By: Terresa Monroe-Hamilton
Cross-Posted at Right Wing News
Crossing the line into ‘infamous person of the decade.’ The stock market surged today to new highs on the announcement by Fed Chair Ben Bernanke that the Fed would delay tapering. They will continue pumping money into an economy that is in a depression — bolstering a make-believe stock market and bogus employment and debt numbers that no one in America believes any longer. Lying and manipulation have become the norm – propaganda, the new truth:
WASHINGTON (AP) — The Federal Reserve has decided against reducing its stimulus for the U.S. economy, saying it will continue to buy $85 billion a month in bonds because it thinks the economy still needs the support.
The Fed said in a statement Wednesday that it held off on tapering because it wants to see more conclusive evidence that the recovery will be sustained.
Stocks spiked after the Fed released the statement at the end of its two-day policy meeting.
In the statement, the Fed says that the economy is growing moderately and that some indicators of labor market conditions have shown improvement. But it noted that rising mortgage rates and government spending cuts are restraining growth.
The bond purchases are intended to keep long-term loan rates low to spur borrowing and spending.
The Fed also repeated that it plans to keep its key short-term interest rate near zero at least until unemployment falls to 6.5 percent, down from 7.3 percent last month. In the Fed’s most recent forecast, unemployment could reach that level as soon as late 2014.
Many thought the Fed would scale back its purchases. But interest rates have jumped since May, when Fed Chairman Ben Bernanke first said the Fed might slow its bond buys later this year. But Bernanke cautioned that the reduction would hinge on the economy showing continued improvement.
Those jumping interest rates are the foreshocks of hyperinflation. Some dairy farmers are now warning that milk will be $6 a gallon before the end of the year. I wonder how many more will begin to go hungry in the once richest nation on the planet?
Amid the gyrations and lies, the Fed has downgraded the outlook for the economy — slightly:
WASHINGTON (AP) — The Federal Reserve has a more downbeat outlook on the U.S. economy for 2013 and 2014 than it did three months ago.
The Fed predicts that the economy will grow just 2 percent to 2.3 percent this year, down from its previous forecast in June of 2.3 percent to 2.6 percent growth.
Next year’s economic growth will be a barely healthy 3 percent, the Fed predicts.
But the Fed’s policymakers expect the unemployment rate to fall to 7.1 percent to 7.3 percent by the end of 2013, slightly below its June forecast of 7.2 percent to 7.3 percent. It predicts that unemployment will fall as low as 6.4 percent next year, down from 6.5 percent in its June forecast.
The unemployment rate is now 7.3 percent.
What bald faced lies… Unemployment is closer to 25% if you factor in those that have dropped out and part time employees. People are losing everything and starving behind closed doors. There are no bread lines because of the massive food stamp rolls – more people are on food stamps than the population of the east coast of the United States. Bread and circuses indeed – while poverty and hopelessness spreads its tentacles across the plains, the Obamas have thrown more than 50 star-studded parties. It’s nice to be king…
Wall Street is living a fantasy that will crash for good sooner or later. The elite will steal every dime they can, grasp every toehold of power, drink down every glass of bubbly while rearranging the deck chairs on the US Titanic. As they lock middle America below decks, they will drive the ship right into WW III and then take the life boats themselves. Until we sink to the inevitable bottom, the pumping will go on and on and on.