Oh yeah, you are the Fed's number one priority, for sure.
And after looking at the new Bush budget, you can be sure the Republicans will be looking out for your interests too, ---- as long as you are a major corporation, or an individual in the top 1% of the wealthy in the US.
Right after a flat consumption tax, the most regressive, unjust and insidious tax you can concoct is inflation, and this is exactly what is being created to bail out the banks and their shareholders, and the Wall Street elite.
"The history of the last century shows, as we shall see later, that the advice given to governments by bankers, like the advice they gave to industrialists, was consistently good for bankers, but was often disastrous for governments, businessmen, and the people generally." Carroll Quigley, Professor of History, Georgetown University
"Bush Budget Would Bring Record Deficits
By ANDREW TAYLOR – Feb 4, 2008
WASHINGTON (AP) — The record $3.1 trillion budget proposed by President Bush on Monday would produce eyepopping federal deficits, despite his attempts to impose politically wrenching curbs on Medicare and eliminate scores of popular domestic programs.
The Pentagon would receive a $36 billion, 8 percent boost for the 2009 budget year beginning Oct. 1, even as programs aimed at the poor would be cut back or eliminated. Half of domestic Cabinet departments would see their budgets cut outright..."
Fed's main task: Save the banks, The Christian Science Monitor, Feb. 1, 2008
"In moving with unusual speed to cut interest rates, officials at the Federal Reserve are aiming to prevent a nationwide recession, but they're also doing something more targeted: throwing a lifeline directly to the beleaguered banking industry.
The Fed says that it isn't trying to bail out anyone. Rather, its move is grounded partly in concern that banking troubles could deepen, choking off credit to the whole economy at a precarious time.
The pace of consumer spending stalled in December, according to government data released Thursday. America's businesses are also on edge, with slow job creation causing a rise in unemployment. In response, the central bank is moving to stimulate growth. But it is also trying to forestall a possible bank meltdown that would worsen the situation.
The interest-rate cuts could give financial firms some breathing room to absorb losses tied to home loans.
"This is more about Wall Street than Main Street," says Ken Goldstein, an economist at the Conference Board, a business-sponsored research group in New York. "We've got the monetary strategy we've got because financial markets are nervous..."
