![[info]](http://l-stat.livejournal.com/img/userinfo.gif){kind=small}
U.S. credit card debt plunges
http://features.csmonitor.com/economyreb
Good news on the economic front - consumers are reducing credit card debt.
Bad news is that the Federal Reserve is still focused far too closely on artificially inflating demand by keeping interest rates too low for too long. This is what started the housing bubble that got us into this mess in the first place!
There was a time when the Federal Reserve focused almost exclusively on keeping inflation down. I believe it was Reagan that labeled inflation "the unfairest tax of all." I do not often agree with the gipper, but in this case, I do.
Inflation is why a family of four cannot live on one parent's salary.
Inflation undermines the purchasing power of the middle class.
Inflation undermines the ability of people to work their way out of poverty.
I think we should let supply and demand find an equilibrium without the Federal Reserve manipulating interest rates solely with an eye on generating demand.
My $.0.02 worth.
Good news on the economic front - consumers are reducing credit card debt.
Bad news is that the Federal Reserve is still focused far too closely on artificially inflating demand by keeping interest rates too low for too long. This is what started the housing bubble that got us into this mess in the first place!
There was a time when the Federal Reserve focused almost exclusively on keeping inflation down. I believe it was Reagan that labeled inflation "the unfairest tax of all." I do not often agree with the gipper, but in this case, I do.
Inflation is why a family of four cannot live on one parent's salary.
Inflation undermines the purchasing power of the middle class.
Inflation undermines the ability of people to work their way out of poverty.
I think we should let supply and demand find an equilibrium without the Federal Reserve manipulating interest rates solely with an eye on generating demand.
My $.0.02 worth.
