Admitting you made a mistake is the first step. Or at least that is what we all have been told. This morning Ben Bernanke spoke, and something wonderful happened, he finally said what we all see is going on. Ben stated that “credit markets could dampen future economic activity” remember he used to say “subprime was contained”. Ben gets it, the fed get it…right now I am smiling ear to ear.
Nobody knows how bad the future economic impact will be, but at least the fed is finally admitting there is something to watch.
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