oh yeah by the way as far as the "awakening" goes
went to grab a beer for a nightcap to my evening last night
and few people at the bar were talking about housing, the huge losses for C, MER etc, how our education system is fucked up and we need more trade schools, how they need to start restraining their spending habits and we as a nation can't live like we have in the past
i was like damn!!! people are waking up
went to grab a beer for a nightcap to my evening last night
and few people at the bar were talking about housing, the huge losses for C, MER etc, how our education system is fucked up and we need more trade schools, how they need to start restraining their spending habits and we as a nation can't live like we have in the past
i was like damn!!! people are waking up
what bars do you hang out at??? most of the ones I'm in people are complaining about their spouses, how the bulls cant stay healthy, or why the fvck we can't smoke indoors anymore...
maybe I should be drinking in the financial district part of town.. but i guess you can afford it not having electricity in your house and walking everywhere eh tiz?
maybe I should be drinking in the financial district part of town.. but i guess you can afford it not having electricity in your house and walking everywhere eh tiz?
yeah that's why i was surprised
99% of the time what you said is the topic of conversation
although this particular bar tends to have more "aware" people than most in this town, and "wordly" topics come up more often than your typical bar, its a hole in the wall irish pub that the older students, and older people in general, like to go to
to get away from all the 19 year olds
99% of the time what you said is the topic of conversation
although this particular bar tends to have more "aware" people than most in this town, and "wordly" topics come up more often than your typical bar, its a hole in the wall irish pub that the older students, and older people in general, like to go to
to get away from all the 19 year olds
zero percent chance of a no cut or .75 cut
I think a .50 was a shoe-in, however with the recent revelation that the rogue French trader caused last weeks major correction worldwide, I'm leaning towards .25.
It's all a mute point though -once the bond insurers start to roll over, rates are going into the 2's. yawn
I think a .50 was a shoe-in, however with the recent revelation that the rogue French trader caused last weeks major correction worldwide, I'm leaning towards .25.
It's all a mute point though -once the bond insurers start to roll over, rates are going into the 2's. yawn
90% of what the FED does is phsycological
"inflation expectations":missingte
used to be that, when the inflation #'s were up, gold rose. now it's the opposite, as traders trade based on what the "FED" will do in response. in this case possibly raise rates or limit further cuts....although this time is "different"
"FED" is a useless tool, just a power hungry cabal. problem is it would lead to chaos if they were just eliminated over night, which is why Paul softened his stance on them. they need to be phased out though
"inflation expectations":missingte
used to be that, when the inflation #'s were up, gold rose. now it's the opposite, as traders trade based on what the "FED" will do in response. in this case possibly raise rates or limit further cuts....although this time is "different"
"FED" is a useless tool, just a power hungry cabal. problem is it would lead to chaos if they were just eliminated over night, which is why Paul softened his stance on them. they need to be phased out though
t-minus 86 minutes and counting....:lolBIG:
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SoumiSoumiSoumi:Guitarman
mother nature becoming a big story to china and the global economy in general
6100 to 4417 fall since shanghei exchange peaked out
after running from 1000 to 6100 from mid 2005 to late 2007
-------------------------------------------------------
BEIJING, China (CNN) -- China's worst winter in more than half a century showed no signs of abating Wednesday as forecasters told citizens to brace for three more days of snow and sleet.
"The heavy snow and sleet has paralyzed transport and coal shipments, and led to travelers cramming railways stations and airports and power supply reductions in almost half of the 31 provinces and regions on the Chinese mainland," China's Xinhua news agency reported.
Meanwhile, China's Civil Affairs Ministry said the cost of the storms to the Chinese economy had reached $4.5 billion.
In Guangzhou, hundreds of factory workers who had saved money all year to visit their families during China's Lunar New Year flooded the city's packed train station, waiting for trains that were not expected to arrive for days.
Up to half a million people have camped out in the southern city for nearly a week, hoping to get home for the traditional annual family visit during next week's Lunar New Year.
Factories in the province of Guangzhou shut down Wednesday ahead of the Feb. 7 holiday with workers joining the masses around the train station -- hoping the government would deliver on its promise of quick action and immediate relief for those trying to make it home.
"I have been sleeping out here for six days. I have spent all my money. I don't know how I will get home," one man said. "It is a disaster from heaven."
Another man told CNN's Hugh Riminton he had tried to get out of Guangzhou every way possible -- by airplane, bus and his own car -- but could not make it because of the weather conditions.
