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133 Comments
- michaelstokes, on 10/10/2007, -9/+83I guess some genius at the Fed decided that the solution to the problem--was more of the problem.
- vault, on 10/10/2007, -17/+85You know what the Fed should do? Ask the 16-year-old economic strategists on Digg for advice on monetary policy.
- digghasnoethics, on 10/10/2007, -4/+50Ooo, so the dollar dives, investment escapes and oil inflates. Wow what a wonderful idea to protect deadbeat home 'owners' and poor financial charlatans.
Dumb dumb dumb - strafefire, on 10/10/2007, -8/+39Good Bye American Dollar...we hardly knew yee....
Hello............................Amero? - Genthree, on 10/10/2007, -3/+30Well *****...there went the dollar.
- Ghoztt, on 10/10/2007, -6/+30Can we just get rid of the Federal Reserve now? (which isn't Federal at all FYI)
- Ngai, on 10/10/2007, -5/+28and also do away with the Federal Reserve....
- fognozzle, on 10/10/2007, -1/+16a.k.a. the dollar is down
- gdutton, on 10/10/2007, -4/+19Wow! Was only expecting .25%
- macman2k, on 10/10/2007, -1/+14Gold, Silver, and Oil are all up!
- Wargalas, on 10/10/2007, -5/+19Everyone talks about the out of control spending, which is a very valid point, but then they turn around and ask for universal health care. Pick one folks, you either get "free" stuff, and crushing debt, or we all collectively tighten our belt and cut unnecessary services. Then, after that's done, DEMAND that we have a Constitutional amendment for a balanced budget except for in times of war or emergency. If your political leader doesn't adhere to fiscal responsibility (like most Democrats like John Murtha, but lately Republicans have fallen to out of control spending), then vote them out of office.
If you're fiscally responsible like I am (sorry for tooting my own horn), you weather fiscal storms like this one with ease. While everyone else panics, you find that you get bargains on real estate and other goods because of everyone else's greed. - billmccartney, on 10/10/2007, -0/+13Actually, the president should simply veto bills that are filled with pork, and force congress to put a better bill together. That's the idea of it in the constituion.
- lalalalamppost, on 10/10/2007, -5/+17Too bad us poor folk don't qualify for these handouts. If we'd just have billions to write obvious bad loans, then we'd get bailed out of our own mess. But they need us worker drones to show up at work every day.
- JPOOPOO, on 10/10/2007, -10/+21The people on digg are 16 when you're against them and 32 when you're with them...
- inactive, on 10/10/2007, -0/+11Love the people cheering market going up when the tanking dollar makes the real value negative.
- EarlOfLade, on 10/10/2007, -0/+10Bandaid on a broken leg!
- inactive, on 10/10/2007, -0/+8EXACTLY.. I hate how everyone thinks universal health care is this magical free system that grows its resources on trees. The more "programs" our government has, the more money they need and the more power they get after all is said and done. I'm pretty sure that the government having too much power is exactly why we started this country in the first place, right?
- bluefaced01, on 10/10/2007, -3/+11The US dollar is going to tank in value now. I guess they are trying to stabilize housing prices in hopes that federal spending is somehow controlled (pull out of Iraq is unlikely, so I have no idea where "less spending" will come from).
- trer, on 10/10/2007, -0/+7This story immediately follows the story about Greenspan predicting raising to double digit rates to curb inflation.
- Dextrose, on 10/10/2007, -5/+12Say hello to our new friend -- 1970's style STAGFLATION! It's coming -- and don't you think for one second that it's not. Bookmark this post and revisit it this time next year -- thank you very much!
- anbe, on 10/10/2007, -5/+11"Fed Cuts Key Rate by .5% Point"
Try: "Fed cuts target rate by half a point", or
"Fed cuts target rate by 50 basis points"
"Fed lowers target rate to 4.75%"
Sorry. - Wargalas, on 10/10/2007, -0/+6Nevermind, found it:
http://www.cnn.com/ALLPOLITICS/1998/06/25/scotus.lineitem/
As a side note though, don't you think that it might be a good idea to give the President line item veto power? That way certain portions of a bill that everyone agrees on can be approved and those that they don't have to go back and get the 2/3rds majority all the while the first item that everyone agrees on can't get done yet. - mjl5629, on 10/10/2007, -1/+7...so how are they going to fight the inflation caused by the government spending on the Iraq war?
- funkytaco, on 10/10/2007, -1/+6Holy hell.
Usually it's a quarter of a point. This is nuts! - TrevorBradley, on 10/10/2007, -1/+6Canadian Banks are considering *raising* our interest rates. The economy is on fire here.
1 CAD = 98.6 cents US this afternoon. We're going to see 1USD=1CAD by the end of the year for sure. Predictions are for the Canadian dollar to surpass the US dollar by as much as 5 cents too.
I'd order way more from the US online (considering prices in Canada often feel like they still think our dollar is 65 cents), but US shipping rates are atrocious. - TheSpore, on 10/10/2007, -4/+9Guess what?
1) Not all Diggers are 16.
