"Ben Bernanke put the Federal Reserve on a path towards a December rate cut in a speech on Thursday night in which he said the relapse in financial markets had resulted in a “tightening in financial conditions” that had the potential to harm the real economy." Financial Times, 30 Nov. 2007
What a mess!, so the Banks went in the past 20 years and in particular in the last 4 years in reckless lending, saw huge profits and huge bonuses. Now they are crying and call for the Federal reserve to come to the rescue. Right, the Fed has no choice as those *** can hurt the real economy and the "real" people too like you and me.
The Fed will cut the interest rate aggressively , make again the money cheap and on the way will hurt the savers. Most probably, they will promote "Moral Hazard" and reward the frauders and people that sees stock market, housing market, oil market, gold market and currency market as nothing than a casino where easy money can be made.
The ECB will follow suit most probably next summer otherwise the Euro will shoot up to 1.60 euro to the dollar and on the way putting all exporters to their knee and the economy with....
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