RICHMOND, Va. (WTVR) - Jamie Cox, a financial expert from Harris Financial Group was in the CBS 6 studio today to talk about the Federal Reserve's latest stimulus plan, quantitative easing. He says the plan involves the Federal Reserve buying mortgage backed securities until it feels that it's no longer necessary, and the economy is recovered.
Interest rates have also been locked down for the next few years.
Cox isn't very confident that permanent progress will come from the plan, and says the head of the Federal Reserve in Richmond agrees with him. He says that if this plan worked, it would have worked the first time. This is the third quantitative easing plan enacted so far.