Friday, August 31, 2007

Did Bush and Ben coordinate their speeches?

At 10 ET you have Bernanke's speech.

At 11 ET you have Bush's speech on a housing, and the start of a bailout with FHA stepping up to the plate. Did Bush read Pimco's latest missive from Bill Gross? For those that missed it:

Get with it Mr. President and Mr. Treasury Secretary. This is your moment to one-up Barney Frank and the Democrats. Reestablish not the RFC or the RTC, but create an RMC – Reconstruction Mortgage Corporation. If not, make some modifications in the existing FHA program, long discarded as ineffective. Write some checks, bail ‘em out, prevent a destructive housing deflation that Ben Bernanke is unable to do. After all “W”, you’re “the Decider,” aren’t you?

Now if we can just get the Fed to move..

No comments: