High risk credit

The Free Liberal
by US Rep. Ron Paul (R-TX)

08/24/07

As markets went on a rollercoaster ride last week, our economy is coming close to a day of reckoning for loose credit policies being followed by the Federal Reserve Bank. Simply, foreign banks we have been relying on to buy our debt are waking up to the reality of much higher default rates than predicted, and many mortgage backed securities have been reduced to ‘junk’ ratings. Wall Street fears the possibility of tightening credit and the tightening of America’s belts. Why, they say, ‘if Americans spend only what they can afford, think of the ripple effects throughout the economy!’ This is the cry, as the call comes for the fed to cut rates and bail out companies in trouble. More inflation is, however, never the answer to inflation...

//www.freeliberal.com/archives/002936.html


Informant: Thomas L. Knapp



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