Below is a Video that I caught on MSNBC. It’s interesting to hear Fed Chairman Ben Bernanke come out and say that he really doesn’t know why rates are not as low as they said they would be. The Fed is purchasing up the mortgage backed securities which has definitely helped rates come down, just not to the level was forecasted. With the constant announcements from the Feds that they will continue to pour money into our system it’s safe to say that we may not see the rates come down any more drastically than they have already.
Fed Chairman Bernanke went on to speak about our national plan to spend more money, but in the long term we need to “repair our balance sheet”. He did make a call to action to citizens to repair their personal budgets and savings goals. The lack of savings and increase of spending has such a large affect of our current economic state. We must all focus on these simple goals of spending less and saving more if we want to see a change from our current state of chaos.
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