No Cerveza... No Trabajo
Join Date: Jun 2002
Location: Where's my beer?
I'm starting to like ol' Bernanke.
He is either going to be given the title "Slayer of Evil" or he will change his name to G William Bernanke to pay respect to G William Miller who was Jimmy Carter's useless Fed Chairman.
While the credit markets have been tough and they probably arrived late to the party the Fed, I believe, headed off a complete meltdown in the financial markets back in March. If you think we're feeling pain now imagine if the financial markets couldn't provide anymore liquidity.
Dollars coming back, gold is down, short-term treasury yields are up, credit spreads have narrowed and the equity markets held their own.
The fed may have not solved all the problems but they've kept a very damaging crisis at bay for now.
My 401K is now a 400K (was 301K)