At least they have the common sense to execute criminals... not reimburse them from the purse of innocents...
I imagine that the FED needs to keep rates at or near zero to help nurture the grounds for growth and increase rates to stave off inflation. Both theses actions of holding rates at zero and lifting rates need to take place simultaneously. This statement alone tells you the scope of the mess. as for the size of the mess .... Well if you throw 3.5T into a deep dark hole and it makes no sound then that gives some clue as to size. What I belief has happened among a great many other things, is that US and some of the western world have allowed themselves to be de-coupled from Value by credit. I mean someone can tell you the monthly payments on a BMW but not know the sticker price for cash. All this has to wash through the system. It can be accelerated by stimulus, but who is to say that the concept of value will not return and people will choose to paydown debt. '09 is shaping up to be both unknown and very interesting regards f9
Is anyone else absolutely bored out of their mind listening to this guy? He is slow speaking, takes forever to get to his point, etc. Edit: Getting better at 4:00 mark.