Bernanke Grows a pair > General Discussion

Posted: 8/17/2007 5:38:28 AM EDT

money.cnn.com/

Maybe this new fed is not intent on forcing a recession like the last one did?

Posted: 8/17/2007 5:48:02 AM EDT

[#1]

He's trying to buy his way out. So long as this is temporary, he should be fine. If it goes on too long, inflation will really sting. The dollar's already pretty shakey...

Quoted in full.

Fed cuts discount rate
The central bank, citing market conditions that have 'deteriorated,' cut the symbolic discount rate by a half of a percentage point.
August 17 2007: 8:41 AM EDT
NEW YORK (CNNMoney.com) -- The Federal Reserve, reacting to concerns about the subprime lending crisis and the volatility in the financial markets that have resulted from it, announced Friday that it is cutting its so-called discount rate temporarily by a half percentage point, to 5.75 percent.
The discount rate is the rate the Federal Reserve banks across the country charge qualified lenders - mainly banks - for temporary loans. It is largely symbolic.
The central bank did not change its more closely watched federal funds rate, which affects rates that consumers pay on various types of loans. That rate remains at 5.25 percent.
The Fed last met Aug. 7 and decided to leave both the federal funds and discount rates unchanged. But since then, stocks have plunged further due to fears that some financial institutions and hedge funds were in serious trouble because of the mortgage meltdown.
Read the Fed's statement
Mortgage lender Countrywide Financial (Charts, Fortune 500), for example, announced Thursday that it needed to tap an $11.5 billion line of credit because of liquidity problems. That came a day after an analyst at Merrill Lynch suggested that Countrywide might need to declare bankruptcy.
In a statement, the Fed said that it took the move to "promote the restoration of orderly conditions in financial markets."
In another statement, the central bank indicated that "financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward."
The Fed added that "although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably" and that the Fed was prepared to take more action if necessary.
Stock futures, which were initially trading lower Friday following another wild day Thursday, surged higher following the Fed's announcement.

Posted: 8/17/2007 5:48:29 AM EDT

[#2]

Not ready to jump back in just yet. Wait and see what this does to the dollar.

The Fed has been between a rock and a hard place . kill the dollar or kill the housing market....

He might have figured out how to , got both.!

Posted: 8/17/2007 5:55:02 AM EDT

[#3]

I've been thinking a lot about this and I can't see how this isn't part of a predetermined plan to crash the dollar so they can make the transition to the Amero for the new North American Union. Think about it. They've gotta crash the dollar and kill any confidence in it. They let the people wallow in ther own filth in a good depression for a while, and then they open back up with the Amero for the new continent without borders. With all that NATFA shit and the Mexico to Canada super highway they're building, I can't see how this isn't the plan. It's just all falling into place too easilly. I can't explain it any other way. Come back in ten years and see if I'm right.

Posted: 8/17/2007 5:57:22 AM EDT

[#4]

Don't you mean, "Bernanke is a cum-guzzling whore", Shotar?

Oh well. I guess you'd rather that your wife the Realtor(TM) sell houses than that the economy be managed rationally.

Posted: 8/17/2007 5:59:50 AM EDT

[#5]

Quoted:
Don't you mean, "Bernanke is a cum-guzzling whore", Shotar?

Oh well. I guess you'd rather that your wife the Realtor(TM) sell houses than that the economy be managed rationally.

All politics is local and all economics is directly proportional to what is in my checking account today. All people act out of enlightened self interest. To believe otherwise is foolish.

Posted: 8/17/2007 10:09:41 AM EDT

[#6]

Quoted:

Quoted:
Don't you mean, "Bernanke is a cum-guzzling whore", Shotar?

Oh well. I guess you'd rather that your wife the Realtor(TM) sell houses than that the economy be managed rationally.

All politics is local and all economics is directly proportional to what is in my checking account today. All people act out of enlightened self interest. To believe otherwise is foolish.

Well said.

Posted: 8/17/2007 10:19:56 AM EDT

[#7]

Quoted:
I've been thinking a lot about this and I can't see how this isn't part of a predetermined plan to crash the dollar so they can make the transition to the Amero for the new North American Union. Think about it. They've gotta crash the dollar and kill any confidence in it. They let the people wallow in ther own filth in a good depression for a while, and then they open back up with the Amero for the new continent without borders. With all that NATFA shit and the Mexico to Canada super highway they're building, I can't see how this isn't the plan. It's just all falling into place too easilly. I can't explain it any other way. Come back in ten years and see if I'm right.

Posted: 8/17/2007 10:22:04 AM EDT

[#8]

F*ck the Fed
protecting wall street bonuses for screwing the rest of us.
watch inflation explode (official or real world)
and it's just going to get worse, the Greenspan Put still exists, the market goes down 5% in 3 weeks and all of a sudden we have a rate cut.

F*cking sad

Warning

Confirm Action

[ARCHIVED THREAD] - Bernanke Grows a pair

[ARCHIVED THREAD] - Bernanke Grows a pair