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Bernanke presses the panic button
As economic chaos spreads across the world, the Fed reveals its true agenda: Protecting the irresponsible traders who created this mess.
Andrew Leonard [2008-01-22]

  • More rate cuts expected

    One of the headlines over at CNBC is that now the market expects another 50 basis point cut next Wednesday.

    http://www.cnbc.com/id/22780522

    What's interesting, is on CNN this morning, the talking head gave advice to try and refinance your home right now before the resets if you still had an ARM. She at least warned people to have a realistic view of their home's worth before doing so.

    I don't care if interest rates go down even farther, it doesn't make me want to rush out and buy a home in CA or an investment condo in Vegas or Miami, nor do I want to finance new furniture for my house.

    Caution has set in (actually it had for a while) but now it has for my neighbors who were feeling "rich" just a few months ago. I don't see that an emergency rate cut will make them feel more confident and wnat to buy tons of new stuff.

    -- AnnieW
    [Read AnnieW's other letters]
    Tuesday, January 22, 2008 08:41 AM
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