Fed Officials Worried About Recession »
Posted By not2needy 1 year, 2 months ago in Business & FinanceWorries about a deep recession _ not a shallow one _ drove Federal Reserve policymakers to slash a key interest rate last month, meeting minutes show.
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not2needy
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I am a Christian, Married, Liberal, and retired social worker. One son. I enjoy my computer, gardening, reading, cooking and having a ...
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not2needy1 year, 2 months ago
FTA:
Even as the Fed battled in almost unprecedented fashion to stem a widening credit and housing slump, some members fretted over the possibility of a "prolonged and severe" economic downturn. It was in that environment that they voted _ with two dissents _ to cut its most important interest rate by three-quarters of a percentage point to 2.25 percent. That action capped the most aggressive Fed intervention in a quarter-century.
Oct. 29th, 1929.. Black Tuesday! Looks like that's where we are headed again.. I wasn't around during the depression, but my Mother told me many things about it. I don't want to go there!
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Werewolfxkl1 year, 2 months ago
THE FED IS THE CHIEF REASON WE ARE WHERE WE ARE, AND ABOVE ALL EX FED BOSS, ALLAN GREENSPAN.
THE REALITY IS THAT THE ECONOMY IS OVERGROWN WITH A LOT OF BAD BETS THAT FAILED!!! NOW WE HAVE A GIGANTIC WORLD ECONOMY WITH ALL KINDS OF CRACKS IN IT...SO TO SPEAK.
THUS IT WILL TUMBLE INTO A PILE OF YOU KNOW WHAT SOON ENOUGH.
STILL, HILLARY CLINTON COULD HAVE THE ABILITY TO CONTAIN THIS PLIGHT, WHEREAS THE REPUBLICANS COULD NOT REALLY CARE LESS BECAUSE THEY HAVE MONEY!!! HAVING THE MAJORITY OF PEOPLE WITHOUT MONEY IS EXACTLY WHAT THEY WANT SO AS TO CONTINUE THE WAR IN IRAQ AND INTO IRAN....KIDS WITHOUT JOBS WILL BE MORE THAN WILLING TO FIGHT...THIS IS EXACTLY HOW WE SIGNED UP SO MANY PEOPLE IN THE SECOND WORLD WAR....IT WAS DURING THE DEPRESSION AND PEOPLE HAD LITTLE ELSE GOING FOR THEM!!!
DO NOT TAKE MY COMMENT LIGHTLY, FOR IF YOU THINK ABOUT IT CAREFULLY YOU WILL SEE IT PRETTY MUCH FITS.
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jovial1 year, 2 months ago
The economy will contract and continue to do so for a few years. The band-aid dressing is just a temporary fix to get past the election period IMHO.
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texangelwings1 year, 2 months ago
Fixing the credit will not help! The Fed fails to comprehend the base cause of the coming depression! People can't spend what they can't earn!
History repeating itself!
Thanks not2needy, good post!
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not2needy1 year, 2 months ago
You're welcome tex.
Another issue is the new bankruptcy laws. They make filing a bankruptcy almost impossible for poor people, and with the enormous interest rates people are being charged, NO WAY can they make a dent in their debt.
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canadianrancher571 year, 2 months ago
Many years ago I read a short story called "The Day The Bubble Burst" When I think back to this artical and compare it to the artical I just read I think that the similarities are frightning, In the crash of 29 there was a slow meltdown as the larger banks tried to maintain order in the markets but eventually the collapse happened. We are seeing a piture that is close to the same thing today the larger banks and even the fed is trying to create a stable market but eventually I think that the blood will run.
I have the feeling that this is sort of like a situation where someone has dropped a glass and we are all watching the glass fall in slow motion hoping that when it hits the floor it will not smash into a thousand pieces.
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not2needy1 year, 2 months ago
Well said. It's scary as hell, but the cons don't seem to think it's important, they're too busy asking for more of the same! I don't know what it's going to take for them to see/understand the seriousness of our situation.
For most of them, it's all about the game of winning elections, and winning at all costs. Nothing more, nothing less.
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quackpot1 year, 2 months ago
Recession, probably. But, also watch out for inflation on the rebound.
