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Wednesday, October 8, 2008


There we go… GLOBALLY coordinated rate cuts.

I think that was the last bullet.

I don’t think the central banks of the world have any ammo left.

Fed, ECB, Central Banks Lower Rates in Coordinated Reduction: “The Federal Reserve, European Central Bank and four other central banks lowered interest rates in an unprecedented, emergency coordinated bid to ease the economic effects of the financial crisis.

The Fed cut its benchmark rate by a half point to 1.5 percent, the central bank in a statement. The ECB and central banks of the U.K., Canada, Sweden and Switzerland are also reducing rates, the Fed said in a statement.

“The recent intensification of the financial crisis has augmented the downside risks to growth and thus has diminished further the upside risks to price stability,” according to a joint statement by the central banks. “Some easing of global monetary conditions is therefore warranted.””


perplexo said...

The Banks have got to stop taking away the interest rate cuts.
But how far can you cut when rates are already down so low? And if the Banks keep hoarding...
I think maybe Paulson should have nationalised the Banks, to keep the daily flow of $$ needed for commerce going.
Otherwise, if credit is refused to even the best borrowers, aren't the Banks looking like the problem here, rather than the solution?

Perplexo said...

Bloomberg reports that China cut rates too. Hmmmmm.

Anonymous said...

The FEDs still have 150 basis point bullets in their pea shooter.

It ain't over til it's over.

Anonymous said...

Perplexo is right. We should clearly nationalize the banks. I mean, Cuba and North Korea have, and they aren't caught in this credit crunch ...


Anonymous said...


FLATLINE _____________

fajensen said...

Bloody banker scum cannot leave effing well alone! Who the f*ck needs a "market" where all the moves are driven by intervention??

Die, Die, Dieeeeeeee ... cough, wheeze, sputter .... hrrk..

Hopefully the effect will only last a few days.

Anonymous said...

lots of folks pulling the ejection handle now.....stall stall stall spin spin spin

crash and burn time for the aircraft

Vorlon said...

Mr Ben,

Bob Hoye recently noted that if the SPX closes below 1100 this week then a this would trigger a Weekly Capitulation Alert.

And to expect a relief rally to retrace 40-505 of the decline from the Aug highs.

Assuming the Aug high was 1300, and the lows at 970 in SPX. Then the retracement could reach up to 1130-1135.

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