To the best of our knowledge, the purpose for the creation of the Federal Reserve in 1913 was to ensure regulatory fiscal insight of the financial and banking sectors of the economy, thus maintaining the stability of the U.S. dollar.

No where in its charter that we can find does it say that the Fed CAN or SHOULD try to rescue the overall economy or be the lender of last resort.

So, could someone please explain to us the latest Bernanke and cohorts' pronouncement to stimulate economic growth by throwing more "bogus bucks" at long-term interest rates?

The Fed has NO power over long-term interest rates...only short-term rates.

And, may we add, that encouraging BORROWERS to borrow more is what got us into this mess in the first place!

Consumers should be paying DOWN current debt without having access to MORE debt.

Talk about getting things "Bass-Ackwards!"

When, Mr. B., are you going to try to help the people who ARE able to spend and consume which WOULD help the economy start to recover?

That's not the DEBTORS, Ben, to whom we are referring... it's the SAVERS!

Your continued efforts to keep interest rates in the basement are hurting the one group of Americans who can turn this economic Titanic around—people with ASSETS—not DEBT.

When assets are unable to earn a reasonable rate of return, the consumers who accumulated those assets sit tight with purses and pockets closed.

After all, the reason they have those assets in the first place is because they SAVED...and didn't SPEND.

And, what they did spend, they didn't spend with gobs of borrowed cash!

Get the picture ?

The Fed CAN'T help the economy—so STOP trying!

But, the Fed CAN certainly continue to hurt our economy by dissing the frugal with abysmally low interest rates.

We've said it before, and we'll say it again, "Mr. Fed Chairman, you have it 'Bass Ackwards'!"