Famous Last Words
Mar 18th, 2008 at 6:31 am by Susie
Yes, because the Fed’s done such a great job keeping us out of situations like this:
Today, the Federal Reserve is expected to further cut the federal-funds rate, charged on overnight loans between banks, by between a half percentage point and a full point. The Fed hopes that cheaper credit will stimulate business activity and aid strapped financial institutions. But it may not cut as much as some on Wall Street expect, given continued inflation concerns.
Much of the emergency action taken so far, including Sunday’s decision to extend central-bank loans to Wall Street brokerage firms, has been driven by the Fed. That possibly insulates Congress and the White House from steps that eventually could be costly to taxpayers, although at present the Fed considers that unlikely.
I don’t know jack about this stuff, and I can see it’s putting off the inevitable, and making it worse. Do they really think they can put off the crash till after the election?