Fed Cuts Rate by Half-Point - Dow still drops 37 points

this is not good.....

~snip~ WASHINGTON — The Federal Reserve reduced short-term interest rates on Wednesday for the second time in eight days, meeting widespread expectations by investors on Wall Street for a big rate cut.

In lowering its benchmark Federal funds rate by half a point, to 3 percent, the central bank acknowledged that it is now far more worried about an economic slowdown than rising inflation, and it left open the possibility of additional rate reductions.

“Financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” the central bank said in a statement accompanying its decision. In addition, it said, recent data indicated that the housing market is still getting worse and the job market appears to be “softening.”

http://www.nytimes.com/2008/01/30/business/30cnd-fed.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1201727268-/yfb/yeZFb7Bb1QPcJuC1Q&pagewanted=print

&P 500
1,355.81
-6.49-0.48%

DJIA
12,442.83
-37.47-0.30%

NASDAQ
2,349.00
-9.06-0.38%

I've been out of work for 8 months now.

And there hasn't been much of anything listed anywhere for me.

Folks that I send my resume to don't even call me back.

Guess I should start looking for a different career.

corrupt corporate america and their enabling investors; the problem still exists and EVERYONE refuses to talk about IT. Outsourced slavery must be abolished and replaced with JOBS, JOBS and MORE JOBS; it is the only cure.

Vastly increased demand for goods and services in those countries is more proof.

If the US - or any other country - is to be competitive, cost of living must be in ratio with the cost of wages. It's a symbiosis. These other countries have a much lower cost of living, which is why their economies are going up and up and up.

when combined with outsourced slavery will result in the slow death of the precious American consumer as we are seeing. wall street and corporate america are parasitic as they suck the life out of the American middle class.

About 2PM central time.

pouring more gas on the fire. Everyone knows it, but no one wants to tell the fucktard king*

"When you find yourself in a hole, don't stop digging; just starting digging up."

I'm sure GW has suggested this at least once.

mikey_the_rat

...Until everybody remembered that we're exactly where we were the day before.

:)

of Wall Street talking to Bernanke.
http://www.youtube.com/watch?v=DFRqnupth6o&feature=related

"Where's my money, man!"
Stewie

... and that is what they mean when they complain of "liquidity." It's not as easy to electronically transfer the land+improvements as it is the tranches of mortgage instruments (M3). That's why they're begging for some (publicly-subsidized) cessation in the conversion of mortgage instruments to dirt+building until they can unload (convert) the inventory of properties to SOMETHING (preferably cash). It's NOT about 'compassion' or 'forgiveness' or anything like it. It's about stemming the tsunami of foreclosures that wipes out marketable instruments and the cascade of write-offs and booked losses. (The gains that get booked at different levels are ignored, of course.)

The "levee" is crumbling and they want the public to stick their finger (or other appendages) in it to slow down the wash-out. It's a nationwide "third ward."

Watch the local tax base plunge as governments take possession of properties. It's not over. Not by a long shot.

so much for interest rate drops...only make the dollar worth even less...:eyes: