From The Raw Story, another reminder of how oblivious the Federal Reserve is to the human cost of America’s ongoing economic disaster:
Policy makers at the US Federal Reserve are leaning toward more stimulus action “fairly soon” unless economic data turns around, minutes from their meeting three weeks ago showed Wednesday.
The minutes revealed most members of the Federal Open Market Committee were concerned about slowing growth and the vulnerability of the economy to external threats, particularly economic instability in Europe.
“Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery,” the record of the July 31-August 1 FOMC meeting said.
“A number of members noted that if the recent modest rate of economic growth were to persist, the economy would be less able to weather a material adverse shock without slipping back into recession,” it added.
I’m picturing a ship’s captain receiving an SOS from an ocean liner whose thousands of passengers will drown without immediate aid. The captain responds, Ben Bernanke-style: “We’ll get there fairly soon. Meanwhile, just tread water and keep your chin up.”
