Nanny State: Dow at 10K...whooptidamndoo

15 October 2009

Dow at 10K...whooptidamndoo

"The Federal Reserve System is the central bank of the United
States. It was founded by Congress in 1913 to provide the
nation with a safer, more flexible, and more stable monetary
and financial system. Over the years, its role in banking and
the economy has expanded...

During the nineteenth century and the beginning of the twentieth cen-
tury, financial panics plagued the nation, leading to bank failures and
business bankruptcies that severely disrupted the economy."

Above is taken from the ninth edition of "The Federal Reserve System:
Purposes and Functions," and may be downloaded at Federal Reserve.

The Dow average hit 10,000 yesterday. When the Dow first hit 10K in '99: total U.S. debt was $24.6T vs $50.8T now, gold was $280 vs $1,070, oil $16.44 vs $74.80. I have seen in my short life: 21% interest, 1% interest, Cokes for a nickel, movies for a dime, coffee for a nickel, and the Dow at 1000. I've recently seen financial panics, bank failures, business bankruptcies, and even the federal government taking over General Motors!

Maybe the Fed should read their own book. Better yet, END THE FED!

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