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Friday, August 10, 2007

I HATE TO BRAG, BUT

I HATE TO BRAG, BUT

I was listening to comments made by Donald Trump today and I feel vindicated. Although most of the so-called financial experts, including and especially those on News Max, are suggesting that the Feds made a mistake several days ago by not increasing interest rates, Donald Trump is recommending that the Feds decrease rates starting with a bold one percent. I feel vindicated when a man of Trump’s stature is recommending the same thing I am.

Although Trump did not say so, as I have said before, a decrease in interest rates makes since because it was the many rapid increase in interest rates which brought on the collapse of the housing market in the first place. It makes sense to assume that a reversal of the process might result in correcting the situation. But as I said yesterday, do not expect an immediate correction of the problem because it takes 9 to 12 months after something is done before one can expect the change reflected in the market. If we are lucky, a shock to the entire system might result in a correction sooner. At least, we hope so.

Trump said, and I agree and again as I said yesterday, why should all those individuals who made the mistake of getting involved in a sub prime scam suffer. Most of these unsuspecting persons put up a major portion of their assets in purchasing a home. The Feds are a government agency and should be in the business of protecting the public. We pay them to do so. I do not care a diddly whit for the speculators such as the major financial firms as Bear Stearns. Why should the public pay for their visit to Las Vegas? If they wish to speculate, let them suffer if they lose. I care for the individuals who bought homes.

Today the Federal Reserve poured billions into the financial markets which appeared to head off a crisis. Many other Central banks throughout the world did the same. How they do this I really do not know. I suspect the Feds went next door to where they print money and printed more worthless paper money. I am ignorant on how the Feds pour money into the system. Where do they deposit this money? Who did they call? Was it Chase Manhattan or Bear Stearns? Did they electronically transfer the money or did they deliver it by wheel barrow? Or did they just transfer the money from one vault to another in the Federal Reserve vaults deep somewhere beneath the streets of Manhattan? Someday Perhaps someone will be able to teach me and make me understand how this is done. I am being facetious here I know. But I really would like to know how they do this.

nicola michael c. Tauraso, M.D.

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