A Letter From Uncle Ben!!!! Uncle Ben Wrote Us A Letter!!!!

August 29, 2007 at 1:01 pm  ·  Category: Federal Reserve, Market Commentary

In a letter from Monday released this afternoon from Fed Chief Bernanke to Senator Charles Schumer Bernanke assured the Senator that the Fed was “closely monitoring developments in financial markets” and “is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets” (Letter).

This is an exact replica of what the Fed said in their statement from Friday August 17.

Nevertheless the markets have tacked on another 100 points in what was already a nice up day.

It’s like when your Dad tells you everthing’s going to be okay when you’re a kid.  You believe him!!!!

You tend to get a little more skeptical as you get older though 🙁

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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