Today the Federal Reserve expressed jovial confidence that the budding economic recovery was indeed a reality. “Last month we stabilized and now we are building a base. This is the best unknown trillions we have ever spent,” said Fed Chairman Ben Bernanke. Additionally, to prove its commitment to ending the “Great Recession” the Fed left borrowing costs near zero for “as long as the people need it.” The central bank also said it would buy about $175 billion of debt issued by government-backed mortgage finance agencies because “we’ve got the money, so why not?”
When asked about the Fed’s decision to keep its benchmark federal funds rate in a range of zero to 0.25 percent Chairman Bernanke said “Sure we’re hedging our bets here, but the crisis is over people! You got to get out there and spend that Money!” The Chairman was also cited as being enthusiastic about the Ghost Mall & Mob Rule Index moving down .68 percent over the last 30 days (the Ghost Mall & Mob Rule Index replaced the formerly tracked M3 shortly after Bernanke took over the post of Chairman).
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