Tuesday, August 28, 2007

The Fed's minutes

Notice this gem in the Fed minutes...in discussing the stock market, the Fed said:

Share prices of financial firms fell especially sharply, reportedly a reflection, in part, of concerns about exposures to subprime mortgages and about the effect of a potential slowdown in merger activity on operating profits.

So we know the Fed doesn't care about housing, but they care about bank stock prices. Boy is that rich! At least they have some perspiration on their brow.

Anyone want to bet that Ben's underarms will be soaked in Jackson Hole?