WASHINGTON — The Federal Reserve made it plain Wednesday that job creation had become its primary focus, announcing that it planned to continue suppressing interest rates as long as the unemployment rate remained above 6.5 percent.
It was the first time the nation’s central bank had publicized such a specific economic objective, underscoring the depth of its concern about the persistence of what Fed chairman Ben S. Bernanke, called ‘‘a waste of human and economic potential.’’
Comments
I guess we can thank certain business figures in the financial services Industry in Massachusetts for helping to keep interest rates low, people like State Street Corp's (STT) Current CEO Jay Hooley and his good close friend Allen Greene who have been pushing an off-shoring program that is targeting the elimination of 750 Fund Administration jobs like Financial Reporting, SEC/IRS Compliance Testing, Client Services, Fund Accounting and Custody positions from downtown Boston, North Quincy, Kansas City MO, and Irvine CA in a joint venture with a firm woned by Indian Nationals called SYNTEL Corp in TROY MI (248)-619-2800. WHo knew that by wiping out 3,200 US jobs after receiving a $2 Billion TARP Bailout that Allen Greene and Jay Hooley were really trying to help the US economy by keeping interest rates down? Now I suppose Allison Quirk will go back on Greater Boston and state that State Street Offshoring is a good thing for Massachusetts and the future of our children???
http://www.wgbh.org/programs/Greater-Boston-11/episodes/July-19-2012State-Street-outsourcing-40276
Why do the people who saved all their lives for retirement, now feel that they were stupid to do so. The interest rate is so low that it generates no income. We all should have bought that Mcmansion, taken those cruises and bought that jewlry. Then gone to the government got our food stamps, free cell phones, subsidized housing, etc. Anyone who took responsibilty for their own retirement is now being penalized.