Why The White House and Fed Can’t Fix the Economy

Today the White House and International Energy Agency teamed up to try to help the US economy. In a rare coordinated effort, 60 million barrels of oil will be unleashed onto global markets, with 30 million from America’s strategic petroleum reserve and the other from IEA stocks.

The IEA says the move is being done to replace output lost by the mess in Libya, which has taken about 1.5 million barrels per day off the market. (It sounds good in a press release, but our viewers know that even with Libyan production going off-line global oil supplies have actually been rising the last few quarters so this explanation rings hollow).

But enough on oil, because that’s not what this is really about anyway.

It’s about the White House finally recognizing what millions of American families already know: the economy is still too weak, the recovery too slow, and they need to try something new.

Read Full Article from CNBC.com

- Posted: 2011-06-23 12:29:24

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