Scary: Fed announced “open-ended” QE3

Barack Obama has promised the country that he’s pulling the economy out of the ditch – but if that’s the case, why does the Fed need to keep bailing America out? The latest bailout came today when the Fed announced they would do QE3. The really scary part is there was no set amount. Instead it was left ‘open ended’ to spend in perpetuity.

In a statement, The Federal Reserve revealed it will spend $40 billion a month to buy mortgage-backed securities for as long as it deems necessary to stimulate the economy and reduce high unemployment.

The Fed added, “If the outlook for the labor market does not improve substantially, the committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability.”

TheBlaze explained:

The statement was approved on an 11-1 vote. The lone dissenter was Richmond Fed President Jeffrey Lacker, who worries about igniting inflation.

The Dow Jones industrial average was up 15 points for the day just before the announcement at 12:30 p.m. Eastern time. It had surged 105 points within minutes of the announcement, then gave up some gains to be just 35 points higher.

The dollar dropped against major currencies, and the price of gold shot up about $16 an ounce, roughly 1 percent, to $1,750.

Because Glenn was on radio before the announcement of QE3 was made, he has not yet had a chance to respond. However, he did warn that people need to have cash on hand and pay close attention to what is happening with the Fed and the economy.

“May I make one more recommendation.  Have cash on hand, please.  Please have cash on hand.  We have recommended this for a while.  Please have cash on hand.  I just saw an amazing stat.  Right now 8.2 or 8.7% of the American population has pulled their money out of banks.  They say I’ll cash my check at check cashing places, I will keep my own cash, I’m closing my checking and savings.  Almost 10% of the U.S. population is now bankless because they don’t trust the banks.  That’s significant.  Especially when you see what’s going to happen with Bernanke today.  Hopefully Bernanke says he’s not going to print more, but the dollar is already losing value this morning.  Warning,” Glenn said.

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    Inflation, hyperinflation and economic collapse are soon on their way; recall well that the Democratic leadership declared they would see the nations economy collapse before the Republicans take over?

    We are now seeing it in play: QE3, Debaticle for the debt and seqeustration coming up, still no budget, and our credit rating is about to again be downgraded.

    Do not be shocked by anything the left under Obama decides to do; I would not even put it passed Obama to simply declare the nation bankrupt and refuse to honor our debt.

  • http://www.youtube.com/watch?v=OEhRucEVzH8&feature=share&list=PL5FABE780A13D231D Rahm Kota

    Oh great now he does not have to wait for Obama care to turn
    this country into a Marxist utopia he just going to destroy us this way.

  • Matt Driscoll

    You are a weird paranoid, delusional individual. You pictures are weird, your ideas are the ramblings of an deranged person, and did I mention you pictures are weird. I hope to god (lower case g) that Obama does get reelected so you move out of this country. You are a very, very mentally unstable person. Btw I’m not even a Democrat so please don’t start with your liberal crap. Thank you.

  • MarsBarsTru7

    Are you going to make it a habit to stalk and harass snowleopard on these boards? This is the second time you’ve attacked snowleopard personally. To me, you seem like a wannabe cyberbully. Well tough guy, how about it? Don’t you think you’ve said your piece? If you’re going to keep it up, you’ll discover that the discussion community around here doesn’t take kindly to your ilk.

    P.s. You aren’t related to the former mayor of Syracuse, are you?

  • Anonymous

    Like I am going to hire anyone with mandatory health care , 30 hrs = full time and rising income taxes looming . Its a house of cards , and they just put the 500 pound joker on top.

  • Anonymous

    You are a hate filled idiot. Don’t you have anything better to do? Snowleopard has always told the truth in the best way possible to warn Americans what is coming. If you choose to not to believe this information fine. But the rest of us would like to hear what snow has to say. So far it has been accurate. It is not wise to resort to judgmental statements because it only makes you look less credible. If you have anything to add regarding facts, then say it. I have not seen any factual information from you to back up your hatred. By the way, no one cares what party you are from. If you behave like a jerk, it doesn’t really matter.

