We find ourselves in the middle of one of the greatest wealth transfer periods of all time. Those with wealth must decide whether they want to make transfers, and if they do, they must decide how much, to whom, when and in what structure?
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“We’ve seen not enough jobs growth to bring down the unemployment rate, and what we need to see is more progress,” Bernanke said. The Fed would continue with its stimulus “until we do,” he said.
“We’re just trying to get the economy moving in the right direction, so we don’t stagnate at high levels of unemployment,” Bernanke said Thursday at his quarterly news conference, which followed the Fed’s announcement of its new stimulus effort.
The Fed said Thursday it would buy $40 billion a month in mortgage-backed securities until the outlook for the labor market improves substantially.