296. Bernanke Joins O in Stupidness

Who would have thought Bernanke could top Obama in dumbness? Let the market rule -- let the market determine success and failures! Well, Bernanke wants to establish a seat next to the anointed one in the line for God's position. Good luck! His new Twist, wish it were only the dance, is bound to kill the insurers who have sold and want to continue selling annuities and Life Insurance policies. They depend on solid long-term rates that give them some profit. Bernanke's Twist plan will sell short-term (or let them mature) bonds and buy long-term bonds. Now, what will this do? Well, for the tax payer he is again taking from Paul to pay Peter. Try to give a short-term image of goodness while pushing even more long-term debt on the grandchildren. And WHILE hurting the insurers. Now I wonder why that will do to JOBS! How about long-term uncertainty and stability. These jokers who keep interfering with something that is not TOTALLY broken has to cease. Can't they see the longer-term results of the first stimulus packages which sparked the market then to today's grim futuristic outlook? How does it make our seniors feel when they can no longer lock in CD interest rates that are even close to being high enough to beat inflation? I reviewed savings plans at banks the other day again just for fun. Does a 0.1 %, yes that is 1 tenth of a percent, per YEAR make you feel. Oh, and if you drop below a minimum balance you get charged $2-4 for that month. Do you realize that at 0.1% interest rate, you would have to keep $2000 in the account for a full year to equal a $2 fee for dropping below a minimum? Sometimes I think back to the 70's when inflation went berserk, but the CD rates were double digit. I almost want that to happen for a year or two so I can land some real long-term fixed investments in the double digits. Heck, we have seen that in decades even in the stock market! ANY retirees that are invested only in fixed asset investments should be real scared with inflation edging upward, particularly with a poor job market -- stagflation here we come. Annuities were one of the only investments some seniors felt comfortable with -- those who did not want to gain or have the knowledge required for the stock market. Tack on O's debt reduction plan to extend a PAYROLL (WORKERS only, not retirees) tax taking $$ away from the Social Security fund NOW when we need to ADD to it and let it compound for our children's and grandchildren's future, and we again see how it is the Powers in our government and high institutions/agencies that are destroying America! How unfortunate it is that a poor person will take and see a $1 handout now and not realize he/she is losing $10 tomorrow because of it! The poor in America are being kept in a box by this administration and democrats as a hamster is kept in a cage. Feed them just a little grain every day and they happily close their eyes and run in the caged wheel. I am of an opinion that they are incapable of understanding their social status. We the People need to purge this administration and democratic party and begin to TEACH them how to improve, not just survive.