Bernanke's cut backfires; bond markets reject him and sends interest rates higher
User ID: 4120
01/24/2008 09:36 PM
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Thanks for posting this OP. Tells it like it is - doesn't it? Look at TPTB playing the stock markets games (or should I say dancing to their tune) The only power that wouldn't play ball was the ECB.
Just look at this past few days.
Day one - Tuesday on Wall Street - Fed' cuts interest rates by 0.75%
Day 2 - next we have to bail out the bond insurers - market does a 600 point turnaround to close up 300. Question is who is we? Looks like in the finish the Insurance regulator asked the banks to cough up $15 billion - seems they wern't too keen.
Last night - Wednesday U.S. time and oh' dear Globex is still looking a bit shaky. "What do we do now" asks TPTB. Better get that stimulus package signed quick was the answer.
At this rate they are going to run out of bailouts in a minute - but wait there's more - the market can still demand another 0.75 percent interest rate cut next week. I am reminded of the stock market crash on Wall Street in 1929 when the bankers kept on moving in to try and stop the rot. 79 years later and the same baloney is going on -only bigger. Google the name 'Whitney' and you might be able to read all about it
Sarcasm is dripping I know, however I don't have a stake in the outcome and I am not short and bitter. My super is at risk along with everyone elses - and that' about it.
Meanwile ATMIT the sun is still shining and the buses are still running and those two white ants are busy holding up the show.
Enjoy - take care all and long live Trinity and GLP.