Cartoon: A humorous look at the Fed rate cut
I couldn't help but chuckle when I saw Dan Wasserman's cartoon in the Sunday Boston Globe:
I admit that this cartoon is obviously a gross simplification of how many subprime borrowers got into their current predicament. However, I do think that it is an interesting commentary on the impact of the 9/18 Fed rate cut on homeowners struggling to make mortgage payments and the predatory lenders that helped put them in that situation.
I admit that this cartoon is obviously a gross simplification of how many subprime borrowers got into their current predicament. However, I do think that it is an interesting commentary on the impact of the 9/18 Fed rate cut on homeowners struggling to make mortgage payments and the predatory lenders that helped put them in that situation.
posted by Frugal Frugalson at
10:20 AM
2 Comments:
Unfortunately, he should have included all Americans, especially those who didn't take out these silly exploding rate ARMs, who will lose as the dollar depreciates. All our imports are going to cost more as the dollar falls.
By
Anonymous, at 9/25/07, 1:49 PM
Unfortunately, I believe that the dollar has already been eaten away by inflation that is not represented in the government inflation numbers. :(
Since our housing woes have also impacted non-US banks, I wonder if the dollar will be strengthened a bit if and when the Europeans also cut rates over fears of a slowdown/recession.
By
Frugal Frugalson, at 9/26/07, 10:13 AM
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