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Quote of the Day - Where was the Treasury when the rest of America was refinancing its debt? - Tony Crescenzi
The Fed Closes The Barn Door; Horses Reportedly Missing
The recession's in full swing and foreclosures are at an all-time high, Bear Stearns folded only to get federal brunch aid to bail it out and we're paying through the nose to import oil from Saudi Arabia while untapped reserves lay quietly beneath the coasts of Alaska, Texas, Louisiana and California.
Oh yes, and don't forget that prosecutors are going to slap those two Bear Stearns fund managers on the wrist to punish those responsible for the foreclosure crisis.
As if all of that weren't enough, now the Fed is going to pass new regulations to protect homeowners from this crisis happening again.
Thanks for protecting us from something that already happened.
In Iowa, we called that closing the barn door after the horses had escaped. In fact, those horses are so long gone their foals are now buying property. With homes on that property. Without jobs, without income and without documents. Such a deal.
Know any good rustlers? I mean mortgage brokers, excuse me. I want to refinance my house now that interest rates are at an all-time low.
If the Fed will let me.