luv2read
05-14-2008, 04:35 PM
"Turmoil in financial markets has eased somewhat, but the situation is still 'far from normal,' Federal Reserve Chairman Ben Bernanke said Tuesday," AP (http://news.yahoo.com/s/ap/20080513/ap_on_go_ot/bernanke_credit_crisis;_ylt=AgHqTd6PzOGR90ZS.Z7HtH 8NJ_wE) reports. "The central bank has taken a number of unconventional steps -- especially since March, when the credit crisis intensified -- to help squeezed banks and big investment firms overcome problems and try to get credit flowing more freely again."
But "nearly seven in 10 Americans are worried about maintaining their standard of living, as concern has spiked higher in just the past five months, according to a new Washington Post (http://www.washingtonpost.com/wp-dyn/content/article/2008/05/13/AR2008051303120.html)-ABC News poll. Soaring consumer prices are a major challenge, with many people struggling under the weight of the rising costs of fuel, food and health care."
"While drivers are facing sticker shock at the pump these days, here is a bigger shock: high prices are putting a strain on oil refiners.
That was the first mistake. The fed should NOT bail out the banks and big investment firms at taxpayer expense. Let the free market reign and they can buy each other out.
But "nearly seven in 10 Americans are worried about maintaining their standard of living, as concern has spiked higher in just the past five months, according to a new Washington Post (http://www.washingtonpost.com/wp-dyn/content/article/2008/05/13/AR2008051303120.html)-ABC News poll. Soaring consumer prices are a major challenge, with many people struggling under the weight of the rising costs of fuel, food and health care."
"While drivers are facing sticker shock at the pump these days, here is a bigger shock: high prices are putting a strain on oil refiners.
That was the first mistake. The fed should NOT bail out the banks and big investment firms at taxpayer expense. Let the free market reign and they can buy each other out.