In One Eye
Thursday, June 30, 2005
Going along with what Kevin Drum said in a post today, I see that the FOMC raised interest rates a quarter of a point again. The members released the same old tired explanation: "They expected to keep removing stimulus at a 'measured' pace—wording taken to mean a continued course of smaller, quarter-point increases rather than bigger ones."
It's not as if gasoline prices aren't the highest they've ever been—creating a de facto decrease in disposable income already.
I just don't understand how these guys can continue to tighten money while vast numbers of Americans have less and less of it.