Comments (4)
Where financial problems start --
4
Friday, 10 October 2008 22:46
George Fritzel
The Congressional body as a whole has an approval rating of about 10% according to polls and deservedly so. Poor decisions by Congress (Freddie &Fannie, the CRA decisions to push for homes , the Fed being allowed to hold interest rates at unheard of low rates, lack of oversight and not carrying out their sworn duties) has led to the current problems .. Mr, Meltzer is right -- we need leadership in Congress -- after all they do not have to be the brightest people in the land -- they have unlimited access to consultants and leaders for advice and understanding of the problems-- they just need the courage to do the people's work .
Fed's low interest rates
3
Wednesday, 08 October 2008 07:49
Katy Delay
Steve thinks the interest rates were low, and the Fed is about to lower them some more. Hooray for Professor Wood's courageous piece. And the fear is infectious: Now the European banks are joining in.
Bail out Boondoggle
2
Tuesday, 07 October 2008 16:23
Sassir
I know little about most of this "if it lookslike a etc etc ist is a boondogle. I don't understand the shrill warnings that banks can't borrow ,from each other vs the above "But solvent banks, which make up the majority in this country, continue to have access to interbank lending." I seek enlightment!
Bailout $'s/Political Contributions/Financial Quagmire
1
Tuesday, 07 October 2008 13:53
Steve Meltzer
Do you think the $700B ($1.6 Trillion including Fannie,Freddie,and previous insolvent entities)insures a continuous supply of cash for the political contributions to the pigs in Congress? Contributing to this induced finacial quagmire is the Fed's excesively low interest rates, Congress's failure to supervise due to receipt of political contributions and not issueing oil leases which allows drilling for domestic oil, Wall Street's unsupervised greed, and mortgagees receiving mortgages without sufficient collateral or demonstrated ability to pay. Debt + Deflation = Devastation. We need leadership!!! Steve Meltzer
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