Bernanke Begs Congress to “Move Quickly”
The Federal Reserve Bank is in what I would call “real-estate death spiral crisis mode.” Chairman Bernanke gave a speech last night outlining the extensive efforts the Fed is making and urged Congress to move quickly on doing something to lessen the foreclosure tidal wave.
The speech is remarkable because it came with a very impressive Flash presentation. Scroll down to the bottom of this page to see it. The Fed has created a set of “heat maps” to better zero-in on the disaster areas.
The amount of effort put into this research is an indication of the depth of the Fed’s concern. The pleas to congress to “do something!” are a direct result of the Fed’s helplessness to do anything beyond keeping the financial system from collapsing. The defiant Libor rate is keeping mortgage interest rates high, and a bullet-less Bernanke is now begging for help.
