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Paul Volcker, last guy to 'get it':
"You enjoyed the party, now you are experiencing the
hangover..."
He knew it was better to take the pain immediately.
Ben doesn't have a clue.
--- ketayun <ketayun@xxxxxxxxxxxxx> wrote:
> 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 -----
> From: Timothy Morge
> To: realtraders@xxxxxxxxxxxxxxx
> 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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> >
> >
>
>
> ------------------------------------
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