bank rates

When Did Ben Say The Beatings Will Stop?

You end up like a dog that’s been beat too much
Till you spend half your life just covering up, now

“Born in the U.S.A.” by Bruce Springsteen

Why did these Springsteen lyrics leap to mind after Ben Bernanke’s first-ever press conference yesterday?

After yesterday's meeting of the Fed's rate-setting committee, it issued a statement that repeated its determination to hold interest rates down for an extended period.

Because seeing the Federal Reserve chairman on television was a bitter reminder of how long this big-bank-loving bureaucrat has had his foot on my throat – and the throats of millions of other savers.

I was also swept by a pathetic feeling of gratitude when Bernanke indicated he might stop abusing us sometime later this year.

Oh thank you, Mr. Bernanke, sir. Thank you.

You have no idea how much we’d appreciate it if you’d just ease up a little on your extreme, market-distorting policies and allow us to earn a fair return on our savings.

After yesterday’s meeting of the Fed’s rate-setting committee, it issued a statement that repeated its determination to hold interest rates down for an “extended period.”

At Bernanke’s press conference, reporters were able to ask the chairman just what that means.

“Extended period suggests it would be a couple meetings, probably, before action,” he said.

Whoa!

The Federal Open Market Committee meets eight times a year. I immediately grabbed the calendar and started counting.

The next meeting is June 21, then Aug. 9 and Sept. 20.

So is Bernanke saying the Fed might start allowing interest rates to rise back toward a more reasonable, market-driven level at its August or September meetings?

Is that when the beatings will stop?!

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  1. Earl said:
    on April 28th at 10:34 pm

    The Federal government wants inflation. It will reduce their deficits, increase their tax income, and make people spend before the next price increase; all good things for the present and future administrations. What I don’t understand is why they are throwing the people with fixed incomes to the wolves.

  2. laura locascio said:
    on April 29th at 04:14 pm

    The Federal Government is for the employees of the Federal Government.
    Senators …get raises & our Government sure can spend money.

    Banks are not in the loan business …AS USUAL.

    But they take your money & invest …who know where I don’t know.
    The Banks are making money & don’t kid yourself that they are not making Money.