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"Absolutely historic," was the comment CNBC economist Steve Liesman made in a brief appearance on NBC Wednesday when the Federal Reserve Board announced it was investing $1.25tr of freshly-printed cash into long-term debt from the USTreasury and the nationalized mortgage firms FannieMae and FreddieMac. Now CBS' Anthony Mason and ABC's Betsy Stark follow the impact of all that new money. The annual cost of borrowing money for a 30-year home mortgage has now fallen below 5%. "The Fed is determined to make interest rates so low reluctant buyers will find them irresistible," was how ABC's Stark put it.
CBS' Mason rounded out his report with Harvard University research into the economic damage from 66 other major financial crises. He quoted averages in four key statistics: a bear market in stocks--down 55%; a bear market in housing--down 35%; the unemployment rate--up 7%; the national debt--up 85%. Just to reach average, housing, joblessness and debt still have to worsen. What happens if this downturn is worse than average?
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