  • Anonymous

    Bermanke needs to be replaced. I believe he did this to make Obama look good when the stock market goes up in time for the election. We will be down graded again. Notice that the mortgage sector is being bailed out. This is more proof that this was the original problem for the economy failing. Thanks to Barney Frank and Chris Dodd making banks take the loans out for people that didn’t qualify.

  • God with a capital G

    Paranoid? Weird? Delusional? Not really sure who is delusional. If you think pumping more money into the system does not cause inflation – you are the delusional one. So, I say to you, if that is what you believe, take all, not some, ALL OF YOUR MONEY and go stimulate the economy. Go buy stuff. Get a car loan or 2 and a house and boat loan…hey go for it all. But the average….and it isn’t rocket science, so I say average person can understand the velocity of money. Too much into the system, makes the prices higher. So, I wonder, do you eat, wear clothes, pump gas at the gas station, pay any bills…notices how things cost more, but you are not getting anymore…sometimes you get less in the package. We who believe that too much money into the economy hurts it, like to be prepared with cash, and food….so we can feed and clothe ourselves and our families…we will have been prepared enough to even feed you, because that is who we are.

  • http://www.facebook.com/people/Chris-Savard/100000706642002 Chris Savard

    I think we could ease the effects that are going to come for all that printed FEDZILLA cash, Drill American oil until the market is flooded BIG-TIME cheaper energy and it would starve all the hard core turds and cheap sh#t commies like Chavez, etc . the democrat party he he he..unload some duty’s FEDZILLA has taken on without authority really Banking,building cars etc solar failures, battery failures, god help us , burn half the regulations and departments layoff some Bureaucrats for good , lets see how they operate in the real economy I could go on I know we are in uncharted waters with how much Masterminds in FEDZILLA have sold us out.Nafta cafta United Nations all crap I can describe free even trade in one sentence , what the hell are the other thousand pages for?? answer America gets screwed!word from Detroit steel fabricator

  • greywolfrs

    I do not think you are anything but a dunce. Dunce.

  • greywolfrs

    Great! Print more money, that’s the ticket. Watch inflation shoot through the roof, AGAIN.
    Audit and abolish the Federal Reserve. Stop out-sourcing our currency to the private bankers.

  • Matt Driscoll

    Haha. Oh man. I have been following this message board for some time now and I love seeing all you Beck acolytes constantly post hate filled messages but instantly label someone hate filled when you don’t agree with them. I’m not condemning Snowleoperd at all. I honestly love his apolyptic stories and metaphorical tales. I love his “we must change the direction of this doomed ship.” Its refreshing to hear all of his “Obama is buddies with Satan” Mumbai jumbo. All of you are xenophobic misinformed droids. This country will always thrive despite all of you doom and gloom nuts. Have a nice day.

  • greywolfrs

    You have been following this message board for some time and are still a dunce. You obviously don’t have the first clue about economics. Hey stupid, we are 16 trillion in debt and counting, at some point the system WILL collapse. Keep your head firmly planted in your ass, that seems to working great for you. I said nothing hate-filled, nor called you hate-filled. I just called a spade, a spade. You are a dunce.

    By the way, just because someone is on this site, doesn’t mean they agree with everything Glenn says or even agrees with Snowleopard. I would much rather read what Snowleopard says, than read your drivel.

  • greywolfrs

    Sorry, but firing Bernanke is treating the symptom, not the problem. The Federal Reserve is the problem, audit and abolish the Federal Reserve. Stop outsourcing our currency to private bankers.

  • Matt Driscoll

    Your mom is 16 trillion in debt. You spelled wolf wrong

  • Anonymous

    What’s happening was scripted many decades ago, read Larry Burketts book, the Coming Economic Earthquake of 20 years ago, page by page its whats happening today, too bad it wasn;t taken seriously back then, but then again the sheep don,t have a great track record.

  • Anonymous

    Yes the Federal Reserve is the problem. It will take a while to restructure it or remove it. Yes audit them.

