How bad can it be down there?
Written by A Forex View From Afar on Tuesday, February 12, 2008Back to www.thelfb.com
Banks have just announced another plan to save what is left from the sub-prime debacle. This is now the third attempt. First was the Super SIV Fund, which actually was not a Fund at all, because no money was put into it, there was only an intention, and Funds can’t live with promises, they need money.
Their second try was with the tax rebate. Most economists agree the fiscal stimulus is more like a future-hope then a nearby-certainty.
Now we are at the third attempt trying to save something from sub-prime, with the same cast that caused the sub-prime issues in the first place….So strange….
All this makes me wonder, how bad can it really be? Three attempts, a President and a Congress who pushed the bill as fast as it could, almost overnight, and a Fed that cuts every time it can.
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