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It is really scary. Note
his and Paulson's comments are all about stabilising the market as opposed to
the economy. It seems like he is addicted to that little applause and doesn't
care about the cost to the people. Market spiked to 1310 and now back down to
circa 1284. What will he do for an encore? Even Bush 'gets' it and said in his
speech
Bush yesterday said he won't be stampeded into ``bad policy decisions'' that
might harm the economy.
``The market now is in the process of correcting itself, and delaying that
correction would only prolong the problem,'' he said in his weekly radio
address. ``I believe the government can take sensible, focused action to help
responsible homeowners weather this rough patch.''
http://www.bloomberg.com/apps/news?pid=20601068&sid=aPR8k.dkNie0&refer=economy
----- Original Message -----
Sent: Sunday, March 16, 2008 7:46
PM
Subject: Re: [RT] TWO BUCKS a share!!!
JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount
Ben has turned into a wet noodle.
He's no
monetarist...he's a wimp.
Yes, we are in deep trouble. He hasn't a
clue, no
backbone and just think what fine sense he'll show
when even
the Fed can't stand to lie about the true
rate of inflation...
It's
like a bad dream. It just gets worse and worse...
Tim Morge
www.marketgeometry.com
---
ketayun <ketayun@xxxxxxxxxxxxx>
wrote:
> Fed Cuts Discount Rate, Says Dealers May Borrow
>
(Update1)
>
> By Scott Lanman
>
> March 16
(Bloomberg) -- The Federal Reserve reduced
> the rate on direct loans to
commercial banks by a
> quarter-point and said it will allow primary
dealers
> to borrow at the rate in exchange for a ``broad
>
range'' of investment-grade collateral.
>
> The central bank, in
a statement today in
> Washington, also extended the maximum term
of
> discount-window loans to 90 days from 30 days. The
> Fed
approved the financing arrangement announced by
> JPMorgan Chase &
Co. and Bear Stearns Cos. JPMorgan
> separately agreed to buy Bear
Stearns for about $2 a
> share.
>
> Fed Chairman Ben S.
Bernanke is stepping up efforts
> to keep strains in financial markets
from spiraling
> into a full-blown meltdown. Last week the
central
> bank agreed to emergency loans to a non-bank, Bear
>
Stearns, for the first time since the 1960s. Fed
> officials also
announced a program to swap $200
> billion in Treasuries for debt
including
> mortgage-backed securities.
>
> The Fed
lowered the discount rate to 3.25 percent
> from 3.5 percent, narrowing
the spread with the
> federal funds rate to a quarter point from a
half
> point. From tomorrow, primary dealers will be able
> to
borrow at the rate under a new lending facility,
> to be in place for at
least six months, the Fed
> said.
>
> The actions are
``designed to bolster market
> liquidity and promote orderly market
functioning,''
> the Fed said. ``Liquid, well-functioning markets
are
> essential for the promotion of economic growth.''
>
> Investors expect the Fed to lower its benchmark rate
> by as
much as a full percentage point, to 2 percent,
> when policy makers meet
March 18. That would exceed
> the 0.75-point emergency reduction on Jan.
22, which
> is the largest cut since the overnight interbank
>
lending rate became the main tool of monetary policy
> about two decades
ago
>
> ----- Original Message -----
> From: sue crew
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Sunday, March 16, 2008 7:36 PM
>
Subject: Re: [RT] TWO BUCKS a share!!! JPMorgan
> Acts to Buy Ailing
Bear Stearns at Huge Discount
>
>
> Things are
very serious
> ----- Original Message -----
> From: Deosaran Bisnath
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Monday, March 17, 2008 10:27
AM
> Subject: [RT] TWO BUCKS a share!!! JPMorgan
Acts
> to Buy Ailing Bear Stearns at Huge Discount
>
>
> JPMorgan Acts to Buy Ailing Bear Stearns at
Huge
> Discount
>
>
> By
ANDREW ROSS SORKIN and LANDON THOMAS Jr.
>
Published: March 16, 2008
> Bear Stearns, facing
collapse because of the
> mortgage crisis, agreed Sunday evening to be
bought
> by JPMorgan Chase for a bargain-basement price of
> less
than $250 million, the two companies
announced.
>
>
> The all-stock deal values Bear Stearns at
about
> $2 a share, based on JPMorgan's closing stock price
> on
Friday, the companies said. In contrast, shares
> of Bear Stearns, which
fell $27 on Friday, closed at
> $30.
> A
deal for Bear Stearns would end the
> independence of one of Wall
Street's most storied
> firms and help halt a sweeping panic that set in
at
> the end of last week, causing Bear Stearns's stock
> to swoon
47 percent on Friday.
>
>
>
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