Fed cuts key interest rates by 75 basis points

[swordfishME]

Thats it boys and girls, we are in a recession. Offically we cannot call it that until we have two continous quarters of negative growth, but we are there.

The fact that the FED made such a drastic cut (their biggest cut in 24 years) and that also at an emergency meeting ahead of their regular meeting scheduled for next week is telling how shit scared they must be right now. Everyone is betting on a further 50 basis point cut next week again. A 1.25 percent cut within 10 days is almost unprecedented.

Batten down the hatches it is going to be a rough ride!

 

[Industrialsize]

anyone want to buy my house??? Interest rates are low!

 

[SteveHd]

I doubt if they're "scared" but .75 is quite a move for such a otherwise tentative group.

 

[Elmer Gantry]

Three quarters of a per cent cut isn't just scared, it's petrified.

What does that make the official interest rate now?

 

[HazelGod]

What does that make the official interest rate now?

Pretty damned low, but not as low as it has been earlier (late 02 - early 03). I bought my house in 2003 with a 4.25% fixed rate on a 30-year mortgage. Granted, home loans are usually indexed to bond rates, not the prime rate, but still...anyone (are you paying attention, GWB?) would be a moron not to understand that we're presently in the midst of a recession.

 

[eaglespga88]

we might be heading towards a recession...but we are not there yet. In a few more months you can call it a "recession" right now it is just an economic dip.

recession
noun1. the state of the economy declines; a widespread decline in the GDP and employment and trade lasting from six months to a year
I agree it probably WILL be a recession..I dont see how to turn this around quick..BUT it is not one YET.

 

[HazelGod]

I dont see how to turn this around quick..BUT it is not one YET.

You're only kidding yourself.

 

[Drifterwood]

HG - I'd like to take this opportunity to say that I agree with you.

I hope that those who are affected get through.

 

[snoozan]

The writing on the wall tells me that we're fucked. I was saying months ago that the economy was tanking, like way early in the summer, and no one seemed to notice. I wish I was wrong.

 

[The Dragon]

YAYY I say!!! share prices are dropping like a stone...what a wonderful time to be liquid..what a wonderful time to buy all those lovely shares in good companies I've thought where over priced and make my portfolio nice and fat...I'll come out of this very well.

 

[HazelGod]

what a wonderful time to be liquid..

Mmmm, I love when you talk nasty!


BTW, anyone notice what's happened to the prices of gold and platinum lately?

 

[The Dragon]

Gold dropped 2.50
Platinum steady at 1548.00
as of 2.20 New York time

 

[OldPArtner]

BTW, anyone notice what's happened to the prices of gold and platinum lately?

VOTE RON PAUL
</sarcasm>

 

[The Dragon]

Here in Australia intrest rates are going to be put up 1&#37; before the month is out.

 

[Guy-jin]

Thanks to globalization, our pain is everybody's pain. :biggrin1:

 

[Not_Punny]

Thanks to globalization, our pain is everybody's pain. :biggrin1:

I thought Clinton had the monopoly on feeling other's pain?

 

[SpeedoGuy]

YAYY I say!!! share prices are dropping like a stone...what a wonderful time to be liquid..what a wonderful time to buy all those lovely shares in good companies I've thought where over priced and make my portfolio nice and fat...I'll come out of this very well.

Market drops are not nice for fund managers who have a duty to make regular cash distributions to retirees and other beneficiaries who exist on limited income. In the US an ever increasing number of retirees can no longer participate in defined-benefit company pension plans. Instead, their retirement security is hitched to the performance of investments in the stock and bond markets.

 

[B_Marius567]

anyone want to buy my house??? Interest rates are low!

no!!!! I want a 1080I 50" HDTV!!!!

 

[B_Marius567]

I thought Clinton had the monopoly on feeling other's pain?

I had a good time when bill clinton was the president !!!! I Miss the good times cheap gas and cheap beer

things are bad now

 

[HazelGod]

no!!!! I want a 1080I 50" HDTV!!!!

Luddite.

Progressive owns interlaced.