gabe borenstein

Banks Are Yet Again Under Pressure

This is not the time to argue about the merits and faults of the requests for financial aid by the auto industry.
Lend them the money with some compensation /wage restrictions.
This is not the time to philosophise as the markets are unstable.
Continue with injecting liquidity(TARP) ,lower the FF to zero and impose six months moratorium on shorts .
This will allow the implemented measures to work without the speculative distractions.
On June 3,2005 I have said the following in an interview with Mark Gilbert(Bloomberg -London)."All of the economic forces point to a dramatic slowdown ahead which will turn into a serious recession,with almost no tools left to abort that possibility".
Now I have to listen to "experts" that this economic upheaval was unpredictable.
The implemented measures will contribute to the economic rebound but speculators must be stopped from udermining unprecedented effort at rejuvenating the eeconomy.
The SEC should impose moratorium on "shorts" immiediately.