Fed Bails Out Wall Street at Main Street's Expense

January 17, 2008

To much of the nation, Federal Reserve Chairman Benjamin Bernanke may seem like he's riding to the economy's rescue, but to a growing number of small business owners, he's a "Wrong Way" Corrigan.

The National Federation of Independent Business (NFIB) certainly subscribes to that view, and has since the Fed first cut interest rates back in September. The move was reportedly designed to bolster the economy, but the nation's largest small business organization doesn't see it that way. "I think [the Fed] is helping 12 big banks. They won't lend to each other unless interest rates go down, which is troublesome because there are more than 12 banks in the U.S.; there are 8,000 of them," said NFIB Chief Economist William Dunkelberg in an exclusive interview.

By Keith Girard

Full Story: http://www.allbusiness.com/government/government-bodies-offices-us-federal-government/6197115-1.html?busintel=01_17_08