Yet mortgage rates are going back up again. I guess their plan didn’t work. Although cynics among might say the rate cuts were to save the investment banks and hedge funds, not homeowners.
Meanwhile, a group of hospitals is screaming to the SEC to do something about the frozen auction rate security market. There are currently no buyers for this debt, and the hospitals need the money now. These securities were supposed to be the equivalent of cash, able to be sold instantly. But that was before the buyers disappeared.
There sure seem to be a number of financial calamities lately that were not ever supposed to happen.