2) Well-respected seasoned economists are saying many of the same thing Diggers are.
3) Economics really is not that much of a mystery. Even a 16 year old can understand the consequences of this, if they study economics at all. Like the fact that inflating the money supply causes, well, inflation. And that makes the dollar worth less. And then the prices of things go up. This isn't quantum physics here. - vertinox, on 10/10/2007, -1/+6The UK banks will, but the Euro banks have no need.
- Lennalf, on 10/10/2007, -0/+5Don't be sorry for being correct. "0.5% point" reads as "0.5 percent of a point" ...a half of a percent of a point. The title is just wrong. Also, "federal funds rate" would have been more descriptive. In August they cut the discount rate by 50 basis points, and now they are cutting the federal funds rate by 50 basis points. This new cut is much more substantial.
- OswaldKenobi, on 10/10/2007, -4/+9You are simply wrong. It's the borrowers that caused this credit crisis. If the American public was not so greedy and into immediate gratification, there would be no credit crunch. A guy who can only afford a $180,000 takes out a loan on a $400,000 house, and the lender is to blame? That's crap. Maybe Americans should stop spending their money like it's in endless supply. To those Americans who are fiscally responsible, ignore this post and thank you for trying to make America great.
- inactive, on 10/10/2007, -3/+8Everyone's an expert.
- thecolor11, on 10/10/2007, -4/+9Um, you realize the line item veto is unconstitutional, right?
- SvenJolly, on 10/10/2007, -0/+5Heads -- Depression
Tails -- Hyperinflation
TAILS --- HYPERINFLATION IT IS! - inactive, on 10/10/2007, -1/+5another Depression within 18 months
- inactive, on 10/10/2007, -2/+6Lol big deal, just more imaginary money and 99% of the nation in debt to bankers.
- 8bitclassics, on 10/10/2007, -2/+6House foe sale :)
- venom8599, on 10/10/2007, -0/+4No, because just imagine the horrible things that could've happened if Dubya had a line item veto. It essentially gives the President the ability to rewrite the law to fit whatever he wants. It would undermine the checks and balances that are inherent to our system of government.
- sjbdallas, on 10/10/2007, -0/+4Very unfortunate that they've chosen to do this. What needed to happen was for this whole "crisis" to continue until everything evens out on its own. There are people that needed to lose their homes and businesses that needed to close. Cutting the rate and trying to stimulate the housing market will only delay the inevitable. The same idiots that started this whole thing are going to make it last longer.
- Wargalas, on 10/10/2007, -0/+4I don't have a Constitution in front of me. Care to show me?
- krebcycle, on 10/10/2007, -1/+5Economics on a macro scale is much more complicated than you put forward, nobody is certain what the right thing to do is in order to avoid possible national and maybe global recession. Some think that dropping rates right now will rally the markets and get foreign investment back in which will temper the obvious rise in inflation, others, like many diggers, think it's a short term bs move. Everyone agrees that dropping rates raises inflation in general, and vice versa, but that's a pretty simple statement.
It's ok to be 16, don't rush it, real life comes at you quick. - Wargalas, on 10/10/2007, -4/+8Also give the President, and future President, line item veto powers. That way politicians can't sneak in pork into spending bills that are more important then the pork. That's what politicians do. They know that X bill will pass because it's popular or is desperately needed, so they put in literally BILLIONS in extras that don't need to be there, and the bill passes and we become further into debt.
- goodfellaNW, on 10/10/2007, -1/+5was too late when I noticed it...
Viva Las Vegas ;)
why dugg down? The US is going to hell, and we will be the poor civilized nation.... and for those of you who are going to tell me, well move then.... well, that is why I plan to do! - cliffzdude, on 10/10/2007, -0/+3Why the ***** are people digging down anbe's point? He's spot on. The Fed cut the discount rate by 50 basis points, 100 basis points make up one percent.
The title is ignorant and wrong. I'd hate to walk around telling people the Fed cut the discount rate by .5 percent of a point, and sound like a complete buffoon. - vertinox, on 10/10/2007, -3/+6Don't forget the Euro!
- computergod, on 10/10/2007, -0/+3Diggers are dumb and don't like this being pointed out.
- mozzep, on 10/10/2007, -0/+3VICEX: Tobacco, Guns, Alcohol, and Gaming.
- Wargalas, on 10/10/2007, -1/+4Agreed in principle. However, with recent military spending bills that needed to be passed for Afghanistan and Iraq, Congress loaded up the bill with $24 billion dollars worth of pork to get the President to veto it. That's not how it's supposed to work. If Congress wanted to defund the war in Iraq, they should have simply voted it down before it got to the President.
Good in theory, bad in practice. - computergod, on 10/10/2007, -0/+3>We're going to see 1USD=1CAD by the end of the year for sure.
More like end of the week, it closed today up 1.5 cents up from yesterday. - geekee, on 10/10/2007, -0/+3"Too bad us poor folk don't qualify for these handouts."
Ahh, the poor people who can't afford their lousy mortgages will benefit from this. -
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