Fed Cuts Rate...Again

The Federal Reserve cut a key short-term interest rate by a half-percentage point Wednesday and issued a gloomy outlook for the economy due to continued worries about the ongoing crisis in the financial and credit markets.

The rate cut put the central bank's federal funds rate at 1%. That matched the lowest level for this overnight bank lending rate ever -- the last time it was at 1% was from June 2003 to June 2004.

For the full article at CNN.com click HERE

Greenspan Admit "Mistakes" That Fueled Credit Crisis

via Associate Press
Federal regulators told Congress Thursday they’re working on a plan that could help many distressed homeowners escape foreclosure in a global financial crisis that former Federal Reserve Chairman Alan Greenspan warned will get worse before it gets better.

Greenspan called the banking and housing chaos a “once-in-a-century credit tsunami” that led to a breakdown in how the free market system functions.

Accused of contributing to the meltdown, but denying that it was his fault, Greenspan told a House panel the crisis left him — an unabashed free-market advocate — in a “state of shocked disbelief.”

Click HERE for full story on MSN.

Rockridge Halloween Parade & Chabot Carnival 10/26

Tis the season of tricks or treats and below are a couple events on October 26th for your little goblins.

• 12-2pm – Holiday fun for kids of all ages! Costume parade leaves College Ave. Presbyterian Church at noon. Participating merchants to provide candy. Return to Church for storytelling & songs starting at 1pm.
• 11am-3pm – Chabot Fall Carnival. This year's carnival will be held on the grounds of Claremont Middle School, at the corner of College and Miles Avenues, right across from BART. In case you've never been before, this is great fun for the students, their families, the teachers and staff and the whole Rockridge community. See you there.

Oh The Irony - WaMu CEO Axed From Old Company, Chase

via ZillowBlog
Steve Rotella left JP Morgan Chase Co. to become president and COO of Washington Mutual (WaMu) in December of 2004, moving from a big Wall Street culture to the laid-back environs of Seattle and WaMu. He and his wife purchased an impressive home in Seattle’s Capitol Hill for $3.78 million in 2005 and dug in to learn about Seattle and the Northwest lifestyle. Three years later, Rotella finds himself out of a job after being axed by the same company he left — JP Morgan, who took over WaMu as part of the wave of banks that collapsed.

And his home? Well, if you're in the market you can find it here!

Meet Allan Ayres - Photographer for MN's Gallery Show 10/16

With the first day of Autumn past us, MN is gearing up for our Fall Gallery Opening featuring the work of local photographer Allan Ayres. The reception and opening is October 16th from 6-8pm at our Rockridge office. You can RSVP for the event HERE and read more about the artist at allanayres.com