Friday, July 11, 2008

More Historic Actions (Potentially) by the Fed

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Yawn. This is getting so old. Any problem in America.... Print more money, and hand out corporate welfare. Did anyone not see this coming? Oh well, the market reversed temporarily on the joyous sounds of helicopters in the distance. I haven't brought out this picture in months - I've missed it. I continue to laugh in the face of "strong dollar" proponents. Everything we do is a destruction of those current greenbacks in your pocket.
  • Federal Reserve Chairman Ben Bernanke told Freddie Mac chief Richard Syron that his company and Fannie Mae could take advantage of the emergency discount window, said a source familiar with a conversation between Bernanke and Freddie Mac chief Richard Syron.
  • Bernanke and Syron spoke by phone Thursday afternoon and in that call the central bank chief said he intended the discount window to be open to the two companies, said a source familiarwith the phone conversation.
  • The Fed declined comment on whether its discount window might be opened to GSEs. Freddie Mac spokesman Douglas Duvall declined to comment when asked about the phone call.
While not "confirmed", historic bubbles of epic proportions, continue to require historic changes by the powers that be. Oh I miss the days of "I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained," (April 20, 2007) and "housing is only 4.5% of GDP - not to worry" (summer 2007) And we trust "these people" to navigate us through the troubled waters... (deep chuckle)

It is sort of fun to watch them scramble - finally reaping what they (and predecessors) created. I wonder what Easy Uncle Al ---> is thinking as he watches the empire of easy credit he built crumble around him. Kick the can - recessions won't be allowed to happen - kick the can - recessions don't happen on my watch - kick the can. My guess? "Got out just in time". The can is hitting the fan.

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