Fed orders emergency rate cut to 1.5 percent

MD

Gasoline will be $2 a gallon again.
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Tanada

Free money is worthless if nobody wants it. This is pretty grim news, the only rational course of action would have been to RAISE interest rates.
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Always appeal to a man's enlightened self interest, you can trust him to look out for himself honestly, It's when you appeal to his Honor or the Common Good that he stops paying attention.

JJ · Heavy Crude Joined: Aug 07, 2007 Posts: 395

Wall streets ho-hum. Dow futures shot up for about five minutes and dropping again.

Micki

No wonder gold had dropped $10 and silver about 30c. Counterintuitive moves in the PM's are still order of the day.
$900 has been a resistance level and it seems as if some powers will try to figh breach of this as long as they can.
But once $900 holds, one would imagine it will be a quick leap to next round number.

Anyway, the share markets might pick up a bit so hoping the miners will show some signs of life. As menioned, the last few days the volumes on most of them have been abysmal (ASX that is) .
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It's not a bailout, it's a buy-in" - Nancy Pelosi

mididoctors

cut it all the way and give money away why don'tcha

Boris
London

RdSnt

The markets may pop up for a bit, I don't expect it to last anything but a few hours, but it certianly won't last past Friday.
On Friday, Lehman's CDO's redemptions are triggered.
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Everything is coincident.
Love: the state of suspended anticipation.
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a sensible amount of time, you must lie.

Nickel

Roccland · Peak Oil Prophet Joined: Jun 16, 2007 Posts: 1696

Pissing in a volcano.
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HEADER_RACK · Intermediate Crude Joined: Feb 15, 2007 Posts: 540

This is all bark no bite. The Fed shot it's load earlier in the year,when they should have held back. A 1/2 point cut now doesn't amount to anything but window dressing IMO.
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Nothing is more dangerous than a man with nothing left to lose but has everything left to gain.

benzoil

Markets like the idea of the rate cut. Futures at +212 at 8:15 EDT. I guess the fact that WalMart's sales grew only 2.4% (at the very bottom of expectations) didn't matter as much for now.

That said, I wonder how much dead cat is in this pre-bell bounce? Will it hold through the day or maybe even until the weekend - when the Fed will have to announce that they are loaning directly to California and Massachusetts.
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TANSTAAFL

killJOY · Fission Joined: Feb 21, 2005 Posts: 2510 Location: ^NNE^

When will it be 0%?

How about -1.5%?

Yeah. Let's PAY people to take "money." That oughta work.
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"By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price

jasonraymondson

I called this last week, I knew they would do it today.

Not that it will do any good. But Benny boy will keep pretending that things can be fixed with rotten bandages.

benzoil

3aidlillahi