Re: A funny state of the economy
The cartoon implies that the Fed didn't understand the economy during the period of the past twenty years.
That simply isn't true!
Allan Greenspan began issuing warnings about high consumer credit debt, low consumer savings balances, over valued stocks, high real estate values, jobs moving overseas, poor banking policies, and many other things way back in the early 90's.
Basically, The only power that the Fed has to try and control the economy is to set interest rates, print and distribute money, and make speeches that make recommendations to banks and industry leaders.
The Economy is really up to all of us!
We are the consumers that take the loans and credit risks that bring ourselves into debt.
We are the owners of companies that move our manufacturing to China.
We are the realtors and sellers of homes that inflate the value to outrageous proportions.
We are the people that work for large investment firms that make bad decisions.
We are the bankers that write bad loans.
We are the people that allow our corrupt government to exist without revolting in civil war.
We did this to ourselves!
We now expect the Fed and the US Gov to bail us out!
We didn't deserve to be bailed out for our own stupidity!
I'm sorry to be the wet towel that puts it all into truth.
But the truth is the truth!
I kind of like old drums:)
Last edited by bobdadruma; 11-22-2010 at 01:20 AM.