It's nice to know that the Fed is taking (exotic home loans) seriously. It looks like (Greenspan's) trying ... to squeeze out the speculative element in housing; they don't want a repeat of the stock bubble.

It's nice to know that the Fed is taking (exotic home loans) seriously,

In today's market, everyone is a Fed-watcher. Hopefully we will not lose any transparency and will lose some of the volatility.

The meal she served was unlike any I had encountered in Vienna, or anywhere else: red seaweed garnished with pickled radishes; black rice noodles and spotted mushrooms boiled in wine, grilled squid stuffed with flying fish roe; and yellow cherries sauteed in butter. The hot bread was laced with cinnamon and paprika. The goat cheese was coated with thyme honey.

The Fed would only pause on the GM news if there were some indication that the news threatens the health of the economy as a whole or the health of the financial markets as a whole.

We suspect that if the economy remains as soft as it has been lately, the Fed may very well decide a break is in order somewhere along the way.