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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on November 30, 2011, 06:04:24 AM

Title: FED TO THE RESCUE
Post by: Bindare_Dundat on November 30, 2011, 06:04:24 AM
NEW YORK (CNNMoney) -- The Federal Reserve, acting with five other central banks, took further steps Wednesday to make it cheaper for banks around the world to trade in U.S. dollars.

The Fed -- along with central banks of the eurozone, England, Japan, Switzerland and Canada -- announced a coordinated plan to lower prices on dollar liquidity swaps beginning on December 5, and extending these swap arrangements to February 1, 2013. The effort is meant to "ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," the Federal Reserve said in a press release.

Meanwhile, the People's Bank of China also announced a plan to increase liquidity Wednesday by lowering its reserve requirement ratio for financial institutions by half a percentage point.




blah, blah, blah, nothing ever changes except that things continue to get worse for the average person trying to make a living.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 06:06:25 AM
We are in a lot of trouble.   These disgusting socialists in europe and in this country refuse to cut the damn spending and instead prefer to impoverish us all. 


Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 06:25:09 AM
http://news.yahoo.com/oil-above-101-central-bankss-liquidity-plan-135226357.html


Here we go - FUCK THESE EVIL PEOPLE!!! 
Title: Re: FED TO THE RESCUE
Post by: GigantorX on November 30, 2011, 07:46:15 AM
This tells us just how bad the situation is and will continue to be.

Funny thing is, "they" having been telling us since the crisis began that there is "hope" for a "solution" and "soon". Every fucking day at around 2pm to juice the markets....and guess what? Nothing ever happens.

Funny.
Title: Re: FED TO THE RESCUE
Post by: Skip8282 on November 30, 2011, 03:34:13 PM
One of you needs to translate this shit for layman.  Is this good or bad?
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 05:11:40 PM
We are in a lot of trouble.   These disgusting socialists in europe and in this country refuse to cut the damn spending and instead prefer to impoverish us all. 




fed isn't part of the u.s. govt chief, thought you should know since you are whining about spending like a moron but the fed is an independent bank and it's "spending" (which is just moving 0's around on a computer screen, nothing material) doesn't contribute to u.s. debt. i hope that helps, but it probably won't since you will just continue to scream about blacks (ironically while you are an italian)
Title: Re: FED TO THE RESCUE
Post by: reppingfor20 on November 30, 2011, 05:15:58 PM
they did a great move today, and the DOW surged very high, yet the crazies still criticize LOL, it shows you are always going to not be happy no matter how well they do.

Obama was right, no matter how much stuff you do that is good, they still whine.  They want a moat around the US LOL!!  Obama pwned them!!!



Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 05:44:15 PM
fed isn't part of the u.s. govt chief, thought you should know since you are whining about spending like a moron but the fed is an independent bank and it's "spending" (which is just moving 0's around on a computer screen, nothing material) doesn't contribute to u.s. debt. i hope that helps, but it probably won't since you will just continue to scream about blacks (ironically while you are an italian)


That is easily one of the most naive posts I have ever seen.   Who appoints the fed chairman and confirms the appointment?   Who makes the. Money available to meet the govt obligations when tax revenues don't pay for expenses?   


Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 05:52:54 PM

Peter Schiff Explains What Today's Global Fed-Funded Bailout Means For The Future
Submitted by Tyler Durden on 11/30/2011 - 19:27
Central Banks Global Economy Peter Schiff Precious Metals Reality
If anyone is still confused by what has transpired today, here is Peter Schiff explaining in simple words, why what happened "may be one of the most important economic events of the year" and what to do next: "Today’s unprecedented announcement by the world’s most powerful central banks was a loud and clear bell ringing to buy precious metals. The move, disguised as an attempt to help the fragile state of the global economy, is in reality a move to prop up failing banks in Europe and the US. By reducing interest rates paid for dollar swaps, central bankers are in effect increasing the quantity of global dollars in circulation. The result? The dollar will weaken, inflation will rise, and gold will soar. Gold was up more than $30 today, and the dollar got crushed. I urge you to take 7 minutes to watch the video I recorded exclusively for my subscribers a few hours ago. It explains, in plain language, what happened today – and what is the likely outcome for your portfolio. This may be one of the most important economic events of the year." And pardon Schiff's self-promotional piece at the end, but the truth is that he is essentially correct about what the actions means from a big picture perspective. Furthermore, as Goldman made all too clear, this is merely the beginning as more and more inflationary actions have to be undertaken by central banks to save banks from being crushed by untenable debt loads. Whether they succeed in overturning the deflationary tsunami is unknown. What is certain is that they will bring fiat currencies to the verge of viability (and beyond) in trying.




