Wednesday, November 26, 2008
Your Morning News 11.26.08
Posted by Josh in economic crisis, FDA, Pilgrims, The Fed, Tom Friedman, Transition 2008, Your Morning News
The Fed is going to buy up $600 billion of debt issued or backed by Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Banks — a move that makes the nation’s central bank a lender to almost every corner of American life. This is one of the first major moves from the Fed to ensure that commercial credit markets remain liquid, meaning that things like mortgages, student loans, car loans and other forms of consumer credit remain available at reasonable prices. The standard disclaimer on all of these bailout measures apply: May not work, maybe have long lasting repercussions, and the Fed now basically owns everything ever.
President-elect Obama has announced his National Security Team. The big news is that he will be keeping Defense Secretary Robert Gates in his current post for the time being. However, some commentators I respect are saying that the real question is going to be who gets to pick the mid and junior level staff.
US consumer spending fell by 1% in October, the largest decline since September 2001. So go buy stuff.
A position that I feel hasn’t gotten enough attention FDA commissioner. What with my desire to not get e coli, the appointment will signal how serious the Obama administration will be about making the FDA an actual regulatory body again.
The Thanksgiving tradition of Op-Eds about Pilgrims is alive and well. Luckily, Tom Friedman has an outstanding Op-Ed about the Citi bailout. Nothing earth-shattering, but some enjoyable vitriol.