Dear John: The Federal Reserve (aka Lunatics, Inc.) is now eyeing printing more money. They must be insane.
Every agency of government is destroying big and small business. The EPA throws new rules at the economy every week, supported by comic-book data; capital purchases decrease; there are fewer jobs here; more jobs go to Asia; whole cities are filing for bankruptcy.
And the Fed is OK with just printing more money for a mini-stock market bump.
The Fed doesn’t care about massive inflation, if by chance the economy picks up in the next four years. By then, a box of Cheerios could cost $23 or more. C.P.
Dear C.P. If you thought this note was going to cheer me up, you were wrong.
OK, I agree with you — Washington stinks and the Fed is having a difficult time getting its act together.
And yes, there could be massive financial problems down the road for this country — or maybe even at the next corner.
But you have to remember — policymakers don’t worry about anything that might happen once they are gone.
So if Mitt Romney says he’s going to fire Ben Bernanke if he becomes president, why would the Fed president care if Cheerios reach $23 a box in five years?
By then, Bernanke will be eating for free in the faculty lounge at Princeton.
The Fed has tried everything possible with regard to monetary policy.
And if you talk with people at the Fed, they will tell you it has been wildly successful because of all the things that didn’t happen — the non-collapse of the banking system being first and foremost in these conversations.
The problem is, the Fed hasn’t done and (probably) can’t do anything to make companies more profitable or make them want to hire people. Unfortunately, this is just the way things are.
On a happier or at least less depressing note, you should purchase the generic version of Cheerios. Just as good, half the price.
Send your questions to Dear John, The NY Post, 1211 Ave. of the Americas, NY, NY 10036, or john.crudele@nypost.com.