Thursday, June 23, 2011

Things Are Worse Than Expected, Lets Do Nothing

More airport on my phone blogging, so no links, but there's no way I couldn't write something about the insanity of yesterday's Fed press conference.

The federal reserve operates under an aura that they are all knowing beings, and we should accept their decisions as having come from a higher, much smarter place. Because much of the media covers them that way, it's hard to break through and point out the insanity of what they're actually saying.

Yesterday Ben Bernanke said that he would readjust their projections for lower growth and higher unemployment than previously expected. He then went on to explain that he was going to do nothing to reduce unemployment or spur growth.

In response to a question, he said that massive cuts to the budget would not create jobs, and if anything would have a negative economic impact.

Then CNN Airport (yes, thats a real channel) switched to a segment on the deficit which included quotes from Barack Obama and various Republicans agreeing that massive budget cuts are important for creating jobs.

We are so fucked.

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