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| I couldn't agree more...with every comment. 100%
Except the reality is....this housing thing is so bad..they still do not recognize how ugly it could get. Back in the early sixties, Tino De Angelis, might not be the correct spelling, was into the banks with tanks full of soy oil...by accident an inspector discovered it was actually water & of course effected the markets...Billy sol drove the cattle in a circle around the hill and again the bankers bit into the deal like a big hot dog. Point is, everyone knows this economy is held together at this moment with Elmer's Glue & that that we are dealing with water in the tanks & the financial cattle are not all there...this consumer has to be re-funded or it will effect agriculture in a big way....they've got to face the camera and talk a strong dollar and behind the scenes flood the market with liquidity to keep it cheap as exports are the only salvation this economy has at this moment. Thirty minutes with me & I'd have most of you fearing to walk up to the second floor in any building & if you did, you'd want a rope around your waist with a big fellow on the other end to keep you from leaping....we went thru the oil patch crisis...the savings & loan, the south american loans back in the seventies....this deal is much worse..and its going to take some pretty fancy footwork..but I think they've finally pushed the panic button...and act to me like they have the big check book open. This will come home to haunt us in the form of inflation...but that will be the problem for another administration. They keep passing the buck. | |
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Fed Rate Thoughts
