Lower Interest Rates is not the cure

[Alan Mendelson]

There is discussion tonight (Monday, Aug 8) that the Federal Reserve might unveil some new program to prevent a double dip recession.

If the Fed has lower interest rates in mind, I'm afraid that a general easing of rates won't work. Rates are now near rock bottom, aren't they?

We need real stimulus to get people working-- and they need to be back at work immediately.

How we do that is the issue.

The problem is not interest rates. The problem is that banks are not lending and real estate is frozen from lack of sales.

Another problem is that credit card rates still linger near 30% preventing any hope of increased consumer spending.

And if there are new industrial projects (actual job creation is the issue) it is not a quick fix.

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