Headline: Banks Fail to Lower Mortgage Rates as Bernanke Cuts.....
You have to be a hallucinatory Republican to think that banking execs will ever behave in any manner other than to extract the very last dollar available no matter the circumstances. They could loan money at five to eight percent while paying 3.5% for money, why in the hell should they charge 4% when they are suddenly paying 2.5% for money? This "Not a Bailout" Fed action should be called The Bank Handout Act because that is what it is. You cannot give these rapacious pricks anything and expect anything other than continuing rapaciousness. They made the bad loans without fear of consequences. They deserve to eat shit. BUT because of the intertwining relationships of all banks, investment banks, brokerage firms, and in many cases governments and their national banks, we really can't allow one of the spokes that hold the wheel together to just cease to exist without having the entire financial wheel collapse no matter how philosophically rancid the solution. I think we have to take a long hard look at the entire system, including our fucking government.....LOL. I think we are fucked. See later post HERE.