In January, 2001, America had a balanced budget, low debt, and was at peace. Here, briefly, is what lay ahead: war, financial crisis, civil unrest, massive growth of the federal government, and now severe inflation.
Never in the history of America has our government in its ineptitude created such a false economy, risking hundreds of years of hard work on unsound and unworkable economic policies. The Founders wisely relied on dispersion of power. They knew there would be dishonest and incompetent politicians but, in this case, the entire government is infected with deceptive leaders. Read More
Stocks swung solidly higher on Wall Street in afternoon trading Monday after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic.
The S&P 500 was up 1% after being down as much as 2.5% shortly after trading began in New York. The gains followed sharp losses in Asia and more moderate ones in Europe. Worries were on the rise that new waves of coronavirus infections around the world could derail the swift economic recovery that Wall Street had seemed sure just a week ago was on the way. Read More
President Donald Trump praised the Federal Reserve for cutting the federal funds rate to a range of 0 percent to 0.25 percent, and restarting quantitative easing with $500 billion of U.S. treasuries purchases and $200 billion of mortgage purchases in response to the Chinese coronavirus global pandemic.
“It makes me very happy and I want to congratulate the Federal Reserve,” he said. “That’s a big step and I’m very happy they did it.” Trump has been hounding the Fed for years to cut interest rates to make the dollar more competitive against trading partners’ currencies including the yuan, euro and peso. Now he gets his wish. Read More