Www.zerohedge.com

Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 06:06:06 PM
'Prepare for armageddon' Banks told to prepare for Eurozone collapse
The Sun UK ^ | 11/30/11 | Staff
Posted on November 30, 2011 8:06:44 PM EST by Nachum

Britain's banks have been told to prepare for the end of the Eurozone, it emerged today. City regulator the Financial Services Authority has told banks to ready themselves for armageddon by running "stress tests" on their balance sheets. FSA chief Hector Sants met the heads of Barclays, Satander, HSBC, Lloyds and RBS last week. News of the shock warning came as the world's biggest central banks today launched a desperate bid to save the global economy by flooding markets with cheaper cash.

(Excerpt) Read more at thesun.co.uk ...

Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 06:43:10 PM

That is easily one of the most naive posts I have ever seen.   Who appoints the fed chairman and confirms the appointment?   Who makes the. Money available to meet the govt obligations when tax revenues don't pay for expenses?  




spare me your crackpot theory about the illuminati please. while it's not surprising in the least, it is depressing to see people base their entire ideology and political activism on a shitty 90 minute movie made in some 18 year old's basement with ominous music
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 06:56:51 PM
spare me your crackpot theory about the illuminati please. while it's not surprising in the least, it is depressing to see people base their entire ideology and political activism on a shitty 90 minute movie made in some 18 year old's basement with ominous music


please.   Only a complete idiot buys into the nonsense that the fed and the govt are not intertwined. 
Title: Re: FED TO THE RESCUE
Post by: Fury on November 30, 2011, 07:09:11 PM
spare me your crackpot theory about the illuminati please. while it's not surprising in the least, it is depressing to see people base their entire ideology and political activism on a shitty 90 minute movie made in some 18 year old's basement with ominous music

Yeah, man. It's just coincidental that the Fed, having said they wouldn't bail out of Europe, goes and bails out Europe right after Obama gets involved. Yup, just a coincidence.  ::)
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 07:13:28 PM
the Fed and the Govt are partners in crime.    Both serve the interests of the other.   
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 07:15:23 PM
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
GAO report ^ | 11-30-2011 | edcoil
Posted on November 30, 2011 3:53:25 PM EST by edcoil

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.

What was revealed in the audit was startling:

$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010,

(Excerpt) Read more at silverbearcafe.com ...
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 07:21:39 PM

please.   Only a complete idiot buys into the nonsense that the fed and the govt are not intertwined. 

you have reading comprehension issues on top of a long list of other mental deficiencies. perhaps reread what was said, and what relation it has with the thread and then rethink your asinine replies that are quixote-esque in attacking fictitious arguments that aren't even pertinent
Title: Re: FED TO THE RESCUE
Post by: Bindare_Dundat on November 30, 2011, 07:23:26 PM
Sometimes I wonder why I even post to a bunch of retards on this board.

Keep up the great work Bernanke and all the rest of the crooked cock suckers.  ::)
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 07:25:15 PM
you have reading comprehension issues on top of a long list of other mental deficiencies. perhaps reread what was said, and what relation it has with the thread and then rethink your asinine replies that are quixote-esque in attacking fictitious arguments that aren't even pertinent
::)


tter nonsense.  I have read at least a dozen books on this topic alone.  he Fed was created and exists solely to advance the goals of the govt and banister elite. 
Title: Re: FED TO THE RESCUE
Post by: Skip8282 on November 30, 2011, 07:35:26 PM
Yeah, man. It's just coincidental that the Fed, having said they wouldn't bail out of Europe, goes and bails out Europe right after Obama gets involved. Yup, just a coincidence.  ::)


aesthetics is a guy?  With that avatar, lol.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 07:36:44 PM
http://www.investopedia.com/articles/economics/08/treasury-fed-reserve.asp#axzz1fFbBne5l



Fed and the Govt work together.    To claim they are not partners is a joke. 
Title: Re: FED TO THE RESCUE
Post by: Skip8282 on November 30, 2011, 07:37:15 PM
Sometimes I wonder why I even post to a bunch of retards on this board.

Keep up the great work Bernanke and all the rest of the crooked cock suckers.  ::)



::)

Yes, you're right.  Everybody should be an expert in liquidity swaps.

