Tuesday, December 16, 2008

We're Now Officially A Banana Republic.

Earlier today, The Federal Reserve cut interest rates to a record low. All I could say to myself is:

"How in the hell could we possibly get ourselves out of something by doing the thing that got us into this mess in the first place? "

The big reason we are in this mess of course, is what took place back in 2001 when Greenspan and the Federal Reserve cut interest rates to 1%. Now we're going to fix the current crisis by lowering it even lower?

Now you can see why this blog is titled " The Pissed Off Citizen "

The words of Peter Schiff earlier tonight on Kudlow & Company speaking about today's interest rate cut.

Peter Schiff makes a good point in saying " All this does it makes Ben Bernake to gain traction against Alan Greenspan to see who can be the worst Fed Chairman. "

* Highlight *

" We're now officially a Banana Republic "


On Mark To Market Accounting:

* Highlight *

" That is like blaming your fever on the thermometer "



* Highlight *

On Usage of Gasoline being another 5% less being used.

" I guess when you have no job you don't use that much gas because you don't have to go back and forth to work anymore. "

Another Highlight At * 6:40 *


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