Saturday, October 6, 2007
America’s bankers are asleep on the job
Wall Street should wake up, there remains no escape from the crisis that is continuing to unfold. House price falls are continuing to accelerate. Property prices in major cities dropped by 3.9 per cent in the year to July, compared with 3.4 per cent the previous month. That of course was before the credit squeeze that has forced the huge US banks to lop billions of dollars from their expected profits. OVER TO YOU BERNAKE? How Did you get into this mess? By lowering interest rates, that's how. So it's quite logical to lower them again now isn't it?