How about military logistics.  You an expert in that?  Well you should be, defense is very important. 
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 07:38:27 PM
::)


tter nonsense.  I have read at least a dozen books on this topic alone.  he Fed was created and exists solely to advance the goals of the govt and banister elite. 


so how does he fed lending money to banks and european countries increase us govt debt?
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 07:42:13 PM
so how does he fed lending money to banks and european countries increase us govt debt?

sorry if my spelling sucks - iPad is a bitch.    The Fed is monetizing debt.   It exists to by up bonds and assets and debts the govt accumulates that are not met by tax revenue. 

it's a horrible relationship that screws savers.   Do you realize that since the Fed was created in 1913 that the value of the dollar has decreased by about 95 percent ?   Why is that?   
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 07:44:15 PM
also note: no where did i disagree that the fed is the main tool for wealth extraction from the working class however a financial sector is necessary in a free market capitalist society in order for capitalism to operate and provide liquid capital. if you want to abolish the fed, sure, but then you're going to forfeit the "free market" aspect of liberal capitalism and the govt will be required as the central planning agent, a state capitalist economy like china.
Title: Re: FED TO THE RESCUE
Post by: Bindare_Dundat on November 30, 2011, 07:44:51 PM


::)

Yes, you're right.  Everybody should be an expert in liquidity swaps.

How about military logistics.  You an expert in that?  Well you should be, defense is very important. 

I wasn't even directing my comment at you so don't get all emotional on me. It was directed at those that still defend these actions.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 08:01:36 PM
Even DK get it! 

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x639040



Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 08:03:17 PM
sorry if my spelling sucks - iPad is a bitch.    The Fed is monetizing debt.   It exists to by up bonds and assets and debts the govt accumulates that are not met by tax revenue.  

it's a horrible relationship that screws savers.   Do you realize that since the Fed was created in 1913 that the value of the dollar has decreased by about 95 percent ?   Why is that?  

the value of the dollar is relative though, i'm sure since you've read economics books, specifically austrian economics, it's dealt a lot with inflation and they probably mentioned the difference between nominal and real value of currency a billion times throughout the book. inflation itself is inherently necessary, 3% compounded growth is necessary to keep the economy from going stagnant, which is fine for the interim (as compound growth is unsustainable and will lead to an inevitable crisis in the future as resource scarcity increases) since prices and wages can, should and could keep pace accordingly. the problem arises for the working class when wages do not keep up with inflation, which has been the trend for the past 30 years, however this trend will increase much more drastically in the coming years as the wealth gap increases due to more and more wealth being extracted from the now middle class, soon to be ex-middle class.

also, the us govt debt is denominated in us dollars, and a lot of the public debt is owed to govt programs and to the treasury. it is impossible for america to default on it's debt because it can print unlimited amounts of us dollars to meet debt obligations denominated in us dollars. secondly, throughout history no country has ever paid back it's debt in full, when adjusting for inflation and using real value, because countries purposely inflate their currency as a means of depreciating debt obligations, for themselves and also the wealthy, the latter we're attempting right now which lead to our current commodity price bubble. the number value of our debt is not the important aspect to focus on, it is what our debt and deficit is currently being spent on that is of utmost importance and significance. we have failing infrastructure, horrible education and penal system as well as other obligations a country has to it's citizens being unmet to instead use the collective tax dollars to further enrich the wealthy via bank bailouts, needless wars, a pointless military industrial complex, and corporate subsidies. you are missing the forest for the trees here, the real welfare queens are raytheon, GE, and other multinational corporations that not only pay 0 dollars in taxes off their 200 billion+ yearly revenue but actually receive tax refunds back from the government due to the inherently corrupt nature of our country.

to clarify on something: when i refer to the wealthy, i don't mean millionaires or whatever as they are largely irrelevant. i am speaking of the billionaires who implicitly control the country, and use their power over the country to further enrich them selves off of public tax payer money.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 08:05:59 PM
That post was unreadable.
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 08:10:13 PM
i guess i need to post a comic of obama with a bone through his nose for you to understand, eh
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 08:11:35 PM
i guess i need to post a comic of obama with a bone through his nose for you to understand, eh

No.   the Fed Reserve exists solely to advance the interests of the govt.    Do you not see that?   
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 08:18:33 PM
what are the interests of the govt if not the interests of the people whom put into power the politicians and the lawmakers that comprise our government?
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on November 30, 2011, 08:23:38 PM
what are the interests of the govt if not the interests of the people whom put into power the politicians and the lawmakers that comprise our government?

