The 10-year Treasury yield fell to 1.87% Wednesday, an all-time low. But the economy eked out just 0.7% growth in the first half while unemployment remains stuck above 9%. If record low rates haven't helped so far, what makes anyone think even lower ones will?
Our problems are no longer monetary, if they ever were. They are fiscal — too much spending, too much debt, too much taxing. Until those failed Keynesian policies are reversed, nothing the Fed does will help.
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