Interesting day wouldn’t you say. So the FED will open the credit window. Two injections today. We have found a buyer for the mortgage backed securities….great! You would think the market would jump for joy but so far that isn’t happening. If you want to know how serious this is, the last time Japan, Europe, and the US all injected liquidity at the same time was after 9/11. From my view the FED is not inspiring confidence. They appear to stumbling along not really knowing what to do. And they also look like they are being bullied by Wall Street. I don’t like it! We are in an environment where there is no margin for error and I have a feeling these guys are going to error. My real worry is a dollar crisis and they are taking baby steps into that scenario right now.
