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Thursday, August 9, 2007



I have been saying it over and over again: “If the Feds do not lower interest rates, the problem with the sub prime market will not be corrected.” This is my reasoning.

The so-called sub-prime market along with the housing market deteriorated because of the many and rapid interest rate hikes of the Feds during 2005/6. The Feds as usual increased interest rates so fast that they did not wait for the market to react. They have done this in the past with the person-noone-could-understand Greenspan and they have done it with Bernanke as head. Unfortunately these bankers just do not understand the kinetics.

According to the President, there will not be a government bail out of the institutions who are in trouble, and I do ot think there should be. Let them lose money. They gambled and are losing. But I am concerned about all those people losing their homes. Yes, they should have known better, but why should they suffer because the Feds do not know what they are doing. Or have I got it wrong?

I have said it before that every 15+ years we go through this again where the banks seize homes legitimately because people cannot pay the interest on their loans. The houses are seized, the banks get richer, the poor people suffer. Meanwhile the government does nothing. The government puts bankers in charge of the money and these individuals think about and for themselves. If this is not the case of the foxes guarding the hen house, then I have not seen it.

The Feds can correct this problem, but they will not because they cannot . They know no other way as I wrote in my Blog yesterday. Let’s hope too many more people do not get hurt, but I do not think so.

nicola michael c. Tauraso, M.D.


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