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September 19, 2013

Wall Street celebrates Fed decision to maintain pace of money-printing

By Mike Whitney

The Fed's unprecedented pumping of trillions of dollars into the banking system, essentially by printing money, has fueled a bonanza for the ruling class, even as the real economy remains mired in slump and living standards for the vast majority of the people stagnate or decline.

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Source: WSWS

Dow, S&P hit record highs


In a surprise move that sent the US stock market surging upwards, the Federal Reserve Board on Wednesday decided to continue for the present its policy of buying $85 billion a month in Treasury notes and mortgage bonds.

Stock prices, which had declined in morning trading, promptly rocketed upwards, with the Dow Jones Industrial Average closing at an all-time record of 15,676, up 146 for the day. The Standard & Poor's 500 stock index also ended the day at a record high, hitting 1,725 after rising by more than 20 points.

It was a spectacle of unadulterated greed as Wall Street celebrated the Fed's move to keep the gusher of cash flowing into the financial markets, underwriting a huge run-up of share values, bank and corporate profits, CEO pay and the fortunes of the rich and super-rich. The Fed's unprecedented pumping of trillions of dollars into the banking system, essentially by printing money, has fueled a bonanza for the ruling class, even as the real economy remains mired in slump and living standards for the vast majority of the people stagnate or decline.

The policies pursued by the Fed and the Obama administration have exacerbated economic inequality in America to an unprecedented degree. While the army of unemployed remains the largest since the Great Depression, corporate America and the financial elite have seen their wealth surpass pre-crash levels.

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Submitters Bio:

Mike is a freelance writer living in Washington state.

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