The Federal Reserve, still working to combat the effects of a severe credit squeeze, said Tuesday it had auctioned another $50 billion to cash-strapped banks.
The Fed auction marked the ninth in a series that began in December that so far have pumped $310 billion in short-term loans into the nation’s banking system.
With all that fiat money floating around, the law of supply and demand kicks in and things inevitably start to cost more (it’s called inflation…). That largely explains this little bit:
Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
We cranked up the printing presses to pay for the unConstitutional addition of a prescription drug benefit and the equally unConstitutional war in Iraq. Now we’re running it overtime to try to save irresponsible bankers and home buyers from their own foolish choices. We’re going to twist the crank right off that printing press before too much longer.