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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: bart13 who wrote (90753)1/23/2008 12:36:31 AM
From: Elroy Jetson  Read Replies (1) of 110194
 
Well, the interest rate "bail-out/subsidy" to banks is merely a disguised RTC, but the authorization to run banks without any capital at all is the Japan solution, which simply led to bankrupt banks. The whole thing is Monetarist bullshit.

As Michael Metz, Chief Investment Strategist of Oppenheimer and Co, was quoted tonight on the PBS "Nightly Business Report" saying,

"Frankly I think the Fed is irrelevant here. We have an over-leveraged economy and an over-leveraged consumer and cheaper money is not going to solve our problem. We have to go through a protracted and painful deleveraging process."

or Art Cashin's quote, "The stimulus package is stimulating selling. If everybody in the government is nervous enough that the Fed is aggressively cutting and we're looking for ways to get that helicopter up in the air to drop money on people, then they must have seen something that was a little bit more frightening than we know so far."

Or Bob McTeer, who seemed to reveal a split on the Fed Board, or maybe just his own opinion, when asked about the "Bush Free Money Bonanza" he said,

"I think borrowing from some people in order to give to money other people, and its going to be a little late anyway when they get it, will just needlessly raise the deficit and start us off at a worse point when we do start recovering and healing."
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