The Conservative Cave
Current Events => Breaking News => Topic started by: TheSarge on October 08, 2008, 06:45:24 AM
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WASHINGTON — The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash.
Fed Chairman Ben Bernanke and his colleagues ratcheted down their key rate by 0.5 percentage point to 1.5 percent. The action revives the central bank's rate-cutting campaign which had been halted in June out of concerns that those low rates would worsen inflation. Since then, however, economic and financial conditions have dangerously deteriorated, forcing the Fed to reverse course.
The fact that the Fed felt it couldn't wait until its regularly scheduled meeting on Oct. 28-29, underscored the urgency of the situation.
The Fed took the action in a coordinated move with other central banks, which also were cutting their rates.
"The pace of economic activity has slowed markedly in recent months," the Fed said "Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit."
http://www.foxnews.com/story/0,2933,434303,00.html
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WASHINGTON — The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash.
Does this send the shivers up anybody else's spine?
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the results are mixed
(http://jtools.foxbusiness.com/gifbuilder/builder?cmd=intraday_free_2005&symbol=$i.dji&w=253&h=85&c0101=0xefe9ca&c0102=0x4ac1d9)
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Does this send the shivers up anybody else's spine?
not quite as bad as it did last night when BHO said he would coordinate our entire economic policy with those of other countries. this (putting the most optimistic spin on it possible) is coordinating a response to a crisis, but is an entirely different situation than obama described last night. coordinating the interest rate cut is a tactic; obama was putting forth a completely unthinkable (at least in this country) economic strategy.
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+1 Agreed.
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Does this send the shivers up anybody else's spine?
Nothing seems to be working to free up the credit market. So, when should we all go shopping for bullets and canned goods?
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Nothing seems to be working to free up the credit market. So, when should we all go shopping for bullets and canned goods?
You aren't stocked up already?
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You aren't stocked up already?
I guess I'll go today.
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I guess I'll go today.
at least bullets and spam are holding their value.
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at least bullets and spam are holding their value.
I got a friend of mine - another Mormon, no less - who's stocked up on liquor. He's got cases of the 750ml bottles, and boxes of those little single-shot bottles of Jack, Jim and the Captain. To his way of thinking, when the country descends into the chaos, they'll be a pretty universal form of currency.
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I got a friend of mine - another Mormon, no less - who's stocked up on liquor. He's got cases of the 750ml bottles, and boxes of those little single-shot bottles of Jack, Jim and the Captain. To his way of thinking, when the country descends into the chaos, they'll be a pretty universal form of currency.
Booze, food, and ammo with become the new currency when chaos erupts.
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You know what will fix the credit market ? A nice long isolationist period. We are too tangled in the world markets now, and since most of the world dislikes the USA anyway, screw them.
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You know what will fix the credit market ? A nice long isolationist period. We are too tangled in the world markets now, and since most of the world dislikes the USA anyway, screw them.
I can go for that. Pull all of our troopies back and forward position them on our northern and southern border. Stop all of that EEEEEEEEEEVIL foreign aid payment shit. Run the tarriffs back up to pre-Wilsonian levels.
Works for me.
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I can go for that. Pull all of our troopies back and forward position them on our northern and southern border. Stop all of that EEEEEEEEEEVIL foreign aid payment shit. Run the tarriffs back up to pre-Wilsonian levels.
Works for me.
Ron Paul for President
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I used to stock pile lots of ammo......and mark the purchase date on the boxes. :-)
I still got thousands of rounds marked June 1969.....and it's still good !!!!!!!! Fired a few rounds the other day.