Friday, August 31, 2007

Bernake says Mortgage Meltdown

Bernake is ready to step in to help the markets and prevent mortgage meltdown. He is worried that the subprime spillover will affect the rest of the economy. We are hearing he may cut the fed funds rate.

The the Fed now understands how profound the mortgage liquidity crisis is and will try to avert a catastrophic failure of the banking system.

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