Thursday, January 31, 2008

Subject: Crybabies win: America does not need a stimulus package; we need a sound fiscal policy. The overly aggressive rate cut implemented by the Federal Reserve was excessive. Most economists, including those with the UCLA Anderson Forecast, stated before this historic act by the Fed that the U.S. economy would avoid recession. No other world bank reacted to recent stock drops with a rate cut. This disproportionate act is pacification to Wall Street crybabies and a bailout to many who have bought sub-prime loans with rates now resetting. This giant rate cut will increase inflation, negatively affect our pocketbooks, decrease the value of the dollar and produce a lower savings rate, which will hurt senior citizens significantly. The Fed must keep the entire populous in mind, not just Wall Street. It's wrong, and unfortunately many will feel the pain from this impetuous and reckless act. If the government must give away our money (even though it can't afford healthcare for our kids), then it should be in the form of a voucher redeemable only for goods produced in the U.S. That would help our economy and American workers. Anything else is absurd and harmful to American economic interest. Sean

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