(sorry petronski, I got here first!)
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 ...
“Perhaps it’s time to scrap it altogether.”
I’ve thought that way for awhile. I don’t like the fact that our money supply is controlled by an unelected, unaccountable entity that is clearly beholden to the economic interests of a few. Much as I don’t like the current crop of politicians, I would prefer that the Fed be under direct political control.
A better alternative would be to base our money supply on something tangible, but I just don’t see that happening unless it’s done privately.
(sorry petronski, I got here first!)
This shows pure panic. I think its a bad move. A day late a dollar short.
I once bought a washing machine for a wheelbarrow full of Somali Shillings. It get’s mighty inconvenient dealing with a currency when the maximum denomination is worth about two cents.
Why would I be kidding?
I’m not saying killing earmarks would “cure” the economy...or have any impact whatsoever. All I’m saying is the White House has been dying to kill those earmarks. Now would be a good time to do it under the umbrella of economic preparedness.
It has nothings whatsoever to do with the debate of stimulus packages.
Yes, this is very much like Japan.
Except Japan is a nation of savers, and we are a nation of debtors.
I'm riding it out with 25% overseas still, 50% domestic stocks, and 25% bonds with 15 yrs till retirement. We just don't have as many options as I'd like in out 401K choices. I figure it'll 4 years to see real growth again overseas and would be very pleased to see a complete recovery by the end of '08 for the domestics.
Don't make decisions for yourself on what I think, listen to several sources and do your homework. Buying medium NAV's and selling low is a guaranteed loss every time. Wish out 401K had more real estate exposure. A good move to buy low soon in the summer or 18 months out.....just my take.
Better yet, the credit card is a MONETARY CREATING instrument.
We did. Constitutionally, the dollar was based on silver & gold. Then Nixon decided to steal a lotta billions of dollars in gold/silver by "going off the gold standard" - to wit: the IOU dollars were disowned. The worth-the-paper-it's-printed-on dollar has been collapsing ever since.
Hang on Indie. We go for ride
The decline and fall of the gold standard is a sad tale indeed. The problem is, the genie is out of the bottle and no government wants to give up the ability to manipulate the money supply.
Anyway, the wall street festivities start now.
Bernanke is damned if he do and damned if he don’t. Rate cuts won’t fix things. He was forced to make a bold cut because the markets would have collapsed today if he hadn’t and that would undermine his credibility. This way he can say, hell I cut 75bp, which i think is the biggest single cut since 1984.
I'll bet that might help things out.
PUH-ease, that kind of hyperbole on a supposedly conservative website is getting really tired. You think ONE AND A HALF PERCENT INFLATION is bad?? This is NOTHING, it's STILL a pretty damned robust economy. You must not have been around for the CARTER era. I was. That was a full blown depression, Carter coined lovely words to make it more palatable like "recession", "stagflation" and my favorite, the "misery index". And WE didn't need "a wheelbarrow of Gorges" to buy a flippinf loaf of bread.
Showtime.
APPEARANCE of panic?
Dow dropped 1.85% right out of the gate.
That approach will include balancing the federal budget without raising taxes, making the tax cut permanent, and cutting capital gains taxes here in the US to encourage re-investment (new foreign dollars). In the meantime, look for financial stocks (those managed with intelligence, the companies) to get a breather, oil to come down, and the US retail to stagnate due to the ripple effects of the market corrections and higher energy and food costs and rising unemployment. I think the rates will go up 200 points after the ‘08 election. Hitlery is looking awful relaxed as the campaign trail continues, as well as Mitt and McLame. Both have been ‘groomed’ to take the reins.
2.82% drop.
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