“The Federal Reserve took aim at the nation’s wobbly housing market last week with its biggest stimulus action in two years, but that firepower is doing little to lower mortgage rates or make home loans more available for Americans.
Instead, banks are set to see a windfall since the Fed’s actions will immediately lower the cost of issuing loans. It may take months or longer for benefits to trickle down to consumers, analysts say.” (Washington Post)
Fed Expands Frying Pan, Stokes Fire.
FEE Timely Classic
“The New Fed” by Sheldon Richman
“Blowing Bubbles: Getting Ready for the Next Bust” by Richard Fulmer