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| I was just watching CNBC over lunch, and they were stressing how badly we need another cut of at least 50 basis points. I am sick and tired of hearing this. They were talking about the decrease in new home sales. DUH! The reason home sales rose so much before is because the banks were giving everyone and their brother money. You could be the change guy at the car wash, and they would let you buy a new house. What does Wall Street think caused this fiasco? I am sick and tired of the government bailing out people who are not smart enough to avoid financial problems. The banks should have seen it coming. They made the bed.... LET THEM SLEEP IN IT! If I was Bernanke, I would hold a press conference in the morning and put the .75 back on the rate, admitting that I let CNBC and WallStreet bully me into cutting rates. I would then scold Citigroup, National City, Countrywide, Washington Mutual, etc... for being irresponsible and tell them it's their problem -- fix it.
I might stop paying my bills and tell the collectors to call congress to cover for me.
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Fed Rate Thoughts
