Thursday, January 10, 2008

The "substantive" Fed

With the shotgun marriage rumour of Countrywide with BofA, does that mean the Fed cuts before their January meeting? Substantive would mean that, versus the regular procedure of cutting during the meetings, if I was parsing it legally. But does that matter now? If CFC can get bought, what does that mean to WaMu? (WM 13.53)

It means just go out and buy. The Fed may finally have our back. And it only took the unwinding of the entire housing industry, and systemic erosion of the capital of the banking system to awaken them.

But I'll still take it!!!

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