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Here is another interesting read.
Now some are suggesting Bernanke is going to come out firing with his scizzors , but he doesnt have much ribbon left to snip.........
http://money.cnn.com/2008/09/15/news/economy/barr_fed.fortune/index.htm?postversion=2008091515
rate cut imminent?
- Aldreth
- Contributions:4226
Who cares if they cut rates.
- Wayne.T_ .....Colo.
- Contributions:1003
504 points down today ...... great rate improvements and expecting a Fed cut tomorrow.
Cool heads will prevail and reap amazing benefits.
Watched the sun go down this evening just like normal. Stars are out tonight. No, the sky is not falling, the markets are just adjusting the budgets. Good reason to not be leveraged too deepely.
Good night all .... rest well !!!!
Wayne:
Do you really think Bernanke is going to jump that fast? Or did I miss something and a regular meeting is commencing tomorrow?
- Wayne.T_ .....Colo.
- Contributions:1003
Meeting tomorrow and another rate cut also rumored for early Oct.
they want to see the markets strengthen.
- Wayne.T_ .....Colo.
- Contributions:1003
That was also the reason for AIG being allowed to lend to itself from junior companies. A lot of the fears in the market are causing pressure that isn't justified. Yes, things are shaking out but the sky is not falling and Armageddon is not here. I have to laugh when the news keeps referencing Armageddon when it seems most don't even believe the Bible.
ok, knowledge check on this thread:
1. how much have rates been cut in the last year?
2. how much has it helped wall street so far?
'pressure that isn't justified' '...things are shaking, but the sky is not falling...'
whatever wayne T, read much? understand much? this is clearly a faster and more devestating financial crisis than what started the great depression. home prices have actually dropped faster this year. We have seen 2 of the 5 biggest commercial banks disappear, and a government bailout of the two biggest finanical enterprises ever bailed out in history. Out of curiousity, what kind of financial crisis would qualify as a serious one, and not just media hype to the mortgage thread economics brain trust?
- Martin Farris, CFP, "Dream Home Funding"
- Contributions:789
I'm pretty sure when China gets tired of holding our worthless paper you'll have your answer Rob. That'll make this look like a picnic.
precisely dream!
we will be talking about this crash for the next 100 years. Too many on this blog have been gaga over the fed bailout of fannie/freddie. Well, 5 more trillion or so that has to be rolled over as bonds mature (and given how off the quality estimates have been, are you going to bet your arms and legs on the time management of this liquidity bomb?)
Are you sure long run, that MBS trading long T-bills is going to work out so well? And who cares? we are shedding jobs by the 10k now. Here is the real bad news: the commercial crash starts now. look around, commercial space is emptying faster than ever, 'available' signs are sprouting on every strip mall, and the building goes on: more commercial, more condos. When these fail, the local/regional banks are toast. Loan 100 people money to buy homes that drop in value, 90+ pay you back. Loan one builder money to build 100k strip mall, or 100 condos, that fail, and they declare bankrupt and all go down.
I believe if Bernanke kept the rates the same the country would be in ruin. I dont believe this is the 'soft landing' everyone had in mind, but I believe the gov is bailing everything out to smooth out the crashlanding as much as possible.
As far as paying down the debt, the guv will have to cut out chucks of the budget .
- Dave Mason, "DebtFreeDave"
- Contributions:1315
There is a sale at Pennys
- Nic Netherton, "Colorado Lender"
- Contributions:7219
Things are always about half off at Kohl's Dave.
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Walmart sales clothes, food, and everything else under the sun,and they are cheaper than pennys and khols combined!
You buy that ring yet Nic?
- Nic Netherton, "Colorado Lender"
- Contributions:7219
shhhh......
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
are you hunting wabbit?
- Nic Netherton, "Colorado Lender"
- Contributions:7219
kinda
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
This link tells the weekend story and the photos show the worlwide affect. LINK
- Wayne.T_ .....Colo.
- Contributions:1003
Fed rate unchanged .... unanimous vote..
Contrary to the street position this morning. Oh well. :)
Perhaps the pressure Wall st moguls stuck on Bernanke thru the media didnt faze him in the slightest.
