So let me get this straight, SocGen discovered the rogue trades last sunday according to this arcticle: http://www.lemonde.fr/economie/arti...iete-generale_1002943_3234.html#ens_id=975400 I presume first thing when the futures open sunday night, they liquidated, single handedly causing the carnage in the markets, yet the Fed thinks it's all because of recession fears and cuts 75. So in other words the fed based their 75 cut on massively incorrect assumptions? This just proves how beholden the fed is to market moves, compared to the ECB who didn't flinch throughout that whole ordeal. LOL the fed is a pathetic joke
Bernanke is a complete douche. Why wait a week and get the whole story. Let's give the markets what they want NOW!! Yes, mind you that big leg down on Monday was all in future indices and not in cash markets. France does not celebrate MLK day and had to dump their shit. Thanks "Helicopter Ben!" FREE MONEY!!
B.S. Bernanke cut rates after fat finger trade? LMAO Dumb french bankers selling eminis on a US holiday with huge size? I cannot believe all the stupidity.
Depends upon one's point of view. It's probably "right on target" with its TRUE objectives. Most of us capitalists see "Bennie and the Fed" as incompetent boobs, kissing Wall Street's ass at every opportunity. But what's really going on the is designed, systematic destruction of the $USD and accompanying inflation [soon, hyper-inflation]. Politicos believe that is the way to continue to live above our means, postpone "paying the piper" and push the consequences onto somebody else. Looks to me like like it's all working just fine. But unfortunately, this will lead to the financial destruction of the USA... others whose currency was not destroyed will pick up US assets on the cheap, and we'll end up waiting their tables and doing their laundry. The deterioration will be "livable" for the next 10-20 years or so and won't be imploding while the current criminals are still alive.... just as planned.
The Fed along with this administration now has zero credibility - The FED now degenerates itself to be the biggest "day-trader" with monetary policy - historically unprecedented! Between naivety of Ben and market manipulative prowess and acumen of Hank - you got the 75bp cut ... and poor Matha got thrown in jail for $3800 profit of stock trade! The greatest nation on earth...you gotta love it.
That's not why she got jailed... it was because she "obstructed justice" by lying to the Gummint. (How ironic... Gummint lies to the people virtually non-stop.)
Interesting theory. The media story that the selloff was sparked from Bush's underwhelming stimulus plan just didn't cut it. Europe isn't going to selloff 5-7% in a single day because Bush's tax rebates aren't big enough.
look what happened to marion jones for lying and what is going to happen to barry bonds...crazy...id be lying through me teeth...fuck em'