``It's a sad testament to think the Fed has to cut interest rates eight days in front of a meeting to salvage the equity markets,'' said Gross, the founder and chief investment officer of Pacific Investment Management Co., in a Bloomberg Television interview. ``The U.S. economy is in a rather sad state of affairs in that it depends on housing and stock prices to keep going.'' I think that sums it up nicely...
Another wonderful appointee by George Bush . . . After Rumsfeld's incompetence, I thought that I had seen it all! guess not. :eek:
its amazing... whats happening in the FED, you have someone there so disjointed from reality that hes coming off as a bumbling fool. I can't imagine that such a powerful institution in the world, would let this continue, unless its part of a larger plan to subdue speculation in commodity markets. doesn't anyone counsel Bernie?...he must be spending too much time with Poole....another stuffy...academic, who doesn't care how ill prepared the american public is to handle challenges of a global marketplace.
Just what CAN the American public "handle"? When all you've got it "debt up to your eyeballs", you can't handle hardly anything. Now if we had no/low debt and ASSETS... we could handle just about anything.
america is the brains and muscle behind the "global marketplace." open your eyes, kid. why do you think world stock markets panic if we have a bad day.
nice, Agree with him 10000% , yesterday on bloomberg around 5:30 they had some guy named Josh on, he said something similar as well.
I am inclined to come to Bernanke's defense here. (He may prove to be a fool, but we certainly don't know that yet.) What we are seeing now is the consequence of Fed action in November of 2002 and the lunacy of the ideologues the Supreme Court installed in Whitehouse. To blame this mess on Bernanke is nuts of course, but it is just as nutty to think the Fed alone can rescue us any time soon from disastrous decisions made years ago. P.S. Am I the only one who sees the irony of Mr. Bush paying so much lip service to "democracy building," when in fact we don't even elect our own president democratically. Maybe we should try democracy out at home first, and see if it works, before recommending it to others. (I am not advocating democracy here, but merely suggesting that one should practice what one preaches.)