September 28, 2010

THEY’LL BE GOING AFTER “HOARDERS AND WRECKERS” NEXT: Savers Told To Stop Moaning And Start Spending. I predict that this will produce precisely the opposite of the desired effect. What, are they using Atlas Shrugged as a policy manual?

UPDATE: Bob Krumm emails:

The Bank of England (and by logical extension, the US Fed) admits that they have purposely kept rates low to disincentivize saving. This follows a decade of near-record low interest rates and concomitant record low personal savings rates–and look where that got us.

Over-borrowing, under-saving, and over-spending by both individuals and governments is what got us into this mess. And the “elites” tell us that to get out, we have to do even more of the same???

That’s all you need to know to understand why the Tea Party is so popular.

Oh, I noticed that.