Not often we beat the BBC and UK media to a story...
This is THE news of the week, year, maybe even decade. A solution to the credit crisis by long-term management of debt by the US Federal Reserve and others.
Basically, all crappy debt to be given to a pot, small sums paid off over the years =
smaller banks, but no liquidity crisis.
Dow up 617 points, expect a FTSE rally tomorrow.
BUT, the key part. Hank is ex Goldman Sachs. Goldmans will stay independent, unlike Bear Stearns, Merrill Lynch, Lehman Brothers and maybe even Morgan Stanley.
What a coincidence, eh?!
(CU is in NYC, see you next week)