Campbell's soup, Hershey's chocolate and Spam - the four food groups of the apocalypse.
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