Hope Springs Eternal

After Wall St had a freak out yesterday over **only** a 1/4 point, the spin this morning is a different story. Well it was only 1/4 but more is coming and the Fed has other tricks up its sleeve.

Huh? Tricks? This is the the future of hundreds of millions of people and these idiots are treating the situation like a parlor game? WTF.

Wall St. right now is like a crack addict with Ben Bernake as the local dealer. He as been giving them a nice steady set of rate cuts. Yesterday he only gave Goldman Sachs 1/2 of the regular supply. Goldman went crazy. This morning as every drug addict does, Goldman starts justifying things. Things are OK after all. I know my dealer will come through with something else for me.

I was a little premature in singing Benny B's praises yesterday. Looks like he will still supply the crack just not so out in the open. Shame on you Benny. Shame on you.

But as I have said before it will do nothing in the long run. Housing is and will continue to crash in 2008. Consumers are broke. Cutting interest rates by 1 or 2 or 3% won't change that. If you have a $4000 mortgage on a $5000 a month salary a rate cut won't do anything. Why in the hell is it so hard for these people to understand such a simple concept.

And all that aside, the reason we are in the mess we're in was TOO MUCH easy credit. So how is Benny B going to fix the problem? By adding more easy credit.