Remember when Helicopter Ben said this on the eve of slashing rates by a shocking 1/2 point:
"It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions."
And a month ago when wimpy Fed Governor Poole said this:
``If the Federal Reserve were to act when it turns out there is no impact, then clearly the market would say these guys really don't have the intelligence they need to have a policy actually based on solid evidence.''
Well, now Poole says this last week. BUT NOBODY BELIEVES HIS BULLSH*T ANYMORE. The Fed has decided to destroy the US dollar and let inflation rage, in order to prop up the banks which are failing or on the brink of failure. It is what it is.
Fed's Poole: mistake to bet on more rate cuts
St. Louis Federal Reserve Bank President William Poole, a voting member of the central bank's rate-setting committee this year, said on Friday it would be a mistake to bet on more interest rate cuts, and that he remained open about future monetary policy decisions.
"It would be a mistake to bake in the cake more rate cuts," Poole said in response to a question from the audience on financial markets' rate expectations. "We will go meeting by meeting."