While the markets rallied and folks cheered the Feds, proclaimed they saved the day, a dissenter emerges in the form of Winter Watch via Dr. Strangelove: Trial Ballooning More Disasters.
Today, the Fed announced a new liquidity plan.
the Fed announced a plan to resuscitate the ailing credit markets by lending $200 billion to battered financial firms in exchange for debt- or mortgage-backed securities. Starting March 27, the central bank is planning to offer weekly auctions, which could exceed $200 billion if there is sufficient demand, the Fed said.
I felt alone in the perception of an enabled ponzi subprime mortgage game continuing unabated, a shell game to push off this greedy disaster onto the taxpayer. Was I wrong? Did I just not understand? After all the market went up the highest 1 day rise in 5 years.
From Winters:
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