Monday, October 29, 2007

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US Economic News of Note

Video: CBS News Report here.

Summary: Merrill Lynch boss quits due to investing in mortgage portfolios. Oil prices are peaking. Housing market trouble still growing. US Federal Reserve (US Central Bank) must lower rates or AHHHHH. BUT, if it lowers rates, the dollar falls further. AHHHHH.

Recession trend strengthening.

NY Times: Two failed plans so far.

Summary: There have now been two rollouts of plans to help rescue the economy from the worst effects of the housing bust. Banks seem to be having trouble raising money for their rescue fund. Mortgage-backed investments don’t seem so enticing when more foreclosures are coming. The plans are not working.

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