  • NWFL Conservative

    Our country is a heartbeat from IMPLODING. And if we implode, so will the rest of the planet. Let’s face it, we are standing on the edge of the precipice peering into the abyss and Obama and his cronies are behind us ready to give us that last push.

  • Anonymous

    Guess the reason for QE3 to be open ended is to see who will win in Nov. If it’s B.O., then ol Ben will know his job will be more secure, since Romney seems to want to replace him.

  • Anonymous

    Modern day World record for inflation belongs to Hungary — Aug 1945 to Jul 1946 at a daily inflation rate of 207%. Second is Zimbabwe — Mar 2007 to Nov 2008 at a daily inflation rate of 98%.

    Who’s to say it couldn’t happen again, here? @ 100% inflation rate, that would mean my (single) average weekly grocery bill today would go from costing $85 to $170 overnight! And, by the time the next week rolled around, it would cost $5,440! That is, if the stores are still open and I’m able to beat everyone else rushing to get all their money out of the banks.

    As Glenn often tells us, store food and bullets and “buckle up”.

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    I have a book considering the times of the Weimar Republic; it covers the history of the Catholic Church diplomatic efforts of the time through the masssive inflation and devaluation of its dollar, as happened in the two sources you site.

    We are on the same path here in America, as is Europe and even China, if sources can be believed in full. I’m going to be spending the next few months, lord willing we have the time, getting ready for a meltdown across the board. I pray when the hard times hit us from Europe or the collapse of China, we will not be hit hard here in the states; we will be hit, it just remains to be seen how bad.

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    Greywolfrs – In the case of Driscoil I will state it this way “certain truths are made self evident in deeds and words.” Let them speak or write and anyone who bothers to do so will see the facts for themselves.
    Besides, some people will never get an analogy in a story anyhow.

  • greywolfrs

    Since she is 6 feet under, I guess we don’t have to worry about the debt, moron.

  • greywolfrs

    I would never try to stop them from posting their drivel, in fact, I want others to see just how stupid these left wing morons are. I just find it funny that they feel the need to attack you, talk about desparation.
    I may not agree with everything you are saying, but do not feel the need to attack it either. That is so telling.

  • Matt Driscoll

    If I am the dumb one then why do you not know how to spell wolf? You are all a fringe element of society. If Glenn Beck is the voice of a revolution then why is it that only ten people regularly post on here? Mitt Romney would agree with a fart in the wind if his constituents told him to. Your pathetic movement is going nowhere and America will continue to PROGRESS (scary word isn’t it). We have fallen behind all other nations on account of you bible thumping dumb-dumbs impeding our nation. There is no god. Jesus was probably just a regular guy and Glenn Beck is a fear monger.

  • greywolfrs

    Where is wolf mis-spelled? You obviously have a reading comprehension problem, dunce. Or maybe you mean the “rs” at the end of my name. You see, only one person can have a particular User ID. Greywolf is common, so I add my initials at the end, to make it unique. Man, you really are one dumb mother fucker. Go play on the freeway, stupid.

  • greywolfrs

    My pathetic movement? What movement is that? So, you assume I am a Republican? One day when you graduate third grade, you may learn that assumption is the mother of ALL fuck-ups. Then again, you are a left wing moron, so maybe not. America will continue to “progress?” You left wing idiots keep saying this without ever thinking about what you are trying to “progress” to. Bible-thumping dumb-dumbs? Again, you make an assumption. Contrary to popular belief, not all conservatives are religious.
    There is no god? Sounds like your crystal ball is working great. Jesus was a regular guy, were you alive back then? Glenn Beck is a fear-monger, because he doesn;t say the things you want to hear or agree with? Sounds like you are another left wing moron that hates the First Amendment.
    As I stated before, go play on the freeway and let the adults get us out of the left wing utopian mess, stupid little kid.

  • Matt Driscoll

    That’s a very hate filled message. Did you learn that at the restoring love convention?

