Reader feedback continued
Monday, Jan. 28
Posted 4 p.m. Eastern
Reader feedback continued: Picking up from the earlier post, here are some additional reader e-mails about last week’s Fed rate cut and the state of the economy.
–”If you ask me if we need a rate cut, however, I say no and we should not have cut rates since September. Inflation will grow at a staggering rate after the onslaught of the interest rate cuts which will put us in a possible depression in ‘09. Add to that the price of oil/gold/silver/platinum/corn/wheat/hogs (at all-time highs) we are set to be jacked as an economy. Let me throw in another wrench of losing economic prosperity where we outsource manufacturing jobs. We are too reliant on foreign sources for our goods. We send out raw materials and import their finished goods. It is going to be the 1930s soon enough — are we too naive to realize this? What happens when unemployment reaches 6 to 8 percent in the coming years - and the jobs we have pay minimum wage - we’d have to work an hour or 2 daily just to pay for getting to work. Throw in the added price pressures on core necessities (food/energy) and we’re living in debt without the splurging on luxury items (TV, electronics, clothes).”