“The real outrage is that none of this had to happen,” said William A. Fleckenstein, co-author of “Greenspan’s Bubbles: The Age of Ignorance at the Federal Reserve” and president of Fleckenstein Capital in Issaquah, Wash. “We did not have to ruin the financial system and ruin the financial lives of a huge chunk of the middle class in the United States.”
“It is crystal clear that
- the Fed not only made mistakes,
- they had the pompoms out, cheering for deregulation,” he adds.
“Until people recognize why we are in this mess, I don’t see how we get out of this thing.”
A week ago, Bridgewater Associates, a research firm, estimated that losses from the credit crisis we’re now mired in might amount to $1.6 trillion when all is said and done.
People, everybody needs to sit up and take notice . . . the American public needs to READ more and get informed. Things are just getting worse . . . .
My suggested list for today follows:
- FANNIE MAE UGLY - WSJ
- Fair Game - New York Times
- Agencies' problems could deepen impact of credit woes in Asia
- Mortgage Giants Face Pressure Over Capital
- PAGE ONE WALL STREET JOURNAL - Monday July 14 - (Posted in time for the Asian Market to respond to auction of Freddie Notes) Treasury and Fed Pledge Aid
