Oil prices tanked below $40 today for the first time in more than four years despite OPEC’s announcement of a record 2.2 million barrel per day production cut as comparisons between U.S. monetary policy and Texas hold em poker reached an all-time high.
The Federal Reserve exhibited its willingness to go “all in” this week by pledging a virtually unlimited bankroll to purchase a multitude of troubled assets from banks in effort to entice them to start lending to consumers again. President Obama has also jumped into the fray and is reportedly contemplating a $100 billion economic stimulus package that will be rolled out over his initial two years in office. Read the rest of this entry »
