That is the headline this morning at The Astute Bloggers.
The Astute Bloggers
9/14/2012
…OIL IS UP.
GASOLINE IS UP.
FOOD PRICES ARE UP.
…But the stock market–with the lowest participation by middle class people in decades–in going way, way, way up.
While the dollar is down…
Read the whole thing–and enjoy the “Viva Las Vegas” graphic–at The Astute Bloggers.
At American Thinker, Bernanke Sucker-Punches Romney Campaign
By announcing another massive economic stimulus program just weeks before the election, Federal Reserve Chairman Ben Bernanke delivered a vicious sucker-punch to the Romney campaign and may have rigged the election in favor of Obama. But his actions will likely have disastrous consequences for the American public after the election is over…
…Romney, speaking honestly — but, perhaps, stupidly — announced that if elected President, he would not reappoint Bernanke as Chairman of the Fed when Bernanke’s term expires in 2014. Thus, Romney not only gave Bernanke a fixed date upon which he would become unemployed, he also gave Bernanke plenty of time and motivation to leverage the enormous power of the Fed against his campaign.
Bernanke’s gambit is designed almost entirely to undercut the main pillar of the Romney campaign: that the economy remains moribund and that Obama is unqualified and incompetent to fix it. On Thursday, Bernanke announced a third round of “quantitative easing,” which is simply an Orwellian euphemism for “printing money” — and the Fed has already printed about $2 trillion of it since 2009.
The Fed will also purchase mortgage-backed securities and Treasury debt to the tune of $40 billion per month – indefinitely – and keep interest rates at virtually zero until 2015…
…Obama will have his second term to finish “transforming” America, and Bernanke will get his reappointment.
The country will be in very, very deep trouble.
No matter.
They’ll just blame Bush.
Meanwhile, Moody’s Text: To Downgrade US If No Deal To Cut Debt/GDP Ratio
Budget negotiations during the 2013 Congressional legislative session will likely determine the direction of the US government’s Aaa rating and negative outlook, says Moody’s Investors Service in the report “Update of the Outlook for the US Government Debt Rating.”
If those negotiations lead to specific policies that produce a stabilization and then downward trend in the ratio of federal debt to GDP over the medium term, the rating will likely be affirmed and the outlook returned to stable, says Moody’s.
If those negotiations fail to produce such policies, however, Moody’s would expect to lower the rating, probably to Aa1…
Update:
- Fed ‘Currency Debasement 3’ Sees Gold And Silver Surge 2% And 4.3%
- Consumer Prices Soar By Most Since June 2009, Retail Sales Ex-Autos And Gas Expose Lethargic Consumer
Update 2: US Credit Rating Cut by Egan-Jones…Again.
Ratings firm Egan-Jones cut its credit rating on the U.S. government to “AA-” from “AA,” citing its opinion that quantitative easing from the Federal Reserve would hurt the U.S. economy and the country’s credit quality…
