Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	8/15/2001 3:53:04 PM
From: NOW	Read Replies (2) of 436258

Talk about priceless: look at this This would be funny if it wasn't so pathetic. From Time magazine: Don't blame the Federal Reserve. Chairman Greenspan has done his part by cutting short-term rates deeper and faster than at any time since the 1990-91 recession. But Greenspan doesn't dictate long-term rates. So while his efforts have shaved a percentage point or so off the cost of auto loans and credit cards, they have done nothing to ease the burden of fixed-rate mortgages, mother of all household debt. Even though housing sales have otherwise been a bright spot, stubbornly high mortgage rates put off many buyers and preclude millions from refinancing, (MY NOTE: HUH?!?!HOW MUCH REFINANCING WOULD BE ENOUGH?!?) which could save them hundreds each month. If you think a one-time tax rebate of $300 is tonic for an ailing economy, just think about what a monthly mortgage rebate would do. Blame this predicament on Wall Street's bond traders, a hopelessly sullen bunch bent on blocking a recovery. They are the ones keeping long-term rates high....Bond traders just don't get it. Maybe we should muzzle them and let Greenspan set long rates too. time.com from Bearforum

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