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166 Comments
- cindylauper, on 10/10/2007, -11/+130Title is completely misleading...the article actually makes it seem like the fed acted quite responsibly, title implies otherwise. Still interesting article
- Detritus, on 10/10/2007, -13/+83Very good read, but I'm burying it because the headline is completely inaccurate... and more people will read the headline than the article.
I'm not surprised to see in the submitter's diggs a story about the Avian Flu. Just because you're a ***** miserable waste doesn't mean the rest of us want your drama and predictions of Armageddon. The rest of us are relatively happy with the world and would be happier with it if you didn't spread misinformation. - WarpFox, on 10/10/2007, -1/+27Luckily, some of us still RTFA.
- dallascorbin504, on 10/10/2007, -4/+28The title reflects the posters opionion. innacurate. although, The fed is mainting the markets by printing money and injecting into the economy. that causes inflation and is not good for us in the long run. The stock markets need a a healthy correction to reflect the actual economy.
- chris9902, on 10/10/2007, -4/+27don't get your news from digg. The way most people skew titles and descriptions has gotten a lot worse over the past year.
- kushed, on 10/10/2007, -11/+29So why are we just handing $30billion to Israel then if we are in such a financial crisis? http://digg.com/world_news/U_S_gives_Israel_another_30_000_000_000
- inactive, on 10/10/2007, -2/+20Because we're stupid. I'd rather see that 30 billion pumped into, say, our public education system.
- SzaszMan, on 10/10/2007, -10/+26I don't get why it's "financial armageddon"... ?
Buried as inaccurate, although the article is interesting in it's own way. - miketrin, on 10/10/2007, -5/+20because israel is black mailing the usa. israel sucks ass.
- tankdilla, on 10/10/2007, -0/+13Here's why it's financial Armageddon:
Subprime mortgages = The huge comet about to hit the Earth
Ben Bernanke and the Fed = Bruce Willis and Ben Affleck
Tons of money injected into the stock markets = The nuke that's supposed to destroy the comet, but only if they drill deep enough into the comet
And i think the public = Liv Tyler - 11Heather, on 10/10/2007, -18/+30Yes, very interesting article. The Fed is acting irresponsibly. Pushing so much money into the economy may stave off short term fears, but it's got to further depress the USD on global markets, causes inflation, and doesn't solve the real issue. So I agree with the causes inflatheadline, this is VERY bad news.
- americajones, on 10/10/2007, -1/+12so a bunch of big financial firms with international holdings lose a pile of money when the stock market goes haywire for a day, and the federal reserve responds by clicking a button to invent a brand new pile of money to replace the one that evaporated. sounds reasonable. what do you make of this:
http://cryptogon.com/?p=1175 - physphd, on 10/10/2007, -2/+12Scary stuff - last time we saw them we had a balanced budget, historic economic growth, and at least lip service paid to rule of law. Save me!
- inactive, on 10/10/2007, -3/+13Let's see. Market was around 14000, mid July; right now it is at 12954 and some change. Early market had the djia up 300 plus points and since we have paired gains. The markets are not soaring, the world markets are falling. The Fed introducing liquidity, and opening up the discount window is the equivalent of putting the whole middle class and poor on a pay day loan, and we all know how well those turn out.
- physphd, on 10/10/2007, -3/+13Cindy, you're so unusual. Don't you know money changes everything? When you were mine, I was a witness time after time to your she-bop all through the night. Yeah, yeah I know you'll say girls just want to have fun....
- TheMidnight, on 10/10/2007, -5/+15im in ur economy injectin sum cash
- inactive, on 10/10/2007, -2/+12Doesn't make it any less ridiculous.
- brockpetrie, on 10/10/2007, -0/+10The market has nothing to do with the USD.
Yeah, the markets are up today. That doesn't mean ***** when our dollar is devalued daily on the FOREX. Inflation is a bigger problem than Wall Street elitist not getting theirs. The Fed should have held their stance; now Bernanke just looks like a clueless pussy. - qwsxz, on 10/13/2007, -1/+11ummm, how about individual state run reserves like the fore-fathers intended, rather than the private entity that is the current "federal reserve".
- beladona, on 10/10/2007, -1/+10the headline stinks -- but the article is valid. The fact that the Fed just reduced the discount rate by 50 basis points in a special meeting points to a level of concern that we haven't seen before, and is sure to make the market more volatile
- Dextrose, on 10/10/2007, -0/+9Umm -- they did NOT drop the short term interest rate (otherwise known as the FEDERAL FUNDS RATE) by 0.5%. They dropped the DISCOUNT RATE -- which is used only by banks. For all those whining douche bags out there crying about their resetting ARMs -- this rate cut will not help you.
- tizz66, on 10/10/2007, -3/+11To be fair to the submitter, the article did mention 'financial armageddon'. But it didn't mention economic suicide, so buried anyway.
- Genady, on 10/10/2007, -7/+15It's not financial armageddon. It's the Fed trying to calm down the panic, and now they'd dropped short term interest by .5%, trying to accomplish the same. GET A GRIP MAN!
- jsmith39, on 10/10/2007, -0/+8I'll have to watch Armageddon again but I'm pretty sure Ben Afflek (the Feds) got to go home and ***** Liv Tyler (Us) while Bruce Willis (Bernanke) sacrificed himself to save everyone.
Actually that's not a bad analogy is it? Least the part about the Fed ***** us. - Protonz, on 10/10/2007, -0/+8It still isn't clear to me how the Fed creating $79 billion in new money is not going to cause inflation. How do they know if they are handing out more than the banks need? And even if the banks claim to need it, couldn't it be due to poor lending practices to high-risk lenders?
