Runaway prices stun market watchers

Consumer prices rose by .8% last month, more than double analysts expectations. Of course, with artificially low interest rates one can't really expect anything different; but it does make it damn clear that the Federal Reserve has nowhere to go but up with interest rates. While the mainstream media is spinning the oil price drop means inflation has peaked the core inflation (excluding food and energy) still rose .3% which was also above analyst estimates. So basically our dollar doesn't go as far, our homes are heading in to the toilet, employment is up surprisingly and the government wants to raise taxes to bail out of our financial institutions for the greed and largesse. Sweet, happy Thursday. God bless America. From Bloomberg: U.S. consumer prices jumped to a 17- year high in July,