Well, if you look at it that way fine, lets give away free money to everyone, crush the savers, and reward the debtors.   
Title: Re: FED TO THE RESCUE
Post by: aesthetics on November 30, 2011, 08:43:32 PM
Well, if you look at it that way fine, lets give away free money to everyone, crush the savers, and reward the debtors.   

that's not what i said, but i guess you can reach that conclusion if you are operating under the assumption that america has a legitimate democracy and it's the voters who elect the politicians and not the oligarchs who fund the campaigns.
Title: Re: FED TO THE RESCUE
Post by: TheGrinch on November 30, 2011, 10:15:16 PM
want answers..?

just google how the fed was established.


lesson over
Title: Re: FED TO THE RESCUE
Post by: Bindare_Dundat on November 30, 2011, 10:27:26 PM
When did Mike Norman start posting on getbit?
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 06:08:30 AM
Title: Re: FED TO THE RESCUE
Post by: 240 is Back on December 01, 2011, 06:27:44 AM
tter nonsense.  I have read at least a dozen books on this topic alone.  he Fed was created and exists solely to advance the goals of the govt and banister elite. 

it has to be IMPOSSIBLE for you to support any candidate not named Ron paul.

Hell, Cain WORKED for the fed lmao
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 06:29:29 AM
it has to be IMPOSSIBLE for you to support any candidate not named Ron paul.

Hell, Cain WORKED for the fed lmao

i am in a few fights on FR over my support for RP.  That place is getting real stupid lately. 
Title: Re: FED TO THE RESCUE
Post by: 240 is Back on December 01, 2011, 06:34:27 AM
i am in a few fights on FR over my support for RP.  That place is getting real stupid lately. 

wait, they don't support ron paul?

I thought they were very anti-ROmney over there.

I would consider ron paul to be the OPPOSITE of Romney.

Very weird.  They found a weird channel of cain/perry/newt support?  I don't understand that.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 06:36:31 AM
wait, they don't support ron paul?

I thought they were very anti-ROmney over there.

I would consider ron paul to be the OPPOSITE of Romney.

Very weird.  They found a weird channel of cain/perry/newt support?  I don't understand that.

After Sarah dropped out - they have been going from messiah to messiah. 
Title: Re: FED TO THE RESCUE
Post by: 240 is Back on December 01, 2011, 06:49:03 AM
i'm just in complete shock that any group of republicans that HATE romeny so much that they ban any support of him...

would just support newt, cain, and perry (they've all held the smae liberal positions, from HPV to amnesty to Dream to TARP)....

Yet they hate on Ron Paul?    I don't get it.   He's 100% what they should be looking for.  He's damn near perfect.
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 06:49:55 AM
i'm just in complete shock that any group of republicans that HATE romeny so much that they ban any support of him...

would just support newt, cain, and perry (they've all held the smae liberal positions, from HPV to amnesty to Dream to TARP)....

Yet they hate on Ron Paul?    I don't get it.   He's 100% what they should be looking for.  He's damn near perfect.

They think he wants us disarmed militarily.  . 
Title: Re: FED TO THE RESCUE
Post by: 240 is Back on December 01, 2011, 06:54:59 AM
They think he wants us disarmed militarily.  . 

oh, cause he wants to pull 50,000 men out of south korea, etc?

I think that'll make for a stronger america - because the resentment many countries feel - hating us because we have bases there exploiting their nations - will end.

I never understood that mentality "We need to be 20 times bigger than the rest of the world military combined - 10 times just isn't enough".

That global dick measuring contest put us $15 trillion in debt.  Don't they get that?  I know people who have $10 grand in credit card bills, but own 40 handguns.  I guess it's that same mentality.  WHy not just enjoy 8 handguns, and pay off your bills?
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 07:30:58 AM


Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 07:47:43 AM
[ Invalid YouTube link ]
Title: Re: FED TO THE RESCUE
Post by: aesthetics on December 01, 2011, 09:37:14 AM
it has to be IMPOSSIBLE for you to support any candidate not named Ron paul.

Hell, Cain WORKED for the fed lmao

to be fair ron paul is the only presidential candidate who would be a force of good in this world, which is why he'll never get elected. next best and unlikely scenario would be the dismantlement of the us electoral system and a direct democracy replacing it but might as well wish for world peace and creation of an unlimited energy source at that point 
Title: Re: FED TO THE RESCUE
Post by: Soul Crusher on December 01, 2011, 01:09:57 PM
The Federal Reserve, Now Bailing Out Politicians
December 1, 2011

http://www.usnews.com/news/blogs/rick-newman/2011/12/01/the-federal-reserve-now-bailing-out-politicians



The bank bailouts in 2008 and 2009 were controversial because wealthy bankers seemed like the last people who needed help. Now, the Federal Reserve and other central banks are rescuing one group held in even lower regard than bankers: politicians.

[See 11 dates investors need to watch.]