  • greywolfrs

    That all you got? Keep living in a bubble, dunce.

  • Matt Driscoll

    What bubble? You mean the earth? Yea I live in tht bubble. Unlike you Beck junkies that live in your own bubble dictated by your bloviated overlord who spouts hate and fear. I love my earth bubble. Enjoy your doomsday bunker.

  • greywolfrs

    Hey stupid, you do recall saying that the “country will thrive despite all of us doom and gloom nuts?” Hey dumbfuck, 16 trillion indebt and counting and we are going to “thrive?” You do understand what “quantitative easing” is, right? It’s called printing more money. You do realize what printing more money means, right? It means inflation will shoot through roof. It also means the money you have and money you make is worth LESS. I guess it doesn’t really matter to a dunce like you, your government check will still show up.
    By the way, good come back, dumbfuck.

  • http://www.facebook.com/brent.saulic Brent A Saulic

    Glen Beck is an idiot. The fed doesn’t bail out America–it bail out greedy banks, it barrows and makes up money.
    It will spend $40 billion a month to buy mortgage-backed securities, that means its charging the american people to clean up the financial sheets of banks, to ease credit crunches–caused by bad bank lending practices that has led to a lack of consumer confidence in banks. Banks do bad stuff, loose alot of money on bad bets, takes money from consumers via the fed to clean its sheets. @#$# the banks and @#$@ Glen Beck up the !@# for inspiring fear and mistrust .

  • Anonymous

    We saw how well this worked in 1920′s Germany……… Yeah! lets print more money! I cant wait to pay 10 dollars for a loaf of bread and 25 for a gallon of gas….. Third world here we come! Thank you Chairman “O” ! I never thought I would pine for the Carter years!

  • Anonymous

    Well I see we are fattening up a troll here…… Please! don’t feed the trolls…… do not respond in to their rants if you must post a comment post it above their comment so they don’t get emails that they can respond to, make them work for it by reading through all the comments or better yet ignore them keep focused on what is important
    not on their sophomoric attempts to drag you into a discussion it only makes them feel important in their own minds…….

  • http://twitter.com/Prepcast Preparedness Podcast

    With QE3 to Infinity, cash will soon be worth less. Take that cash and buy preparedness items and food storage, because we’re going to need it soon.

    This is how hyperinflation starts. There’s still time to prepare for it, but you now have less time to get ready.

  • Anonymous

    America is no longer a representative government. Congress has willingly become neutered. What do we expect? We elected them. They are a representation of ourselves.

    Don’t blame Obama for running roughshod over Truth – for the same reason Jesus didn’t blame Pilot! Remember, it was the majority of people that said, “give us Barabas”!

    We the people are the problem!

  • crazy betty

    gee, stalker much?

  • crazy betty

    what makes you think snowleopard is a “he” ?

  • crazy betty

    oh brother. you need to go somewhere else dude. this is not the board for you and these are not your people. get lost – you’re hopeless.

  • Joeed

    JUST WAIT MDMF

  • Joeed

    @ Brent A Satan:

    The Banks were forced to lend the money to people who had no way to pay them back. I myself received a 400K mortgage with a social security number and a signature all while I had not been employed for over a year. I knew my situation, and that I had resources to manage my mortgage and have never missed a payment… But I should have never qualified for the loan in the first place.

    When Idiots like Dodd and Frank and Blue dress Clinton force banks to “loan or else” this is what is soon to follow…
    Then they a forced to give them the bail out to keep their scam under wraps.

  • http://www.facebook.com/brent.saulic Brent A Saulic

    I applaud you for not defaulting on your loan. But, you were not forced to sign and banks would have been within there right to deny you a mortgage and not absorb that risk. They justified the risk in very abstract ways which hid their true exposure. Be mindful Banks have made a gross amount of money on risky mortgages–even the ones they defaulted on. The fed is hoping that by buying up toxic securities it will lead to easing of credit markets and rebound of housing construction to push employment. Instead of regulation and accountability, they are giving bad actors free reign again.