“Stocks spiked higher Thursday following the Federal Reserve launched a new round of quantitative easing,” JeeYeon Park reports for CNBC.
“Apple [AAPL $677.74, +$7.95 (+1.19%)] edged higher after the tech giant unveiled its iPhone 5 and some new iPods. And analysts seemed to be impressed with the new model—at least nine brokerages boosted their price targets on the company,” Park reports. “On the economic front, jobless claims climbed, hitting the highest in two months, according to the Labor Department. And the producer price index jumped in August, rising by the most in three years, as energy cost soared, according to the Labor Department. Wholesale prices matched estimates.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Joe Architect” for the heads up.]
Bernake trying to throw election to Obama because Romney said he’d boot him.
Bernanke has valid economic reasons for the QE. On the other hand economists were scratching their heads trying to figure why Greenspan was raising rates in 2000 and lowering them in 2004. Greenspan has since been figured out to have been a total political whore.
Hmmmm.
What really needs to be done, an audit of the “federal reserve”.
Why?
Because they are the farthest thing from legal and open.
PLUS…
They have never been audited.
How would ya like to own that PRIVATE company?
Print money for pennies on the dollar, then lend it out and charge interest on it.
What a scam the big banks have had for 99 years.
So your/my dollars are worth less today than yesterday, and on and on.
Inflation is the ULTIMATE flat tax. Everyone pays the same, rich or poor. I actually think it is a good idea. Nobody is exempt and no loop holes.
They will bankrupt us! USA is in dire need of more forward thinking economic policies and quick!
Romney will win and will do so with surprisingly high numbers. He needs to win!
You must be one of those millionaires !!
No not necessarily, just someone who understands economics.
Jean’s right and the hole just got even deeper.
Add you two together and you have a wholewit.
Enjoy your trickle down. Working stiff’s voting for Romney? It defies all reason and logic. He has NEVER cared about working stiffs, and I doubt he is about to start..
Working stiffs that vote Obama: of you win you will just be stiffs.
You’re willing to work for $2 a day, right?
What makes you think you’ll have a choice soon? “Willing”?! Come on, when you are starving and living in a tent in the woods, you think you’ll have a choice? Oh, you won’t be paying the politicians but the chinese. They own us for christ sakes.
It’s too late for that. US is already bankrupt. Romney can’t think his way out of a paper bag. All he knows how to do is agree with one side until he is persuaded to agree with the other side. Lather, rinse, repeat. This guy is even more devoid of real thoughts than “W” was.
“End the Fed.” – Ron Paul
Agreed. Sad that the mainstream has people believing Paul is a quack. His fiscal policy is the most sound of them all. Give more rights back to the States and take away power from the Feds.
Sadly I think a vote for Paul is a vote against Romney, therefore a vote for Obama.
I agree. The Republican Party picked the wrong guy. They should have picked Ron Paul. Romney is an idiot and a liar.
My choice to vote was
1. Ron Paul
2. Obama
.
..
1000. Romney.
Guess I’m left with Obama again.
what specifically has you liking Obama over Romney. What policies, ideas, etc.
Bad News… Stupid is as Stupid does.. While they print money and stocks go up, they merely kick the can down the road just a little longer before you have to start paying the bills. And the solutions will be painful for everyone, hopefully it will shrink government precipitously first when it happens
What does shrinking government mean? Cut out the EPA? Cut medicare? Cut social security? Cut the military? Stop building roads? Fire teachers? Is this the big problem with our country? Or is it something else, like Corporations with too much power?
I’m pretty sure firemen and police, “local city/government” jobs not the feds.
Get rid of what? Oh, there are thousands of programs that needed to go away years ago and are no longer relevant but it’s easy to stand on you box and use EPA, Medicare, Social Security now isn’t it.
Good for others buying our stuff, bad for us buying theirs. Oh well. Didn’t want to travel or buy an imported block of cheese anyway, I guess.
Cheer up, travel is over-rated. Questionable hygiene and poor English skills abound “over there.”
Yup, they will be buying our stuff alright. Our debt, our homes, land, our businesses. Get ready to become someone’s bitch.
We were bought and sold a long time ago. Toil for some scratch to buy trinkets and claim freedom, the whole time we are little better than slaves. Modern day serfs of the robber baron’s..
Just ignore this and go back to hating half the country over politicians that don’t really give a shit about any of us…
What’s Kim Kardashian doing today?
Absent fiscal discipline, the Fed is left with just the monetary tools at its disposal. But with rates already near 0%, its impact (beyond the psychological will be minimal. QE III is being enacted because they’ve got nothing else.
Cheap credit is how we got into this mess in the first place. Relying on more cheap credit will only advance the coming reckoning. In the meantime, it inflicts pain on those who rely on getting *something* back for their money, either for income to live on or to generate money that can be put to good works. The impact can be as devastating as a tax increase or a drop in salary.
When a counterfeiter creates money out of thin air, he is a criminal. When the Fed creates money out of thin air, they are heros.
No matter who is elected in November, we are doomed!
How is $5 gasoline going to jump start the economy?
Talk about entitlement. Why does the US deserve cheaper gas than the rest of the world again? Because we are the bully with the biggest guns?
Making it more expensive does nothing to ease supply constraints.
Don’t confuse the taxes imposed on a volume of gasoline with the commodity price of gasoline.
create a nice war, that always sorts out the economy
I came to this thread to be entertained by the Three Stooges style political commentary. Thanks for the laughs…
The idea of money printing your way out of debt is ridiculous when the entitlement programmes are inflation linked. This does not help the us govt finances at all.
Though you may get a pop in stocks, his target of policy, the real rally is going to be in commodities. Let’s see how popular he is when gasoline goes above $5 and food prices are at all time highs.
I don’t think we will see $5/gal gas in this country until we have a significant increase in fuel economy. The average american will not be able to afford to drive to work in his 18MPG SUV