As mentioned in The Drudge Report, a pronouncement has come from the Jackson Hole, Wyoming, conclave: Fed Acts to Limit Credit Crisis Fallout . Meanwhile, we read: Bush Outlines Aid for Mortgage Holders . I don’t think anything that they do at this point will stop the debt bubble from bursting. This just the beginning of a huge financial debacle that will play out in the months and years to come. As I’ve said before, the macroeconomic implications are huge. I should also mention that I’m presently waiting for the other shoe to drop: commercial real estate. There were lots of foolish loans made in that market, too.
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The precious metals markets closed decisively higher on Friday–with spot silver at $12.02 and gold at $673.20. I suspect that investors have finally realized that the only real safe havens in the upcoming dollar debacle will not be denominated in any paper currency, they will be tangibles. For some background on precious metals supply and demand fundamentals, see: The Coming Flight to Gold , by Roland Watson
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