- Martin Wareing, "Martin Wareing"
- Contributions:3772
T,
In my opinion, It would not have helped.. This is not about rate... this is about repayment/default, etc. We have raised standards (tightened guidelines) even if rates have dipped. You can't give money away to people who will not repay. Just my opinion, but the ratedrops have helped us:
Drop the DOW, NAZ, SP By well over 20%
Done nothing to stop failing banks
Done nothing to stem foreclosure pace
All it really has done is draw this out another 13 months (from the time they started cutting). Gas prices in JAN 15th 2008 $3.11 OIL $100/barrel
Gas Prices today: $3.60ish OIL $93ish/barrel
What's the reason for that???? We we fed the excuse on the way up and now....what is it?
It is a jackjob. Bring it on its full glory and let's get this over with. I feel like a seller staircasing my price down $10,000 a wack and bleeding to death on the way. Keep rockin'.
Martin. Good read.
My post a while back was about cutting the rate from 5.25 down to 2% . For better or worse, Bernanke and Paulson had no intention of interveneing. I believe they were advised the whole thing would collapse if they didnt act. And I believe they are right.
Stretching out the pain is better than sudden impact.
But cutting from 2% downward as a knee jerk is not what they chose.
Remember what I told you about needing a bottle of booze to keep up with all this?
lol..........
- Martin Wareing, "Martin Wareing"
- Contributions:3772
WELL IT MAKES ME WANT TO SING A SONG TO CHEER US UP: COURTESY OF MR BJ THOMAS IN TRIBUTE TO BEN & LEHMAN
"Oh RateDrops Keep Fallin' On My Head 
And just like the balance sheet that's too much
in the RED, noone seems to pay. These
ratedrops keep fallin' on my head
They keep fallin'
So I just did me some talkin’ to Paulson
And I said I didn't like the way he got things
Done, sleep in' on the job, these
Ratedrops keep fallin’ on my head
They keep fallin'
But there's one thing I know, the checks they send to pay me
Won't delay me, won't be long till Bankruptcy steps up to greet me
Ratedrops keep falling on my head
But just like Shark Week our balance sheet is
Red, crying's not for me, 'cause I'm never gonna drop the rates by complainin'
Because I'm free, in Bankruptcy!”
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Martin, you did a great job on your 2nd edition. ... I guess you're still in that frame of mind, huh?
- Martin Wareing, "Martin Wareing"
- Contributions:3772
Rudi,
The good news is that we can apply financial news and mortgages to all facets of life and other industries, songs, photos, etc. T inspired me with his ratedrops word and well.... you know the rest... Hope it gets a grin during these sad times. We can cry or laugh... I heard laughing adds 8 years... You read my first edition? If so, thank you. keep rockin'.
lol........ratedrops keep falling on my head............
- Paul Mondello, "Paul Mondello"
- Contributions:2093
MW - I remember as kids we used to sing a much more potentially censored version of that song, I like yours even better
Here is a bit from Barry H today before the fed announcement - short term we are seeing mostly bumps - but his stuff seems to make sense for the long term stability of rates - (we hope)
Of course the AIG thang etc are other big factors
We hope the Fed doesn't cut, as they did when they panicked in January. We are
just starting to see signs of inflation moderating, oil prices receding and the US
Dollar strengthening. A Fed Cut would likely disrupt those nice trends. Should the
Fed not cut - Mortgage Bonds may likely move another leg higher, but should they
cut - we could see prices give up some of their recent gains. We see Mortgage
Bonds moving higher in the longer-term, but a Fed Cut today could provide a speed
bump and possible retracement in prices.
- Chris Corica, "Chris Corica"
- Contributions:1075
- Chris Corica, "Chris Corica"
- Contributions:1075
"You will be Pleased to know this is NOT a Recession!"
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Martin, read both. The first one I think you put more time and effort. Both are GREAT, as Tony says!
- DannyInSoCal
- Contributions:445
What the Fed has FINALLY realized - Is their cuts no longer pass through to consumers - And therefore does not have the desired effect on the economy.
In the past markets the cuts works on the consumer level - No longer...
Thanx, D
The End of Wall St
Here is an article today in Time magazine . They say Morgan Stanley and Goldman Sachs are next and the old risk based model is over. Swallowed up by the diversified, universal banking model.
http://money.cnn.com/2008/09/15/news/companies/lehman_endofwallstreet_tully.fortune/index.htm?postversion=2008091514
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