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Bill Gross insists Fed charter includes propping up housing bubbles


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2007 Nov 5, 7:12am   16,615 views  141 comments

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PIMCO says housing delinquencies to rise into 2008

NEW YORK, Nov 5 (Reuters) - The Federal Reserve will have to cut its federal funds target rate to prevent a dramatic fall in housing prices in the wake of the subprime meltdown, said the manager of the world's biggest bond fund on Monday.

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

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140   DinOR   2007 Nov 8, 5:44am  

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.

141   Different Sean   2007 Nov 8, 3:40pm  

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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