"Now he's in the queue with everyone else trying to get on a train," Riminton said. "And the trains simply aren't going at the moment and it's unlikely they'll be going really in sufficient numbers for days to come"
Security is tight at the railway station as people occasionally stampeded the barricade in an attempt to get closer to the train platforms, to no avail. Armed riot police flooded the station on Wednesday to regain control of the situation.
So far, Chinese authorities have managed to persuade nearly 470,000 people to abandon their travel plans and accept a refund for their train tickets.
Prime Minister Wen Jiabao apologized Tuesday to the hundreds of thousands of people stranded in train stations across his country -- a rare move by a Chinese politician.
"I apologize to you all," said Wen, using a bullhorn to address stranded travelers at a station in Hunan province. "We are currently trying our best to repair the system.
"First we'll fix the electric grid. After that, the trains will run again. ... Then all of you can go home for the Chinese New Year," the premier said, bringing applause from the crowd.
Chinese media replayed the apology several times. The unusual gesture is likely to go a long way in pacifying the anger and frustrations of the thousands stranded across the country, CNN's Jaime Florcruz said.
President Hu Jintao called an emergency meeting of the policy-making politburo and vowed a quick government response.
The moves are intended to show that the government is in control and taking responsibility for the situation, Florcruz said.
More than 177 million Chinese were expected to travel by train, and 22 million more by plane, for Chinese Lunar New Year, also known as the Spring Festival.
"Going home every year is an obligation," one Chinese woman explained. "It is family reunion, and no matter how difficult it is, we have to do it."
Brian Blackwell of Chicago was stranded for two days at Shanghai's Hongqiao International Airport, where tempers were short and several fist fights nearly broke out.
"There were thousands of people there and they were pushing toward the counter," Blackwell told CNN. "You had no idea what the status of your flight was."
On Wednesday, Blackwell drove to Shanghai's Pudong International Airport to catch a United Airlines flight to Chicago. He said the mood was much calmer at Pudong, which handles more international flights.
Brutal winter weather has pounded China's central, eastern and southern sections. In its 10-day forecast, the China Meteorological Administration said Wednesday that southwestern, eastern and southern China can expect more snow and sleet with freezing temperatures, while northern China will stay clear but windy.
The winter precipitation had caused at least 49 deaths due to collapsed roofs and treacherous travel conditions, the Ministry of Civil Affairs and local officials said.
advertisement
Early Tuesday, a passenger bus plunged off a slippery mountain road in southwestern China's Guizhou province, killing at least 25 people and injuring 13, Xinhua reported.
Nearly a million police have been dispatched to help keep roadways open as thousands of vehicles have become stranded in the snow and ice, according to Chinese Ministry of Public Safety spokesman Wu Heping.
6100 to 4417 fall since shanghei exchange peaked out
after running from 1000 to 6100 from mid 2005 to late 2007
-------------------------------------------------------
BEIJING, China (CNN) -- China's worst winter in more than half a century showed no signs of abating Wednesday as forecasters told citizens to brace for three more days of snow and sleet.
"The heavy snow and sleet has paralyzed transport and coal shipments, and led to travelers cramming railways stations and airports and power supply reductions in almost half of the 31 provinces and regions on the Chinese mainland," China's Xinhua news agency reported.
Meanwhile, China's Civil Affairs Ministry said the cost of the storms to the Chinese economy had reached $4.5 billion.
In Guangzhou, hundreds of factory workers who had saved money all year to visit their families during China's Lunar New Year flooded the city's packed train station, waiting for trains that were not expected to arrive for days.
Up to half a million people have camped out in the southern city for nearly a week, hoping to get home for the traditional annual family visit during next week's Lunar New Year.
Factories in the province of Guangzhou shut down Wednesday ahead of the Feb. 7 holiday with workers joining the masses around the train station -- hoping the government would deliver on its promise of quick action and immediate relief for those trying to make it home.
"I have been sleeping out here for six days. I have spent all my money. I don't know how I will get home," one man said. "It is a disaster from heaven."
Another man told CNN's Hugh Riminton he had tried to get out of Guangzhou every way possible -- by airplane, bus and his own car -- but could not make it because of the weather conditions.
"Now he's in the queue with everyone else trying to get on a train," Riminton said. "And the trains simply aren't going at the moment and it's unlikely they'll be going really in sufficient numbers for days to come"
Security is tight at the railway station as people occasionally stampeded the barricade in an attempt to get closer to the train platforms, to no avail. Armed riot police flooded the station on Wednesday to regain control of the situation.
So far, Chinese authorities have managed to persuade nearly 470,000 people to abandon their travel plans and accept a refund for their train tickets.
Prime Minister Wen Jiabao apologized Tuesday to the hundreds of thousands of people stranded in train stations across his country -- a rare move by a Chinese politician.
