Los Angeles Times - "Analyzing the Fed's move" (8-18-07)

"L.A. Times columnist Tom Petruno writes that the Fed bought some time to restore confidence in financial markets: 'However else the decision was dressed up -- Fed supporters say policymakers intervened to protect the economy, while critics say the central bank is simply bailing out major financial companies -- this ultimately was about confidence.' The New York Times' Louis Uchitelle sees a more specific goal -- reviving the suddenly frozen market for jumbo mortgages and other "creditworthy" mortgages: 'Fed policy makers and Treasury officials said that in cutting the discount rate, the Fed’s principal goal was to shore up the market for creditworthy mortgages, including those for more expensive homes.'"