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Transference
Posted by: Jon Henke on Sunday, August 12, 2007

In order...
  • Brad DeLong is asked if the Fed "intervening directly in the mortgage-backed securities market" is as "unusual as I think it is".

  • DeLong says "Yes."

  • Atrios writes "Brad DeLong confirms that the Fed playing around in the mortgage-backed securities market is indeed a not normal thing."

  • Kevin Drum checks with an Econ Professor with a friend at the Fed, who tells him that the unusual thing was "that the Fed announced it would lend against all three types of collateral at the same rate", not that the Fed was offering loans against mortgage-backed securities.

  • Atrios cites Kevin Drum's post and blames his misperception on. . ."media reports"!
Media, Brad DeLong, whatever. Why oh why can't we have a better blog corps?
 
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Comments
And Atrios (Duncan Black) was an Economist before becoming a full-time Media Matters mouthpiece.

Go Figure.
 
Written By: Joe Tobacco
URL: http://www.cadillactight.com
That is funny Jon. It is good to have you back. Unfortunately, one of Delong’s virtues is not a sense of humor about such things. For that matter, it isn’t Atrios’ either.
 
Written By: Lance
URL: www.asecondhandconjecture.com
Well done, Jon.

It would be tempting to say that you get the blogging corps you pay for but, clearly, that isn’t the case.
 
Written By: Dave Schuler
URL: http://www.theglitteringeye.com
In this case, I think the Fed is being pretty restrained. The goal is to keep banks in business lending money. I did a serious, but somewhat tongue-in-cheek post on this topic called Bernanke and the Fire Fighters. Here’s a sample:

’Over the past two weeks, the credit conflagration we know of as subprime lending burst into flames. In the fire zone, we see the charred ruins of two Bear Stearns hedge funds, a Goldman Sachs hedge fund and a few funds sponsored by French banker, BNP Paribas. Several, mortgage lenders are also in there with little left but the unused pixels of their next ‘no money down–immediate acceptance’ marketing campaign...’

http://fundmasteryblog.wordpress.com/2007/08/13/bernanke-and-the-fire-fighters/
 
Written By: Kurt Brouwer
URL: http://www.fundmasteryblog.com

 
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