Financial markets cheered recently when the Fed and five other central banks took action to ease a credit crunch in Europe's financial sector. Stocks soared, as investors expressed relief that somebody, finally, seemed able to do something decisive to improve the situation in Europe.

Yet the central bank maneuvers, meant to ease the ability of foreign banks to trade their currencies for dollars, do nothing to address the fundamental debt problem bedeviling Europe. Euro-zone nations such as Greece, Italy and Spain remain overwhelmed with debt, with no agreement in sight on how they can fix their finances and make their economies more competitive. Central banks temporarily easing the strain may even make the required fixes less likely, since it gives politicians wiggle room to stall on reforms needed to rein in profligate spending.

The bank bailouts in 2008 and 2009 stabilized the U.S. financial system, but they also added to the "moral hazard" that contributed to the problem in the first place. By making it clear that the government wouldn't let big banks fail, the bailouts signaled that bankers can get away with risky moves, since the feds will always provide a safety net. The Federal Reserve and its compatriots in Europe and Japan are now basically creating political moral hazard, by letting elected officials know that if they can't get the job done, the central banks will step in to prevent a full-blown disaster. It's an invitation to further recklessness that politicians don't need.

Europe's debt problems, like those in the United States, are complicated but not beyond fixing. It's generally known what overdrawn countries need to do. The International Monetary Fund has laid out a detailed set of spending cuts, tax hikes and other reforms Greece must enforce in order to continue receiving bailout money. Italy and Spain haven't asked for a bailout yet—and there's nowhere near enough money available if they do—but they must still appease investors who buy their bonds, by liberalizing work rules, unclogging the pipeline for new businesses and growing faster. If they don't, the interest rates they must pay to borrow will keep rising, until debt-servicing costs overwhelm the whole economy.

[See why Europe's debt crisis is taking so long.]

The problem is that enacting those kinds of reforms disrupts inbred institutions and requires voters to make sacrifices, for the apparent benefit of financial overlords in other counties. So politicians dither as long as possible, and try until the last second to pass the cost of reforms to bondholders, or anybody else.

"Policy makers believe that if there is some magic elixir, governments will have the breathing room to clean themselves up," says currency expert Axel Merk, president of Merk Investments in Palo Alto, California. "However, policy makers have proven that the moment the pressure abates, the willingness to push through tough reforms evaporates."

The European Central Bank, in fact, has resisted the kind of aggressive intervention practiced in the United States by the Federal Reserve, out of concern that it will let Europe's political leaders off the hook and pre-empt the need to fix corrupt or broken economies. It still hasn't embarked on a huge, Fed-style bond-buying program, but investors now clearly think the ECB—prodded, perhaps, by the Fed—is getting off the sidelines, ready to prime Europe's economy. That's good in the short-term for stock markets, but if politicians get a reprieve, all the fundamental problems will continue to hamstring the European economy.

[See how the Congress is unwittingly raising your taxes.]

America's debt problem is easier to solve, since it only takes one legislative body to pass a plan (rather than the 17 in the euro zone), and one executive to sign it into law. But Congress has obviously decided it doesn't need to solve anything, evidenced most recently by the debt "supercommittee" that disbanded after accomplishing nothing at all. Fed Chairman Ben Bernanke has pleaded with Congress to come up with a plan to pay down the debt, before it becomes an intensifying problem characterized by rising interest rates, tightening credit and a sudden crunch that is sure to be felt by taxpayers. But since those pains aren't yet present, Congress has ignored Bernanke.

It was Congress in 2008 that authorized the spending of roughly $700 billion to bail out the banks, then passed another big stimulus bill in 2009 to help lessen the impact of what turned out to be a near-depression. Though those measures were controversial, Congress was doing its job. But since then, Congress has backed away from stimulus or job-creation measures, even though the economy is in precarious shape and the jobless rate remains sky-high. Nor has it come up with a debt-reduction plan that would reassure investors or guarantee that the nation's credit rating won't fall any further. The Fed has become the lone economic stimulator, as well as the backstop for the whole economy, through "quantitative easing" and other programs meant to boost the value of stocks, force interest rates down, and keep credit flowing.

[See what would happen if we all acted like Congress.]

The Fed is running out of tricks, however. And besides, it's not the Fed's job to oversee the government's spending, taxing and borrowing. That's up to Congress and the president.

The Fed and its equivalent in other countries can delay some of the pain—for awhile—but eventually, politicians will need to do the job they were elected to do. Giving them an excuse to do nothing, until there's no other choice, could make the job that much harder when they finally get around to it.

Twitter: @rickjnewman