Fed Chief Signals Further Rate Cut

[swag]

Source: New York Times

Ben S. Bernanke, the chairman of the Federal Reserve, sent a strong signal on Thursday that the central bank will lower interest rates again this month as it attempts to stave off a recession.

Mr. Bernanke said the downturn in the credit and housing markets posed substantial risks to economic health and predicted that consumer spending and overall growth would slow in 2008.

“We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks,” Mr. Bernanke said in remarks prepared for delivery in Washington on Thursday.

Calling monetary policy the “Fed’s best tool” for regulating the economy, Mr. Bernanke said that “additional policy easing may well be necessary” to maintain growth levels as consumer spending and home values face a steep decline next year.


Read more: http://www.nytimes.com/2008/01/10/business/10cnd-fed.html?_r=1&hp&oref=slogin

[aquart]

1. Not good.

[Binka]

3. Here We Go Again

More breaks for the investor class. This is class warfare against 95% of Americans. Fuck the FED. Fuck Ben B.

[BeHereNow]

4. Hey Binka...

My truck is packed and I'm just about to head out to the desert,
but I will check in from my daughter's laptop.

I'm watching the market REAL close right now and my daughter
is bring her laptop, so PM if there are any good threads I need to read
because I'm only going to check in and don't want to waste time
sifting through the BS threads.

Thanks my love.

BHN

[Binka]

9. Enjoy The Desert Sky

I love the Winter sky it is my favorite time of year to star gaze. I will drop you a holler if there is anything you need to chime in on.

[BeHereNow]

2. "Re arranging the deck chairs on the Titanic" should be the subtitle to the article.

Filling the life boats with the global Fat Cats while the other
passengers watch American Idol political shows.

BHN

[Fresh_Start]

5. yep, smoke and mirrors aint working anymore

the market treating this as another ho-hum

Maybe this worked before we sold so much of the US to asian investors, but it isn't working anymore

[BeHereNow]

7. Add to that the fact that Shanghai started trading in gold futures yesterday...

We be fucked.
BHN

[aquart]

6. Yah. We're way past being saved by rate cuts.

[Fresh_Start]

8. yep......

Bush deficits and multiple raises of the national debt ceiling done us in.
I'm very worried about what we've done to our children (and grandchildren if you got them)

[bdamomma]

10. we are in recession, big time, time to downscale, and live within

your means, it's going to be a bumpy ride for all of us. And our dollar is crap.

[sinkingfeeling]

11. How many times must we bail out the 'markets' that our idiot-in-chief says are doin' great?

[dipsydoodle]

12. Fed boss says 2008 outlook worse

Federal Reserve chief Ben Bernanke has said that the outlook for the US economy in 2008 has worsened.

His comments in Washington come after leading investment banks warned that the US was heading for a recession.

http://news.bbc.co.uk/1/hi/business/7181922.stm