That old QE religion: faith, hope & no clarity
John Crudele makes an interesting proposal to jump-start the economy. Is he right? Who knows? But his idea is specific and substantive, and doesn’t fit neatly into typical right or left categorization. Sadly, such ideas never seem to make it into the national dialogue. Instead, we are subject to a barrage of ideologies — or more bluntly, propaganda — that drowns out the possibility of creative solutions and critical analysis.
August 2, 2012
Here’s what the Federal Reserve should have said yesterday if it wanted to give a real boost to the US economy: “Starting in October, the Federal Reserve will begin to raise interest rates. So if you have any thoughts of buying a house, or a car, or a boat or even a new microwave oven on your credit card, then you ought to do it now to avoid higher borrowing costs.”
As you’ve already heard, the Fed did nothing yesterday at its Open Market Committee meeting — mostly because there is nothing left for it to do.