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It hasn’t cut rates as much as three quarters of a percentage point for as long as I can remember. And it made the decision to slash a week before its scheduled meeting. If it looks like panic at the Fed, smells like panic at the Fed, and quacks like panic at the Fed, well many will say it is panic at the Fed.
And what if the evasive action doesn’t work..?
Calloo, Callay, O frabjous day.
Let’s all run out and buy a house. Or two!
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The first thing I thought when I heard the news was … panic much? The second was, Oh shit, there goes the 401(k).
I hear that the last time they cut this much was in 1984.
My 401(k) dropped 6 figures during the last debacle. Looks like I’m in for another reaming.
I wonder where I put my federally issued jar of sand laden vaseline………..
Gotta love that guys smile, Uncle Molester.
Haha, like someone would dare to fire the Faux Reserve.
The markets crashed all over the world today (and yesterday.)
“The markets crashed all over the world today (and yesterday.)”
All the more reason to not panic! Exhibit some leadership (if any can be found within 500 miles of DC).
Throwing more good money after bad is a bad idea!
“Let’s all run out and buy a house. Or two!”
Before the Chinese do! 😆
Cheers
#4 – McCullough
“Gotta love that guys smile, Uncle Molester.”
J’ever notice – Beranke looks like a cross between those two royal assholes Hank Kingsley and Dr. Phil?
This is why I rent. Cheaper, more efficient, and if something breaks I got repairmen to fix it. Nor do I have to pay for them.
If the housing market wasn’t over flooded with house flippers and wanna be “resort towns” maybe we wouldn’t be in such a mess.
P.S. Well I do pay for them in my rent, but it’s a heck of a lot cheaper then a mortgage.
Talk to your parents about the DEPRESSION and a WORLD WAR before they die..
Then you will be prepared for what is to come.
really!
Forewarned is Forearmed!
You would think!
>And what if the evasive action doesn’t work..?<
get ready for the great depression of ’09 or ’10, it will make ’29 look like a cake walk… ???
Nice story cropping up that this is all a manipulation of George Soros selling the GOUSA short.
Masterstroke if true. == or to the degree it is true?
Selling the GOUSA short has been a strong bet for the last 6 years==only a question of timing to maximize profit.
The recession has been here since at least ’04, but they’ve been cooking the books and changing the way that everything is counted to make it look better than it is. Now, even their funny accounting tricks can’t make this pile of hogs ears look like designer purses anymore. It’s hard to believe, but our leaders really are so stupid that they didn’t realize that there is a problem with this strategy; while it gets you elected and bolsters consumer confidence for a while, when the bottom falls out of a completely flim flam market, there is no way to know where the floor really is. As it is, given the level of debt and over-investment in our economy (particularly in real estate, but also in the form of unsustainable expanded businesses and market capitalization firms that are running on air and dreams), we are in for a mild depression. But if we are so foolish as to attack Iran at this moment, prepare for rioting in the streets, because starving people tend to behave violently when there seems to be no hope for relief.
The 3/4% rate cut boosted the Dow all right by devaluing the dollar further.
Wall street goes up on the devalued dollar, hence all the record highs even though the dollar has been going in the toilet.
Take a look at the five year treasury yield. It went down 5% today.
Most of the comments posted here so far is further proof that what the US really needs is required economics education in the public schools.
Most of the comments posted here so far is further proof that what the US really needs is required polemics education in the public schools.
could this be a way of getting the ameros in the system? this all seems too calculated and planned out, not an accident at all.
To the #17 & #18 posters, you might want to fix your posts. It bears a remarkable resemblance to “sock-puppetry”, and could lead to people questioning your past and future comments and viewpoint.
#17 – Most of the comments posted here so far is further proof that what the US really needs is required economics education in the public schools.
I fully agree… although it is possible that we might disagree about why.
#18 – Most of the comments posted here so far is further proof that what the US really needs is required polemics education in the public schools.
I fully agree… although it is possible that we might disagree about why.
———
Sidenote: Interestingly the opposite of polemic is apologia. Thus, one who supports or defends a position is called an apologist.
And though the word is used accidentally correctly in context most of the time, the user of the word apologist is often under the mistaken impression that it has something to do with an apology. Typically when the apologist is speaking in defense of a position the listener disagrees with or considers unpopular.
(okay… so maybe only I think that is interesting)
#20 – To the #17 & #18 posters, you might want to fix your posts. It bears a remarkable resemblance to “sock-puppetry”, and could lead to people questioning your past and future comments and viewpoint.
Not amongst the actual netizens of the Dvorak Community. GigG and Bobbo are two uniquely individual people with distinct voices and opinions. The opinions of tourists should hardly matter.
#21–OFTLO==I find your post very interesting. The opening of a fine course in rhetoric==or is that called sock puppetry these days?
Related to the OP==can a society last for long if it devolves into a service economy only? While we may grow some food items, and manufacture a limited number of items, oh—and make movies, is that enough to avoid a steady decline in wealth and health?
In other words, will any stimulus package simply miss the point? I’m thinking without a balance of trade, we are doomed. Maybe a slow doom, but doom nontheless.
Nice to see Romney campaign on bringing all those car jobs back to Michigan. Could he stand before the electorate more nakedly==and yet still win the vote.
GO USA!!!
I think its very telling of the government, Bush, and the candidates for President that they are all (without exception) all over CNN, NPR, and any media outlet they can find talking about the urgency of a stimulus package and treating today’s economic news like a sudden crisis has fallen upon America.
Technically, by the actual definition of recession, we are just now in it… But for those of us who live in the real world and use real money to buy real goods and real services… This story is seven years old. The economy has been bad and getting worse for a long time, especially when you the economic indicators that matter, like whether or not parents can afford to put milk on the breakfast table for their kids.
Usually, its good when the crisis affects the rich and powerful, because thats the only time they can be motivated to do anything about it. But in this case, it’s just gonna be another opportunity for Bush to show his support for his constituency… which is essentially 5 rich guys in Texas, Haliburton, and a Saudi Prince.
#23 – I find your post very interesting. The opening of a fine course in rhetoric==or is that called sock puppetry these days?
Hopefully though, we’ll not talk about rhetoric, opting instead to use rhetoric to talk about the actual issue 🙂
#24 – can a society last for long if it devolves into a service economy only?
No.
While we may grow some food items, and manufacture a limited number of items, oh—and make movies, is that enough to avoid a steady decline in wealth and health?
No.
In other words, will any stimulus package simply miss the point?
Yes.
I’m trying something new. It’s call economy of language. 😉
26—OFTLO===”I’m trying something new. It’s call economy of language.”
Yes, works well for those who want an answer. Not good for those looking for a discussion, education, new idea, dialectic.
On the other hand, always enjoy being agreed with, but then, as you know, I also enjoy being disagreed with. some folks are too easy to please.
The serve-us economy can’t possibly be sustainable, unless said serve-us economy also prints the worlds money, so that the powers that be can always create new willing servants by merely making their money magically loose value.
Oh, the Euro? Crap.
Isaiah 60
ch11 That men may bring to you the wealth of the Gentiles,
And their kings in procession. ch16You shall suck the breasts of the Gentiles,
And the breast of kings;
At least the last four federal reserve chairmans have been jews.
Did you know its not federal and not a reserve?
My eyes have seen the coming of the storm,
As corporations of the pharaohs
are fattening their hoard.
They’re building a police state
where once the eagle soared.
After taxes, fees and licenses
we’ve scarcely room and board.
The sheep are herded on.
You’re all DOOMED!!!!!
They’re the ones that raised the rates, and a half point change one way or the other isn’t unusual.