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Financial Reality Will Sound a Wake-Up Call for the Federal Reserve and the American Dream
In holding overnight rates steady at 2%, the U.S. Federal Reserve once again put forth its belief that, despite a cascade of horrific financial data, the economy is likely to continue to grow slowly and that inflation would moderate.
Although wrong on both counts, this view is consistent with the relative optimism that prevails across the country. After nearly two decades of an uninterrupted consumption binge, most Americans simply refuse to believe that anything can seriously derail the American economy. It’s a pleasant dream, but the wakeup call can’t be too far off.
The benign outlook on inflation is rooted…
13Aug2008 | Money Morning | Comments Off | Continued
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