Message To Fed: Where is Our Pound of Flesh?

by Robert Barr on July 2, 2008 · 3 comments

WARNING!

This is a rant. It is not a drill. There was no research done to prepare for this rant. This is just me reading a headline, and freaking the ef out! But first, a little background. I get up at 6 a.m. to sift through the overnight business news from over 300 news outlets delivering almost 1000 items for me to peruse. And This was the headline that caused me to pause yesterday:

Fed loans $75bn more to aid banks

I thought, alright, let’s take a look. So I read the following;

The US central bank has auctioned a further $75bn of short-term loans to help the financial sector. The auction, the 15th since December, is part of the Fed’s attempts to help banks through the credit crunch.

That’s about when I lost it. People are being foreclosed on everyday while this relief package that has been talked about for months gets tossed back and forth from one side of the isle to the other in Washington. The Dow is at a two year low, unemployment is the highest it’s been in five years, my kid won’t even play with her Lego’s, that’s how bad construction is! People are scared and have stuffed both hands deep inside their pockets…unless of course they need to fill up their gas tanks!

So, where is my pound of flesh Mr. Bernake?

While I am happy to see the Fed has plenty of loot to dole out to the banking sector, what about us? Banks won’t lend to other banks much less to people! This cry goes out to anyone out there listening who cares;

MAYDAY! MAYDAY!

We are taking solid green water over the bow here. People are losing their homes, their jobs, their families, but at least the banks can live to fight another day. When does the calvary arrive for the rest of us? If the U.S. consumer drives this economy, we are really not giving them much to work with.

But……

We will all have one hand free come this November, right around election day! People are going to look deep down inside their pockets where money used to be, and realize they are not better off now then they were eight years ago and vote accordingly.

Good luck with that Senator McCain. I figure Bush will start wagging the dog sometime in late August or early September…..any takers?