The folks at the Federal Reserve have a grim view of the United States economy. They won’t raise historically low interest rates until late 2014, at the earliest, and Fed Chairman Ben Bernanke is ready to expand the money supply by purchasing more treasuries.
This suggests Obama’s rosy outlook for the economy that he laid out in his state of the union address is substantial lunacy, essentially the ravings of a madman or a lying politician. It also suggests that neither the Fed nor Obama plan to do anything about the massive mal-distribution of income and wealth that has occurred via government policies over the last thirty years, and which has dragged the economy down and keeps it down. In fact, Obama’s policies have been to continue to redistribute income from working people to the rich. A prime example is the fact that he signed into law the South Korea free trade treaty.
We should end and audit the Fed. Let the market decide.