Fed Cruelty

Not content with the damage wreaked so far, one of the Fed governors wants to make matters worse by adding inflation to unemployment.

As I just said, I subscribe to a 2 percent target for inflation over the long run. However, given how badly we are doing on our employment mandate, we need to be willing to take a risk on inflation going modestly higher in the short run if that is a consequence of polices aimed at lowering unemployment.

In other words, we aren’t meeting the employment goal so we might as well not meet the stable prices goal either. And, by the way, 2 percent inflation is 2 percent higher than your “mandate,” Mr. Evans, which is stable, i.e. unchanging, prices.

These smug jerks are completely isolated from the real world and yet we, the taxpayers, allow them to continue to thrash around ruining any prospects for a stable and healthy economy. Occupy Wall Street? Wrong target, ladies and gentlemen. It is Washington that needs occupying, which at least the occupiers figured out in the Great Depression. Yes, the bankers are an amoral lot, but they could not loot as they do without the connivance of the completely corrupt, self-interested and stupid Washington elites. What really makes me want to throw up is the crooks like Obama and his gang Moveon.org trying to assume the mantle of the protesters and claiming to represent them.

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