Posted on 01/22/2008 5:29:53 AM PST by Perdogg
Federal Reserve makes emergency rate cut.
(Excerpt) Read more at msnbc.msn.com ...
Futures are still -way- down,
Dow Jones -418.00 11688.00 1/22 9:13am
We do not have a liquidity problem, we have a -solvency- problem.
Way too much bad paper floating around and the criminals are still hiding it...
3.76% drop.
Wow....amazing how the real world works, even in the US. Interesting shopping trip.
It doesn’t break my heart a bit to see futures drop. They’ve become ridiculously inflated.
I agree. Also, soon you can just burn money because at least then it would generate heat.
Holly Crap! 455 points in a few minutes.. WOW! Now we know why the Feds did a cut.
The markets were already going into the tank. There’s no way to stop them.
The Fed’s action is to show that:
a) the Fed is no longer completely clueless as to what is going on in debt markets (cf the problems in Ambac and MBIA)
b) that Bernanke isn’t going to be a stupid academic here
c) that the Fed would like very much for the traders to quit digging when they hit the bottom of the hole.
Oh, that, and there’s going to be a new call for short-term liquidity due to margin calls as a result of this sell-off.
Yahoo is -not- showing the DOW?
Symbol Last Change
Dow N/A
Nasdaq 2,228.26 111.76 (4.78%)
S&P 500 1,275.14 50.05 (3.78%)
10-Yr Bond 3.547% 0.101
NYSE Volume 188,495,531.25
Nasdaq Volume 166,842,531.25
Radio saying the DOW is down 442, just like the futures predicted and completely unfazed by Helicopter Ben’s rate cut.
Anyone living on ccards is playing russian roulette with 2 loaded revolvers (one to each side of the head) and both having 5 shots loaded in each of the 6 cylinders. Then again, anyone that was still invested in the markets on margin past 12/06 just got their butts handed to them yesterday, today, this week.
I believe they’re referring to the Japanese market bubble crashing and burning back in the 1980s. Nice soundbyte though.
That’s nothing.
Overnight, the futures were down well over 500 points. They’re the reason for the gap down — the market was already selling off in the index futures markets all night before the NYSE boys decided to show up for work.
Nice to see reality posted. Thanks.
Go MSN money. The updates seem to be very close to real time.
http://moneycentral.msn.com/investor/market/usindex.aspx
Yes I know. The point is the aftermath looks a lot different when the populace can rely on savings through years of hard times.
Buy! Buy! Buy!
Its hovering around 380 points... Only 13 minutes in..
Yahoo is still showing Friday’s chart.
Yup....small time dollar printing machine?
I like to say "There are taxes, and, then there are taxes."
The guys on Wall Street are paying the hidden ones today.
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