CBS's Jarvis Laments Lack of 'Political Will' for More Stimulus, Cheers Government Intervention in Economy
Published: 10/6/2010 4:36 PM ET
Appearing on Wednesday's CBS Early Show, business correspondent Rebecca Jarvis expressed disappointment in the lack of a new stimulus package, but hoped for other government action: "...while the government doesn't necessarily have the political will or the motivation to put a new stimulus into effect here in the United States, the Federal Reserve is prepared to step in and do that."
Co-host Maggie Rodriguez had asked Jarvis about possible reasons for why the stock market "sky-rocketed" on Tuesday. Jarvis touted possible intervention by the Fed as a reason for the stock "surge": "...many are anticipating that the Federal Reserve will take its own tools and do stimulative action."
Rodriguez then wondered: "Yeah, the Fed has been indicating that's it's going to step in and prop up the economy. But there's a lot of speculation about what exactly Ben Bernanke will do. What are the options?" Jarvis replied: "...one particular thing, and that is to start printing more money, put more money into circulation." While she acknowledged that such an action "decreases the value of the money in your pocket," Jarvis rosily predicted: "...it also can increase the value of things around you, like your home."