NPR "explains" the current economic collapseSubmitted by spacehabitats on Mon, 03/17/2008 - 23:01
After microanalyzing the psychology of the stock markets and describing the deal that the Fed brokered to bail out Bear Stearns they spent the balance of the time gushing over the heroic efforts of the Fed to stave off a panic by cutting the prime interest rate again. Of course at no time did they ever discuss the downside to this legalized counterfeiting, even to make their usual euphemistic mention of "overheating" the economy. At the end they asked for listeners to email questions about the economy and the current crisis.
This is what I wrote:
"I listened with great interest to your analysis of the collapse of Bear Stearns but was left wondering about the role of the Federal Reserve. It seems that all of our economic problems are being solved by reducing the prime interest rate. Why doesn't the Fed just cut to the chase and reduce the prime to 0%?!
In fact, as a physician, the Fed has inspired me to adopt a new strategy for my patients. I am going to help them eliminate all of those hours they waste each night sleeping by prescribing regular injections of methamphetamine. Brilliant!"