"It is not the responsibility of the Federal Reserve — nor would it be appropriate — to protect lenders and investors from the consequences of their financial decisions." – Federal Reserve Chairman Ben Bernanke, speaking at the Jackson Hole Federal Reserve conference, August 31, 2007. (Just 25 days before doing exactly that–by lowering interest rates by 50 Basis Points, to the advantage of banking lenders and equities investors, and at the expense of the value of the US Dollar in foreign exchange, and to the detriment of all holders of US dollars.)
Jim’s Quote of the Day:
- Ad Barter and Sell at Simcour Trading PostA new site for individuals to barter and sell items of interest to other like-minded individuals
- Ad Ready Made Resources, Trekker Water Filtration SystemUsed throughout the World