Wednesday, April 02, 2008

I guess we should have seen this coming. Even after Citigroup upgradeed Lehman to a "buy" late last week, the Fed announced that they want more power and a new role as the mortgage police. Because, obviously, the Fed saw this coming from miles away, and, uh, totally helped squash the mortgage crisis. Didn't Greenspan's policies convince all of these middle class Americans making $70,000 a year to buy half-million dollar homes in the burbs, or have we already relagated our fiscal policies of the past ten years to history and "post nine eleven" mentality? Has everyone really already forgotten about 3.0% 80/20 mortgages, directly a result of Greenspan's economic ideals?

At least we have Barney Frank and the House of Representatives to bail everyone out with a $300B prop, so we can all live comfortably above our means.

Bernanke is set to speak before congress, this afternoon. Stay tuned!

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