Can it get any better?
“The mounting crisis has forced Mr. Bernanke, a former professor of economics, to discard the sanguine view of the nation’s economic health that he expressed last summer. He has also abandoned his skepticism about the need to calm financial markets and set aside his concerns about the “moral hazard” of bailing out big financial institutions.”
From the NY Times
Why is gold rising in price? Gold is a classic hedge against inflation. Why are people concerned about inflation? Because the Fed keeps cutting interest rates to stave off recession. Why is there a threat of recession? Because the Fed allowed Wall Street to binge on crappy mortgage lending practices.
The party’s over, so now who gets to support the big Wall Street failures? The taxpayers.
August 5th, 2008 at 3:21 pm
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