"I apologize to you all," said Wen, using a bullhorn to address stranded travelers at a station in Hunan province. "We are currently trying our best to repair the system.
"First we'll fix the electric grid. After that, the trains will run again. ... Then all of you can go home for the Chinese New Year," the premier said, bringing applause from the crowd.
Chinese media replayed the apology several times. The unusual gesture is likely to go a long way in pacifying the anger and frustrations of the thousands stranded across the country, CNN's Jaime Florcruz said.
President Hu Jintao called an emergency meeting of the policy-making politburo and vowed a quick government response.
The moves are intended to show that the government is in control and taking responsibility for the situation, Florcruz said.
More than 177 million Chinese were expected to travel by train, and 22 million more by plane, for Chinese Lunar New Year, also known as the Spring Festival.
"Going home every year is an obligation," one Chinese woman explained. "It is family reunion, and no matter how difficult it is, we have to do it."
Brian Blackwell of Chicago was stranded for two days at Shanghai's Hongqiao International Airport, where tempers were short and several fist fights nearly broke out.
"There were thousands of people there and they were pushing toward the counter," Blackwell told CNN. "You had no idea what the status of your flight was."
On Wednesday, Blackwell drove to Shanghai's Pudong International Airport to catch a United Airlines flight to Chicago. He said the mood was much calmer at Pudong, which handles more international flights.
Brutal winter weather has pounded China's central, eastern and southern sections. In its 10-day forecast, the China Meteorological Administration said Wednesday that southwestern, eastern and southern China can expect more snow and sleet with freezing temperatures, while northern China will stay clear but windy.
The winter precipitation had caused at least 49 deaths due to collapsed roofs and treacherous travel conditions, the Ministry of Civil Affairs and local officials said.
advertisement
Early Tuesday, a passenger bus plunged off a slippery mountain road in southwestern China's Guizhou province, killing at least 25 people and injuring 13, Xinhua reported.
Nearly a million police have been dispatched to help keep roadways open as thousands of vehicles have become stranded in the snow and ice, according to Chinese Ministry of Public Safety spokesman Wu Heping.
U.S. Housing Spending in Fourth Quarter Falls Most in 26 Years
By Bob Ivry
Jan. 30 (Bloomberg) -- U.S. spending on housing fell in the fourth quarter by the most in 26 years as the housing slump started to curtail consumer spending.
Residential investment, the money spent on construction, renovation and broker fees associated with sales, dropped 24 percent in the period, the biggest decline since the fourth quarter of 1981, according to the U.S. Department of Commerce.
By Bob Ivry
Jan. 30 (Bloomberg) -- U.S. spending on housing fell in the fourth quarter by the most in 26 years as the housing slump started to curtail consumer spending.
Residential investment, the money spent on construction, renovation and broker fees associated with sales, dropped 24 percent in the period, the biggest decline since the fourth quarter of 1981, according to the U.S. Department of Commerce.
UBS Reports Record Loss After $14 Billion Writedown (Update6)
Jan. 30 (Bloomberg) -- UBS AG, Europe's largest bank by assets, had a record loss after raising fourth-quarter writedowns on securities infected by U.S. subprime mortgages to $14 billion.
The Zurich-based bank announced today a net loss of 12.5 billion Swiss francs ($11.4 billion) for the fourth quarter, almost double the median estimate of analysts surveyed by Bloomberg. The annual shortfall was about 4.4 billion francs, the first since UBS was created through a merger a decade ago.
Jan. 30 (Bloomberg) -- UBS AG, Europe's largest bank by assets, had a record loss after raising fourth-quarter writedowns on securities infected by U.S. subprime mortgages to $14 billion.
The Zurich-based bank announced today a net loss of 12.5 billion Swiss francs ($11.4 billion) for the fourth quarter, almost double the median estimate of analysts surveyed by Bloomberg. The annual shortfall was about 4.4 billion francs, the first since UBS was created through a merger a decade ago.
greenspeak getting hilarous
the guy that was in charge when the bubbles were created now saying they can't stop um from popping
----------------------------------
Greenspan doubts Fed's ability to prevent recession
2 hours, 5 minutes ago
Former Federal Reserve chief Alan Greenspan cast doubt on the ability of the central bank to prevent a US recession in an interview to appear on Thursday.
Greenspan told the German weekly Die Zeit that the Fed or political policies could "probably not" keep the world's biggest economy from sliding into recession, as financial markets widely expected the US central bank to cut its main lending rate.
"The influences of the global economy today are stronger than almost any monetary or budgetary response," the German-language weekly quoted Greenspan as saying.
