Mortgage woes 'exceed forecasts'

[MidnightVoice]

http://news.bbc.co.uk/2/hi/business/7004923.stm

Losses from sub-prime mortgages have far exceeded "even the most pessimistic estimates", US Federal Reserve chairman Ben Bernanke has said.

His comments to a US finance committee come two days after the Fed cut base interest rates to 4.75% from 5.25%.

The rate cut was made "to help forestall some of the adverse effects on the broader economy", he said.

That, along with pumping cash into the financial system, aimed to counter "significant market stress" he said.

[Anonymous]

I think it would be difficult to overstate just how bad an omen the half-point Fed rate cut was. The cut amounted to dollar suicide. I see only two possibilities:

1. TPTB were fearing something worse than a collapse of the dollar. If there's something worse than $150 a barrel oil and a depression, I'd rather not find out what it is.

2. TPTB have abandoned all pretense of ever paying the federal debt, and are going to inflate the debt away by dollar depreciation.

Either way, we're hosed.

[MidnightVoice]

1 UD$=1Canadian$ today.

And record lows against the Euro

[Anonymous]

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MidnightVoice wrote:

1 UD$=1Canadian$ today.

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If the currency is equal, then perhaps American beer will be as good as Canadian beer.

Always a half full glass.

[Anonymous]

I just recently brought a condo.  I thought buying property would help boost my credit score. But, after reading ithe threads about buying a home right now i am starting to feel like this wasnt a good

[Anonymous]

i just recently brought a condo. I felt really good about buying some property after all that is the american dream but, after reading some oft the threads im starting to feel like that wasnt the best decision.  I thought buying was far better than renting. confused in chicago