Bies Speaks

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Impeach George Bush

Bies Speaks

Source: TheTip, 2002-09-27

Candidate: The FED

Probably the most amazing thing about our "free-market" economy is the extraordinary protection that the largest cartel in the world is afforded - the Federal Reserve Banking System.

Occasionally seen as the key to American Success in worldwide economic competition, the FED sets the pace for the American Economy with one number, the Prime Interest Rate, the rate at which the American Economy is charged for the privelege of using its money.

Beis came up with the following threats this weak, revealing two major discrepencies between the economic woes of the people of the US and their lenders. First, apparently the banks didn't have a recession, interestingly:

"Because the industry had the earnings and the capital to absorb increased losses, there was time and opportunity to deal more calmly with emerging weakness."

Secondly, they're not happy about making only a little money on their loans, they want more money:
"Clearly, I am not about to forecast interest rates -- something I've already learned that central bankers never do. My point is that banking organizations, and investors generally, should recognize that domestic interest rates are historically low and that the possibility for a rising rate environment should not be overlooked."

But finally, she ends with the rest of the bad economic news, our investments are going to be weak because there's going to be a lot of junk debt out there:

"Consequently, we may see further deterioration in asset quality during the periods ahead. Moreover, the general economy needs to strengthen further before we can be much more comfortable that we're out of the woods."

Thanks for the news Ms. Beis, we appreciate the honesty. We just wonder why we continue to allow someone other than the People of the United States to run our economy.
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