Once again, Fed officials vow to use all tools to help economy…
Fed Chairman Ben Bernanke said the U.S. central bank will continue to use the unorthodox methods it has resorted to since the financial crisis erupted in the summer of 2007 to settle markets and set the stage for a resumption of growth. He did not, however, offer a guess on when a recovery will occur.
“The Federal Reserve will make responsible use of all of its tools to stabilize financial markets and institutions, to promote the extension of credit to creditworthy borrowers, and to help build a foundation for economic recovery,” Bernanke told a conference in Charlotte organized by the Richmond Federal Reserve Bank.
“Relieving disruptions in credit markets and restoring the flow of credit to households and businesses are essential if we are to see, as I expect, the gradual resumption of sustainable economic growth,” he said.
The saga continues. Those responsible for the inevitable results of excessive credit expansion won’t stop to add fuel to the fire. On top of that they keep talking and talking without saying anything … Mr. Bernanke, with all due respect: Shut the hell up.