....Washington's real goal should be to accelerate foreclosures, making them cheaper and less onerous for all concerned, so the market can hit bottom and buyers and sellers can have confidence in prices. Otherwise, look out below.
Wednesday, March 12, 2008
Why is the Fed buying lousy debt?
Leading the stock market rally yesterday were bank stocks who can now trade bad debt to the Federal Reserve in exchange for high quality government securities. Guess who gets stuck holding the bag?
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