[Moonman62]

Still, Yellen said the goals of price stability and full employment must be the "unswerving focus" of policy-makers.

LOL. The Fed has yet to achieve either one.

"Monetary policy should not be used to shield investors from losses."

Of course, using monetary policy to cause investors to lose money is a whole different story.

[Red in Blue PA]

Re: turmoil adds to risk for economy

Amazing how these guys can merely state the obvious and people will fall over themselves calling what they said brilliant!

[wilco200]

Whatever Yellen. My home ain’t sellen, but I’m still Gellin.

[Eagles Talon IV]

"Financial market turmoil seems likely to intensify the downturn in housing,"

It seems to have now migrated to the South. I listed a Town home I purchased 2 years ago and never lived in. It was not an investment property but where we intended to live after selling our home in MA. We have since changed our minds and decided to stay closer to family. The Town home has been listed for almost 3 weeks and has not even been shown despite it being priced below comparable units sold recently (since June). It's puzzling because the home is in an area of NC with ultra low taxes and the home has tons of upgrades. Fortunately we have no mortgage on the place and don't need the money for the new place but this is a bit unsettling.

[Greg F]

The Dow is down 50 points right now. Getting close to 13,000 at 13,050 or so. I’m just an amateur, but those 1,000 marks on the Dow seem somewhat significant pyschologically to me. I will be interested to see what happens if the Dow closes below 13,000, if that sparks another round of sell-offs, or if it is a non-event.

[pwatson]

The stock market has been waiting for a reason to go down all year. We have been in a boom ever sense the end of the 9-11 slide. The housing market was just a reason to panic. This is entirely a panic and as such will happen because the markets always panic sooner or later. Everyone will put off buying a new house, condo sales are down 40%. Next, companies will become more cautious delaying or reducing expansion and hiring which in turn will cause factory orders to drop which will in turn cause consumers to delay spending and the layoffs will happen causing a recession. The same thing happened in 2001 after the 2000 NASDAQ boom. And the same thing happened in 1993 and in 1987. And so it goes. Hang on this will get worse before it gets better.