Originally Posted by sargon20
I remain truly baffled why a small but very vocal contingent hate the Fed. The Fed did it's job and prevented a major catastrophe from spiraling out of control and sending the world economy into uncharted territory. If you want to vent your anger vent it at Congress for undoing the speed brakes on the banks and doing nothing about the runaway train they ARE key in creating.
We agree here Sargon, but I had to correct one thing corrected for accuracy.
There's a lot of levers, but for one the Fed didn't have too much to do w/ the far-and-above reason for the recent woes.... housing burst. Like the dot.com burst that was predicated on hot air for 5-7 years, the housing boom was threefold... but instead of investments collapsing in the dot.bomb.... it was stupid consumers (aided by CRAct and Congress chastising banks for not making enough loans to the disenfranchised) using real estate either as a debt vehicle, and/or not taking the true debt and risk exposure in their finances. Ppl that fucking stupid shouldn't be allowed to buy a home.
Now we have Congress once again yelling at banks to give up more credit, getting mad at the credit card issuers, and so forth. Yikes.