The Fed is leaving rates where they are today!
Am I worried about the credit crunch and recession? Yes.
Do I recognize that sometimes we have to take our medicine even though it's unpleasant? yes.
Do I feel bad for all the speculators ("homeowners") who will be stretched to or past their limits? Not really.
Rates were too low, too long. We put off reality for a long time with easy funny money. But now it's time to take the medicine. There has been a lot of bad news in the mortgage sector this past week, and credit is tightening everywhere. It may be painful, but it's far past time for this.
Fasten your seatbelts! Tulips do NOT always go up.
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