Rescue Plan!

Saturday, July 19, 2008 | 04:00 PM

Another great cartoon:



Saturday, July 19, 2008 | 04:00 PM | Permalink | Comments (9) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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July 18 (Bloomberg) -- The Federal Reserve shouldn't wait until financial and housing markets stabilize to raise interest rates, central bank policy maker Gary Stern said.
And just think what the rate on personal, car and home equity loans will be by the end of this year.
All this mess makes you think about the intrinsic value of something. When there is no crisis, it's whatever is popular. However, when there is a crisis, Maslow's Hierarchy kicks in to separate the wants from the needs. We are getting into "needs" territory now. You've got a whole bunch of rich people who define themselves by assets which, even in depreciating dollars, are deflating. Capital preservation is now the need stripped of it's accustomed alpha. Soon it will be a need to preserve at least one mansion. But by that time the rest of us will be paying 23% for personal loans.
We can bring these rich folks down to earth by not buying ANYTHING except basic necessities for a couple of years. Everything would be repriced to a realistic amount. I'm definitely helping in this area. How about you? Do you really need another BMW? Does it matter whether a car is egg shaped or not?

Posted by: AGG | Jul 19, 2008 4:26:06 PM

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