re: "It sways with every word..."
Then tomorrow should be another downer. This article on MSNBC gets it right. Finally! Mainstream media begins to see what I tried to point out to the many smart folks on RB's "TABLE" - just about exactly ten years ago.
December 13, 2011
Fed battling economic forces beyond its control
Four years and $1.8 trillion after the worst financial collapse since the 1930s, there appears to be little more the Fed can do to get the U.S. economy back on track.
By John W. Schoen, Senior Producer
MSNBC.com
Four years and $1.8 trillion after the worst financial collapse since the 1930s, there appears to be little more the Federal Reserve can do to get the U.S. economy back on track. Rarely in the central bank’s 99-year history has so much been so far beyond its control.
At their regularly scheduled meeting Tuesday, Federal Reserve policymakers made no changes in interest rates and held fire on buying more bonds to pump cash into the financial system. Beyond that, they were expected to devote much time at the meeting to an extensive discussion about changing the way the committee communicates its decision-making with the public.
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After spending close to $2 trillion to put out the financial fires that swept through the U.S. banking system in 2008, Fed officials have watched their European counterparts fail to move decisively as fearful investors flee eurozone countries teetering on the brink of default. Despite calls to backstop Greece, Italy and Spain, the European Central Bank has responded tepidly to the crisis, arguing that those countries need to work harder to balance bloated budgets.
That approach contrasts sharply with the U.S. central bank’s longstanding role as the “lender of last resort.”
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Now, five years after the housing bubble burst, there is a growing realization among homeowners and lenders that it will take years for that critical sector to recovery. After stabilizing this summer, house prices resumed their downward move, falling by 7.5 percent in the third quarter.
Much more: http://bottomline.msnbc.msn.com/_news/2011/12/13/9420052-fed-battling-economic-forces-beyond-its-control
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