This reminds me of the news story about the french tax employee who had an abnormally small brain and most of his cranial cavity was literally empty. According to the story he led a "normal" life. Right... normal in France you mean?.
Even before i heard the news about SocGen i though it was strange. Asia and Europe go down hard and the US market follows in sympathy, but its the US who cut rates???? The current Fed board remind me of the Ant Hill Mob (remember them?), tasked with saving the Economy instead of Penelope. <object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/oJFX6f0rJeI&rel=1"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/oJFX6f0rJeI&rel=1" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object>
Interesting. I think that the FED has been anything but beholden to the markets UNTIL this week. Yet, another BUSH appointee with very little clue . . . You can add Bernanke to the likes of other BUSH appointees like Michael Chertoff, Christine Todd-Whitman, Gonzales, Colin Powell, Rumsfeld, etc. Without a doubt, the worst Administration in many, many, moons. Totally incompetent.
cant wait to see what they say next week, most they give is .25 rate cut, no rate cut and watch the markets sell off.