So much for a quick end to the credit crisis.  Just three short months ago, the Fed’s creative moves lent optimism that the credit crisis was nearing an end.  Unfortunately, Merrill, Lehman, Citi, UBS and their “partners in crime” didn’t do their parts.  As write-downs and losses continued to mount, Bernanke quickly lost cult hero status and the markets turned sour for a horrendous June.  (Can you say bear market?)  Oil prices keep surging through the proverbial roof and some ill-timed projections by Goldman Sachs and others surely haven’t helped matters.  The Fed shifted course on monetary policy by taking a break from the rate cuts and many “experts” believe the next move will be higher (though the jury is still outon the exact timing).  Politics will rule the news for the next few months as voters learn about the policies of two competing Senators who continue to debate “change” vs. “experience.”  Just why would anyone want to leave that “cush” job in the Senate to become “leader of the free world?”  (Then again, the country still has an opening for a new cult hero.)  

 Attached (linked) please find And That’s The ‘Quarter’ That Was, the Brounes & Associates market/economic commentary for the period just ended June 30, 2008.

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