Re: Today's Fed rate cut


<royls@xxxxxxxxx> wrote in message news:4797d481.3345230@xxxxxxxxxxxxxxxxx
On Tue, 22 Jan 2008 16:56:03 -0800 (PST), "ruetheday@xxxxxxxxxx"
<ruetheday@xxxxxxxxxx> wrote:

This was a panic move designed specifically to avert a stock market
crash in the US today.

Obviously.

It seems to me that the Fed is more focused on stock market psychology
than on the real economy. That is disconcerting.

It's just Bush's "ownership society" -- i.e., a society designed to
maximize the convenience, security, political power and unearned
incomes of those who own, in proportion as they own. The rate cut is
purely to serve the interests of those who own real estate, stocks and
bonds, by preventing their prices from falling, which would have the
undesired effect of making them more affordble to those who do not own
them. If you own, the ownership society's government makes sure you
rapidly own more and more without having to make any productive effort
or contribution, and never lose any of what you own, no matter how
much or how foolishly you borrowed to buy it.

Isn't it also to recapitalize banks?

And, if so, isn't it a means of helping banks earn profits off their ability
to create money at the push of a button?


-- Roy L


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