chagrinned1

The Best Man for the Fed Chair Could Be a Woman

Balderdash!!The current problem is primarily due to Geenspans inattention to the impact of 1% Fed funds Rate and the effect it was having on the mortgage markets. No Doc mtge loans were a way of life towards the end of this bubble and he did not act soon enough to fix that. The low interest rates doomed the value of the dollar,ergo oil price soared as producers sought higher rates. And the biggest flaw in the Federal Reserve is the mandate by Democratic led Congresses to have an absurd number of public forums with the Fed chair, so that they can get their faces on TV. They declared it "the end of secrecy at the Fed" and was a fool move on their part. Prior to that the Fed made moves without "consulting" congress and it worked! The truly low rates scalped savers, made our $ depreciate daily, BUT it allowed everybody to own a house(true socialism) even if that was not feasible economically. (gotta think of votes)
But to show you how sensitive I can be I will visit my Wachovia Branch Monday and seek out the lady I know has been there for many,many years and holds a supervisory posn for a recommendation to the Fed Board. That is AFTER I find out her reasons for the utter bombing of our banking system. Patsy may have a compeditor here. Chagrinned1