Good news from the Fed
WASHINGTON — The Federal Reserve has decided to hold interest rates at a record low and pledged to keep them there for an "extended period" to keep the recovery going and drive down double-digit unemployment.
A huge relief for those of us who have adjustable rate mortgages due to expire Jan 1, 2010. This move will also help home sales and new credit card applications.
posted by Jim Pillsbury @ 5:11 PM
6 Comments
6 Comments:
May be good news for some of you that still have jobs and still own homes but it does no good for those of us who have no jobs and have already lost our homes. I get that this is a big deal to you but it is just another way this government is trying to make people forget about those of us who have already fallen off the cliff. We have no voice anymore, we don’t count. The rest of you better be careful because it was just a few short months ago I was one of you and not one of the fogotten. What have they done in the last year for us? Nothing I am aware of.
If your out of work and lost your house that is your fault not mine so why should I not say this is good news for me? You made your bed now lay in it. That is not my problem.
Came here to comment myself on this being good news, but after reading what Anonymous said I don’t think I will do that. I had not thought about it from that perspective and I do apologize for that. For what it is worth you made me stop and think today about the fact you raise a valid point that the government is placating those who still have in order to stop us from thinking about those who have not. That is wrong. I will make sure I don’t fall into that mind set in the future. As to what Abra said, that comment does not even deserve a response.
The responses to Jim’s posting here shows you how disconnected American people are to each other now. There truly is a deep chasm between the haves and have nots in this country, with the haves doing a pretty good job of not seeing or even realizing that the have nots exist next door to them, or down the street from them, or in their house of worship or their kids schools. The have nots are ashamed of what they don’t have so they hide it, and the haves don’t want to feel guilty about having more than others so they pretend not to see the have nots at all. When did America become of city of castes? And how long are we going to pretend we don’t know the guy next door is losing his house or the kid on the corner playing tag will go to bed hungry tonight?
Truth is no matter what financial position you are in right now a low interest rate is in your favor. Even if you are out of work, don’t own a home, and are struggling to get by. Lower interest rates means lower costs of goods which means it costs you less to buy what you need and what you want. So even people who are only buying what they absolutely need to survive will benefit from a lower interest rate.
Guess you have not heard that statement “there for the grace of god go I” Abra. If you really think in these economic times that someone who lost their home after losing their job is somehow at fault for either of those events, then you clearly have not been paying attention to the situation in this country. Do you work at the state house? You are just another shining example of how stupidity does not preclude idiots from spewing their opinions as facts.
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