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Bill Gross insists Fed charter includes propping up housing bubbles


               
2007 Nov 5, 7:12am   17,948 views  141 comments

by HARM   follow (0)  

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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1   Peter P   @   2007 Nov 5, 7:18am  

I insist that the Fed charter includes the guaranteed supply of foie gras and Caspian caviar.

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