Although he left the post of Fed chairman two years ago, Greenspan's opinions on the economy are still sought after.
"Real long-term interest rates have much more influence over the heart of economic activity than national decisions," he was quoted as adding.
"And central banks have less and less power to influence long term rates."
The former Fed chief put the chances of a US recession at 50 percent, but added: "We have few indications that would allow us to say we are already there."
Some analysts have said that low interest rates under Greenspan's watch were responsible in part for the US housing bubble that burst last year, and led to the current financial crisis.
Die Zeit quoted him as saying he found it hard to understand that "the Federal Reserve policy had somehow allowed housing and stock prices to rise."
Fallout from the crisis, which began with a meltdown of the US market for high-risk, or subprime, mortgages, continues to rock international financial markets and now threatens the US economy with a recession.
For Greenspan however, the turmoil was "entirely the result of market forces at a global level."
The Fed's Open Market Committee (FOMC) was to announce its decision on US lending rates later on Wednesday.
It surprised markets last week by slashing the base Fed funds rate by three quarters of a percentage point to 3.50 percent, but it is widely expected to follow through with another cut to 3.0 percent
the guy that was in charge when the bubbles were created now saying they can't stop um from popping
----------------------------------
Greenspan doubts Fed's ability to prevent recession
2 hours, 5 minutes ago
Former Federal Reserve chief Alan Greenspan cast doubt on the ability of the central bank to prevent a US recession in an interview to appear on Thursday.
Greenspan told the German weekly Die Zeit that the Fed or political policies could "probably not" keep the world's biggest economy from sliding into recession, as financial markets widely expected the US central bank to cut its main lending rate.
"The influences of the global economy today are stronger than almost any monetary or budgetary response," the German-language weekly quoted Greenspan as saying.
Although he left the post of Fed chairman two years ago, Greenspan's opinions on the economy are still sought after.
"Real long-term interest rates have much more influence over the heart of economic activity than national decisions," he was quoted as adding.
"And central banks have less and less power to influence long term rates."
The former Fed chief put the chances of a US recession at 50 percent, but added: "We have few indications that would allow us to say we are already there."
Some analysts have said that low interest rates under Greenspan's watch were responsible in part for the US housing bubble that burst last year, and led to the current financial crisis.
Die Zeit quoted him as saying he found it hard to understand that "the Federal Reserve policy had somehow allowed housing and stock prices to rise."
Fallout from the crisis, which began with a meltdown of the US market for high-risk, or subprime, mortgages, continues to rock international financial markets and now threatens the US economy with a recession.
For Greenspan however, the turmoil was "entirely the result of market forces at a global level."
The Fed's Open Market Committee (FOMC) was to announce its decision on US lending rates later on Wednesday.
It surprised markets last week by slashing the base Fed funds rate by three quarters of a percentage point to 3.50 percent, but it is widely expected to follow through with another cut to 3.0 percent
well think we might ramp post fed
when i see
"terrible figures raise recession fears" on the front page of CNN.com prior to fed its time for a bear to beware
T minus 44 minutes till the markets reopen after being essentially closed the last day and a half
when i see
"terrible figures raise recession fears" on the front page of CNN.com prior to fed its time for a bear to beware
T minus 44 minutes till the markets reopen after being essentially closed the last day and a half
they cut .50 as I guessed.
what the heck, may as well cut 'em to 0 benny!
heck with only a $300 check for every wage slave, give 'em $1,000,000 each.
worry about paying for it later or ask the chinese to lend us another few trillion.
then everyone in california will be able to pay their mortgages.
paulson and all his pals at gs making all the money again on the taxpayers' dime.
what the heck, may as well cut 'em to 0 benny!
heck with only a $300 check for every wage slave, give 'em $1,000,000 each.
worry about paying for it later or ask the chinese to lend us another few trillion.
then everyone in california will be able to pay their mortgages.
paulson and all his pals at gs making all the money again on the taxpayers' dime.
50 bp, fed gives bulls some short term crack
print biatches
now the question when to hop back in fully short today very soon or wait?
i already lumped back in half of my tradable short position
---------------------
For immediate release
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent.
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Today’s policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred no change in the target for the federal funds rate at this meeting.
In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 3-1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Kansas City, and San Francisco.
print biatches
now the question when to hop back in fully short today very soon or wait?
i already lumped back in half of my tradable short position
---------------------
For immediate release
The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent.
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Today’s policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred no change in the target for the federal funds rate at this meeting.
In a related action, the Board of Governors unanimously approved a 50-basis-point decrease in the discount rate to 3-1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Atlanta, Chicago, St. Louis, Kansas City, and San Francisco.
