Letter: The fiendish Fed
How does it feel to be a “leaf in the wind” when it comes to your loans, businesses, mortgages, etc. Why? Because any part of your life concerned with money is controlled by the Federal Reserve Board.
The board announced, on March 18, that the economy still needs help. Duh — we citizens know that. Why is this news for the feds, our internal financial terrorists?
So, how did our giant casino called Wall Street react? The Dow swung from a low of 80 points to a positive of 145 points — a change of 225 points in a few hours. Bank and other stocks dropped because they want interest rates to go up. That has hurt us but enriches banks. No tears lost here.
This is a reminder that the Fed has been a “loose cannon” since 1913. Why doesn’t Congress exercise some control? Because it is intimidated by the Fed. Congress has no clue as to how the Fed created the financial disaster in 2007 by raising interest rates 525 percent in five years.
Keep your friends close, and keep the feds closer. They are your enemy.
Richard C. Goodwin
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