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Federal Reserve Finds $600 Billion in the Couch

Posted on Nov 3, 2010
Flickr / Gisela Giardino (CC-BY-SA)

Trying to follow the amount of money the Federal Reserve has pumped into the economy (and the banks) can be truly mind-boggling, and it’s not getting easier.

The Fed announced plans Wednesday to purchase $600 billion worth of Treasury bonds and to buy more of the Treasury’s debt—up to $900 billion by June.

The timing may not be a coincidence. A former Fed governor tells The New York Times that Fed Chairman Ben Bernanke would prefer more stimulus money from Congress, but the new Republican majority in the House makes that unlikely.  —PZS

The New York Times:

Laurence H. Meyer, a former Fed governor who closely monitors the central bank, said the prospect of sustained fiscal gridlock had already pushed Mr. Bernanke to move.

“Bernanke has said that fiscal stimulus, accommodated by the Fed, is the single most powerful action the government can take for lowering the unemployment rate ,when short-term rates are already at zero,” Mr. Meyer said. “He has nearly pleaded with Congress for fiscal stimulus, but he can’t count on it. So he has to act as if that’s not going to happen. “

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rico, suave's avatar

By rico, suave, November 4, 2010 at 4:46 pm Link to this comment

Crap, I only found 57 cents!

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PatrickHenry's avatar

By PatrickHenry, November 4, 2010 at 3:59 pm Link to this comment

The banks got us into this mess, it is only fair that they get us out of it.

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By CaptRon, November 4, 2010 at 3:44 pm Link to this comment

First impression is that this was a premature action. We need for the GOP to publicly say no first, just for the record.

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By Jay Banks, November 4, 2010 at 2:11 pm Link to this comment
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I think that it´s an unaffected system … where money can be given into existence, and the debt is calculated to working people who had nothing to do with the transaction. The following step is for the government to then give the lately existing money away to banks which then lend it back to those same working people. But we will see.

Jay Banks

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