SubscribeFED to issue credit cards to in debt consumers?
I’m joking of course but who knows as the ideas just get goofier.
The Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers and small businesses, committing up to $800 billion.
The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing-finance companies. It will also set up a program of $200 billion to support consumer and small-business loans, the Fed said in statements today in Washington.
“This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” the Fed said.
My comment: That last statement is the most stupid of all. The problem has been stated ad nauseum was the speculative bubble that was created in the housing market due to the easy credit created by the FED. Now the answer is more credit? These guys have lost it and gold is sensing it over the last couple of days. There is still time to protect yourself against the insanity that the FED and Treasury are pursuing as 2009 is going to be really bad. The last thing over indebted Americans need is more credit and debt. The people here in America better get hip to the fact that we blew our wad and partied away all our wealth. As we cannot pay we will have to accept a lower standard of living.
I’m joking of course but who knows as the ideas just get goofier.
The Federal Reserve took two new steps to unfreeze credit for homebuyers, consumers and small businesses, committing up to $800 billion.
The central bank will purchase as much as $600 billion in debt issued or backed by government-chartered housing-finance companies. It will also set up a program of $200 billion to support consumer and small-business loans, the Fed said in statements today in Washington.
“This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally,” the Fed said.
My comment: That last statement is the most stupid of all. The problem has been stated ad nauseum was the speculative bubble that was created in the housing market due to the easy credit created by the FED. Now the answer is more credit? These guys have lost it and gold is sensing it over the last couple of days. There is still time to protect yourself against the insanity that the FED and Treasury are pursuing as 2009 is going to be really bad. The last thing over indebted Americans need is more credit and debt. The people here in America better get hip to the fact that we blew our wad and partied away all our wealth. As we cannot pay we will have to accept a lower standard of living.
John Polomny
The Real Deal
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