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Bill Gross insists Fed charter includes propping up housing bubbles
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2007 Nov 5, 7:12am 16,680 views 141 comments
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Ooops, sorry. No offense intended.
That's just my oldfartishness coming out. There was a time when those numbers, although high, were the norm. Yes, it was painful for the buyer, but the market seemed to be more stable.
Yeah, we had booms and busts, but the magnitude seemed much more managable. Then again, I guess it's all in it's own context. What we griped about then, that seemed catastrophic, is chump change now.
Richmond,
None taken. Did any of us ever imagine a time when actually having a down payment for a home would've been a requirement? The fact that we let people w/ "decent" FICO's "pre-raid" their equity and then turn around and buy w/ zip down can't have been a positive.
I just realised that if you scale the Oz govt surplus to the American population, you would have an AUD$1.5 trillion surplus now... and we may as well call dollar parity for all intents and purposes...
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PIMCO says housing delinquencies to rise into 2008
Thank God for Bill Gross being around to clear up this sort of thing. I had been operating under the mistaken impression that the Fed's Charter had something to do with ensuring the soundness/stability of the banking system and protecting the USD. But evidently, they're in the business of protecting inflated asset prices and propping up housing bubbles.
Whew, glad that's all settled...
HARM
#housing