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Politics : Ask Michael Burke
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To: Tommaso who wrote (37387)11/23/1998 10:48:00 PM
From: Knighty Tin  Read Replies (5) of 132070
 
T, The Fed is in a bad spot. The banks, their main charges, are in deep kimshee with all kinds of nearly worthless assets on their books. The rate cuts were to keep those afloat. But, though they may have helped that problem a little, they recreated the specultative excesses that caused that problem in the first place. So, we will probably see the banks and brokers holding more crapola the next time they report. Heck, there is only 4.75% or 19 cuts possible before the Fed ends up in Japanese handcuffs. <G>

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