In an attempt to restore confidence is the US's ailing economy, the Federal Reserve slashed public interest today by reducing the value of everyone's money. And for those Americans who are in debt, the value of the amount of money they owe will now be worth less too.
In a speech today at the US Treasury office, Fed chairman Ben Bernanke was quoted to say, "My plan is to get more people to have to take out loans to cover the rising costs of food, gas, and pretty much everything else."
He forgot to add that no one will have access to lower rates anyway since the banks have to profit more from the lowered rate to make up for the amount of money they lost in the mortgage business.
