The major headline for Yahoo! Finance this morning talks about stocks moving higher on better industrial production. This should be good news for all of us. As the economy rebounds hopefully companies will begin looking for new people to hire, maybe that's us.
Ben Bernanke, the Federal Reserve Chairman said on Tuesday that the recession is likely over. Ben Bernanke should know what he's talking about since he's in charge of the U.S. money supply. His efforts have helped keep this recession from being as bad as it could've been, or at least I believe they did.
I've heard people talk about how they could've given all that money to everybody in America and we'd all be multimillionaires instead of "bailing out" Wall Street. Ignorance is a poor excuse for that argument. He knew what he was doing, and so do many other economists that agree with what he did. If we just handed that money out to everyone, that would've been instant inflation. In essence it would've been like we did nothing at all for ourselves, but the rest of the world would've no longer even recognized the dollar as a currency.
If you see where I used the quotes on "bailing out" Wall Street, that's simply because they didn't bail anyone out. They gave them a loan. The banks are already paying it back, and the government doesn't even want it. That's right, the government refused to accept money from Goldman Sachs regarding the loan it forced them to take. Why would they do this? The government is trying to use this as a means to control banking operations and shrink salaries, bonuses, and whatever other pay packages they can get their hands on.
Hope you learned something from my Wednesday morning rant, have a good day!
Hey James,
ReplyDeleteI wish we could easily know what the future is bringing for us soon. I have read the news about Ben Bernanke, and it sounded kinda fake to me. I mean they are trying to lead our minds, especially big investors' minds by trying to make people calm down and keep the money in investment.
I hope that the economy is about to get into a better way as Bernanke says, but I think that it would be slightly more painful.
I like reading your blog and be following it as much as I can. By the way, I did not know that you used to live downstairs:) man the world is small:)
Some have said the market is groupthink.
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