- rizla420, on 10/10/2007, -1/+8It is financial armageddon. WHat you see as this quick soar is just investor happy that they helped them out. So it went up. I gaurantee next week it will go down again like it was doing much of this week. The stock market is so volatile right now. Its asking for a correction. We NEED a correction. What sux about these bailouts is that the huge financial institutions that fleeced people are geting bailed, but do you think they're helping those they've fleeced no. WHo's getting the bailout? Not Mr and Ms. Smith. The more i read about politics/finance the more it pisses me off that people are such ***** up beings. So greedy and selfish even in positions where they're supposed to be working for the greater good of the group. Even then they still manage to succumb to greed and power envy.
I wish I could get to a status where I'd have to balance these influences to see if its really that hard to be successful in either business or in politics without selling your soul. Everything seems to point to the fact that once you reach the upper echelons of society you loose all moral judgment and see yourself as better than those below you and only seek out to improve your lot in life at the expense of those below. - nwoantibody, on 10/10/2007, -4/+11Hum, didn't they do the same thing before the Great Depression?
- lordshank, on 10/10/2007, -2/+8I like the value of the dollar dropping, it brings us closer to the third world nations that we bomb the ***** out of. Go bankers go!!!
- chocolatetacos, on 10/10/2007, -1/+7I don't see how this is linked to RP, or his calls to abolish the Fed, nor how the description is fair, nor how Federal Reserve short-term lending is equivalent to printing money.
- Albionshores, on 10/10/2007, -5/+11If you are relatively happy with the direction the world is moving in then you need to shake yourself from your snow-globe and face what is going on. Apathy is a major reason why what is happening is being allowed to happen.
- wiggles, on 10/10/2007, -2/+8No, which is why there was a Great Depression. Read some Milton Friedman.
- gcnaddict, on 10/10/2007, -1/+6The dollar will die now, thanks to the slash.
- kinerry, on 10/10/2007, -5/+10Hmmm, how do you fix a failing dollar
Print more money!
***** morons I swear... - maybeinoregon, on 10/10/2007, -0/+5It is all a house of cards anyway - the feds only have to keep .10 on each dollar that they loan to banks, and the banks in turn only have to keep .10 on the dollar that they loan out - and now you are telling me that the banks don't even have to actually have the .10 in reserve? Have you ever tried to stack a marble on a marble?? Holy crap - no wonder the dollar isn't worth anything around the world - and to think that this 'house of cards' is ran by a bunch of speculators, buying short and selling long - hmmmmmm - I think I will start putting my retirement fund into my mattress.
- 9ofclubs, on 10/10/2007, -1/+6The Federal Reserve is a private bank working for its owners not the people of America. Dont believe then get your congressmen to sit in on the Open Market Committee that the Fed has, OHHHH WAIT, they cant those are private.
The Federal Reserve is the sole source of all our economics problems, if you cant see that then learn some economics - mookiemookie, on 10/10/2007, -3/+8The submitter probably has no idea what financial Armageddon would look like, as they were most likely in diapers in the bond crashes in 1994, not even born during Black Monday in 1987, and not even a twinkle in their daddy's eye during the Credit Crunch of 1966.
- krnldmp, on 10/10/2007, -1/+6Loans to banks who have written loans to people with no money.
- shellacked, on 10/10/2007, -2/+6Trust me, this is what the Fed is supposed to do. Managing the Federal Funds rate when money supply is tight is one of the Fed's key responsibilities. The Fed is "the bank for other banks" so it's not like they're just giving away money; they're loaning it.
- diggerphelps, on 10/10/2007, -0/+4"Inflation" has already happened. This move by the Fed is just keeping it from (naturally) deflating.
The median income in much of the country cannot purchase the median house.
Oh, wait. You mean houses aren't part of the inflation calculation?
OK, never mind then.
Ugh. - mookiemookie, on 10/10/2007, -1/+5If you want to get technical, the Federal Funds rate is only used by banks also. Usually those mortgages are tied to the prime rate.
- GabrielS, on 10/10/2007, -0/+4The sell off is partially effected by the limited supply of cash. I don't think it's a good move by the Fed as it just pumps more currency into the market to make selling easier.
Let's hope nobody watches CNBC with their 24 hours of panic sell tips. - krnldmp, on 10/10/2007, -2/+6Way to make everybody pay for what should be illegal banking practice.
- evilregis, on 10/10/2007, -9/+13Buried as inaccurate. Stop digging up sensationalistic and misleading (and in this case outright LYING) titles and summaries.
- Bdog2g2, on 10/10/2007, -1/+5First off if you're going to make an allusion get the details right Armageddon was about an Asteroid the size of Texas
Deep Impact was about a comet. - dallascorbin504, on 10/10/2007, -0/+3ever heard of inflation?
- jeffiek, on 10/10/2007, -0/+3Depends. Do you like to rip band-aids of quickly and get it over with. Or do you peel them slowly and prolong the pain?
- UnstableMind, on 10/10/2007, -0/+3$30 Billion == ($30 Billion / 10 Years) * 10 Years my friend!
- acdcfanbill, on 10/10/2007, -0/+3How will they get it back? The only money in circulation is from them, and if they charge interest, the debt is always larger than the capacity to pay.
- Grego123, on 10/10/2007, -3/+6That's alot of money to pump into the market, in the long run its just going to devalue the dollar, inflation is never a good thing.
- teadrinker, on 10/10/2007, -0/+3Or, even better, to reduce (or at least reduce the increase of) the national debt.
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