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Out of Bullets, Keep Pulling Trigger...

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October 08, 2008 – Comments (3)

I can't decide whether to feel sorry for these guys or astounded by their idiocy. Cheaper don't matter when no one trusts anything. And this last (of this week) hail Mary only betrays just how panicked and impotent these fools are.

Maybe you should have done something while the bubble was inflating, Ben? Naw, that would have taken spine.

Fed Leads Global Coordinated Rate Cut, Eases by Half-point- Reuters

The Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish banks. In an attempt to stem unprecedented global market turmoil, the Fed cut its key federal funds lending rate by half a percentage point to 1.5 percent and also lowered its discount rate by the same amount to 1.75 percent. The ECB also cut by a half-point to 3.75 percent as did the Bank of England, taking its rate to 4.5 percent.... » read more

3 Comments – Post Your Own

#1) On October 08, 2008 at 8:36 AM, TDRH (99.68) wrote:

As you pointed out earlier, the fed funds rate and long term interest rates are decoupled.    This financial sector will be pocketing the spread.

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#2) On October 08, 2008 at 9:24 AM, EScroogeJr (< 20) wrote:

1%, 0.5%, 0%, -0.5%...

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#3) On October 08, 2008 at 9:40 AM, GNUBEE (26.92) wrote:

"Pocketing the spread", yet another way to recapitalize the financials. Wonder what that .5 cut was actually worth to the financials

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