fed locks the barn door!

[jk]

Fed to Clamp Down on Exotic and Subprime Loans

WASHINGTON — With no end in sight to the turbulence in the housing and financial markets, the chairman of the Federal Reserve said on Tuesday morning that it would issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit....

http://www.nytimes.com/2008/07/09/bu...hp&oref=slogin

thank goodness they've locked the barn door. can you believe this story got a headline?

[metalman]

Re: fed locks the barn door!

Fed to Clamp Down on Exotic and Subprime Loans

WASHINGTON — With no end in sight to the turbulence in the housing and financial markets, the chairman of the Federal Reserve said on Tuesday morning that it would issue new lending rules next week to restrict exotic mortgages and high-cost loans for people with weak credit....

http://www.nytimes.com/2008/07/09/bu...hp&oref=slogin

thank goodness they've locked the barn door. can you believe this story got a headline?

ugh, time to put STEPHEN LABATON on the 2008 Flying Monkeys of the FIRE Economy Award reporters list.

markets have done a fair job locking the door on crap loans a long time ago.

[c1ue]

Re: fed locks the barn door!

markets have done a fair job locking the door on crap loans a long time ago.

Not exactly, I would term it more the barn is already burning down.

Doors are irrelevant now.

[jtabeb]

Re: fed locks the barn door!

Not exactly, I would term it more the barn is already burning down.

Doors are irrelevant now.

"Burnt" Down would be more appropriate.

[c1ue]

Re: fed locks the barn door!

JT,

as ugly as things seem now, it is still early.

We're midway through the 3rd inning; a major depository bank has not failed yet.

Once that happens, we're into the 4th...

Hence 'burning'

Burnt is something which I truly hope does not happen, but there will be bread lines in Manhattan if it does.

[jtabeb]

Re: fed locks the barn door!

JT,

as ugly as things seem now, it is still early.

We're midway through the 3rd inning; a major depository bank has not failed yet.

Once that happens, we're into the 4th...

Hence 'burning'

Burnt is something which I truly hope does not happen, but there will be bread lines in Manhattan if it does.

Wasn't that the Game Plan in "Atlas Shrugged", to turn out the lights in NYC, GreenFrisco D'allen sure did some good work. Ayn didn't name him the "Undertaker" for nothing, ya know!

I just wish I knew where Galt's Valley is, I've been looking to buy property there, even have the gold to pay for it (have an airplane to get there too), but so far no RE Agent can find me a listing. Any ideas?

Who is John Galt?

[c1ue]

Re: fed locks the barn door!

I just wish I knew where Galt's Valley is, I've been looking to buy property there, even have the gold to pay for it (have an airplane to get there too), but so far no RE Agent can find me a listing. Any ideas?

No clue - not a big fan of Ayn Rand now that I'm older than 20.

There is a city (town) called Galt between SF and Fresno, CA though.

Surely there is a valley somewhere nearby.

[jtabeb]

Re: fed locks the barn door!

No clue - not a big fan of Ayn Rand now that I'm older than 20.

There is a city (town) called Galt between SF and Fresno, CA though.

Surely there is a valley somewhere nearby.

I love the intellectual Poo-Pooing that goes on here, give me a break.

That shit only works on insecure people, not here.

(thanks on the Intel on galt) Appreciate it.

JT