Buffet Talking Sense
As I have blogged about in the past, lowering interest rates to 1% a few years ago was a bad idea … lowering them to 2% recently was a repeat of that mistake.
Instead of having economic turmoil centered around mortgage lenders and overzealous home investors, the lower interest rates has, in effect, spread the contagion to the rest of the economy, via the weak dollar. Higher gas and food prices are the result.
The more the Fed attempts to boost an ailing sector, the more they multiply the negative effects on the whole economy.
And now, I will retreat back into my cave of obscurity, whilst the geniuses continue to ignore my seemingly prophetic words and suggestions.
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Tony, I just want you to know I feel the same way.