If you read this blog, you know that I have really been annoyed with the way the “fixes” to the credit crisis are headed. A mortgage rate freeze that will have us back to this point later, Fed rate cuts that encourage inflation and now a liquidity plan that further aims to put an inadequate band-aid on a gaping hole gushing with blood.
I personally think that some sort of nationalized standard of lending should be developed. You know, one that requires that someone be able to make payments on a mortgage — even after the rate resets. And I certainly …read more

The Fed is scrambling to figure out what to do in order to slow (maybe try to prevent) the coming recession. Some would argue that, really, it’s already here. At any rate, the Fed cut a key interest rate yesterday. Because Wall Street was really hoping for a bigger bailout (25 basis points just wasn’t enough), stocks had issues.
And, in an effort to ward off criticism that the Fed is more concerned with inflation than it is with the credit crisis, the Fed unveiled a plan this morning to inject cash liquidity into the financial markets.
But the bottom line is …read more