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We’re out of the woods. We’re out of the dark. We’re into the light.
Nope, we’re not in Kansas anymore. However, there is a Wizard of Oz-like feel to remarks made by Mark C. Snead, an energy economist from the Denver office of our Federal Reserve Bank.
Speaking to the CFA Society of New Mexico, Snead reportedly said New Mexico and other oil and gas producing states were on the verge of good times.
For its part, the Federal Reserve’s role in the collapse is hard to pinpoint, but it’s safe to assume that while some banks failed entirely, others, with strong ties to the Federal Reserve, were “bailed out” and became even more powerful. Not by the Federal Reserve, per se. “Saving” our economy was more like a game of “find the Queen” on a Manhattan street corner. The only thing we can honestly say is that the American taxpayers failed to find the Queen. So we had to finance bailouts and TARP funds and AIG bonuses... We’re still not sure what we have to show for it.
Ben Bernanke is the Federal Reserve chairman. It was Bernanke who moved to declare the United States out of our recession in June, 2009. The Federal Reserve announced that New Mexico was bright and bubbly again in July of 2010.
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