August 17, 2007
Special open thread to talk about the housing collapse, stock swoon and mortgage meltdown - are you prepared?
Seemed like three silly words to so many before the crash hit. But now with global central banks rushing hundreds of billions of dollars worth of desperately needed cash to failing banks who were holding US mortgage cancer while lending to imploding hedge funds, "Cash is king" isn't a theory - it's reality.
What are you doing out there during the meltdown? Did you prepare, or did you get whacked? And do you think the Fed's panicked discount rate cut this morning will stop the bleeding? Or is it a sign of FedPANIC?
WASHINGTON (AP) -- The Federal Reserve approved a half-percentage point cut in its discount rate on loans to banks Friday, a dramatic move designed to stabilize financial markets roiled by a widening credit crisis.