Posted on 10/08/2008 4:14:44 AM PDT by navysealdad
Fed Orders Emergency Rate Cut to 1.5 Percent; Futures Soar
(Excerpt) Read more at foxnews.com ...
This is going to end up doing more harm than good.
Yup, more heroin for the junkie. Gotta get that one last high. Does it ever occur to these people that this collapse is happening because we are already way, way overextended?
Didn’t I hear easy credit was what got us into this mess ?
Might be the last train out to get liquid if we get a dead cat bounce today.....
I think Europe and China have just announced similar measures.
Probably all coordinated?
Bank of England also cutting interest rates just announced on Sky News.
Well then you heard wrong. Social engineering by government is what got us in this mess, but that doesn’t change the fact that this is a bad idea right now. The government is just flailing now... trying everything to get the engine started again whether it addresses the problem or not.
I’ll take anything that will get stocks moving back up.
Can anyone tell me if there has been a precedent for a coordinated global discount rate cut like this?
Yes, I think they are essentially coordinating on the “rescue”. Isn’t Japan already at 0% and has been for a while?
Europe markets were heavily down, but coming up to even or positive rapidly. Amazing.
Cool. Now the banks will have a 5.25% spread on the money they are not lending out instead of a 4.75% spread.
The PTB’s in the system needed to do the sort of things we have seen over the last month in April after Bear went down. At this point, I am thinking that the Fed, SEC, and Treasury got too far behind the event curve and herd psychological feedback cycle to influence events the way they want to.
I won’t try to pretend that I’m anything but ignorant about these kinds of matters, but my impression is that this is a last-ditch desperation move. Maybe we’ll get a small bounce out of this, then off the cliff.
I don’t like seeing the Dow like this either. At some point folks jump in to get bargains. I can’t believe it will go much further right now without a correction up. Just when folks think it’s never going up, it will.
Is this the global plunge protection team running under cover of a global rate cut ? Rapid movement.
It was predicted that Fed would cut the rate. I think it is rumor that they will cut it down close to 0% if necessary.
“Can anyone tell me if there has been a precedent for a coordinated global discount rate cut like this?”
All the markets are experiencing the same problems, so they will essentially do the same thing. The Central Banks chairmen communicate often and even meet regularly.
Futures are down. Please correct title.
Actually the futures are up at this very moment. The S&P, Dow and Nasdaq.
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