By Arnold Ahlert
The Federal Reserve continues to sign on to Obama’s war on the poor.
If one takes the mainstream media seriously,
Ben
Bernanke’s announcement that the Federal
Reserve would begin “tapering” its purchase of government bonds and mortgage
securities by $10 billion dollars per month was the reason for Wall Street’s
rally on Wednesday. Yet as the chart here reveals, the reaction to the Fed’s
decision was a rapid and precipitous drop first, followed by a large
rally, when Bernanke dropped the far more important shoe: interest rates would
remain near zero for the foreseeable future. Thus, the nation remains wedded to
a policy best described by Andrew Huszar, who was responsible for executing the
first round of Quantitative Easing (QE), as “the greatest backdoor Wall Street
bailout of all time.”