Those hundreds of billions of new dollars that are being pumped into the money supply have to go somewhere.
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crespi1 year, 2 months ago
The Fed is a malfeasant private bank.
I agree with the blogs that say we should take our money printing back into the United States Treasury.
President Kennedy was pushing for that when he was killed.
Some say cutting off the gravy train of draining America's money from the people into the pockets of the super-wealthy caused the super-wealthy to kill him.
Would folks who can buy countries or start global wars for profit have a man killed that is going to pull their hand out of the till? Nawww...
Would they?
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Origin1 year, 2 months ago
From Bush's last press conference:
"what recession? i dont see a recession.. i dont even know how to spell recession."
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marshx1 year, 2 months ago
they seem to be late to the party, everybody else has been worrying for the last 6 months.
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Tadpole511 year, 2 months ago
There is an ecomomical disaster, we have no jobs to go to. Illegal aliens taking a lot of them ,other country's getting them also. Out Sourceing also. And 300.00 check from government will not buy a 100 gallons of gas. Our leaders have sold us out to line their own pockets. American life as we have known it is a thing of the PAST !!!
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markmawn21 year, 2 months ago
Wow, this is all hype according to my local Real Estate associations. All good news will bounce back this Spring and house prices will once again be on the rise, and there will be pretty pink ponies for everyone. Ain't no bubble here.
Paint it pink, put a sign on it that reads "not my problem" and people will never see it.
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markmawn21 year, 2 months ago
The bigger answer to the already big question can be found here.
We no longer produce what we consume. We are Post-Industrial.
http://larouchepub.com/lar/2006/webcasts/3318ap...
Please download this free ebook, written in 1841:
"Extraordinary Popular Delusions and the Madness of Crowds"
http://www.gutenberg.org/etext/636
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AnteUp1 year, 2 months ago
markmawn2 ~
Hah! You should have seen the upbeat article in my
Sunday paper submitted by the Pres.of the area's Chamber
of Commerce. You might have called it delusional, and
that would be accurate - but it was deliberate. Why?
Why? Did I grow up thinking the Chamber of Commerce
actually stood for something respectable? This is a
mid-life shock for me. Did everybody else already know?
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fitzchief1 year, 2 months ago
We have done all of this to ourselves.
We put an oil man in the white house. The vice president has direct affiliation with the oil industry. Condi is an ex oil executive, and the list goes on and on.
The banking industry is evidently run by a bunch of idiots that push the domestic lending policies of this administration.
I mean,come on. Is there anyone out there who thinks that there is some conceivable way that a person who makes 50 thousand dollars a year can pay for a home that cost 300 thousand dollars. No Way!!
They need to get out of their own mess and stop asking tax payers to bail them out. And the same goes for those idiots that borrowed the money knowing that they couldn't pay it back.
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AnteUp1 year, 2 months ago
Yeah - and they'll be doing better soon. Plans for some
huge natural gas pipeline from the USA, then through -
ummmm - Saskatchewan and Alberta(?) on it's way through
Alaska to Denali. Bush and Canada are getting along fine!
Buy a Sierra Club calendar and save the pix - you're going
to need them in years to come.
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amazed1 year, 2 months ago
yes, we are in a recession. yes, there are some basic problems with the economy that must be addressed. yes, fuel prices are ridiculously high (but, nowhere near as high as in Europe, yet).
Hey, folks! Recessions happen -- cyclically and regularly. We are due. No doubt, recessions suck, but you just have to hang on through them and hope you come out okay on the other side.
Now, there are two courses that we can take. We can try to address the systemic problems in our economy, so that when (yes, when) we emerge from this recession, we have mechanisms in place to make our economy strong again. Or, we can sit around whining about how the sky is falling and it's all the republicans, conservatives, liberals, democrats, pick your evildoer, 's fault.
The choice is ours.
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simonsez1 year, 2 months ago
The economy is a lot like herding cats ... you do what you can to try to keep it moving forward and that's all the Feds are trying to do.
If you have any money to work with, it's an excellent time to invest. The old saying "buy low - sell high" still works, but it means you have to buy when things look scary.
The over-reaction on banks has been significant, but there are better choices out there.
If you've seen the little fish that swarm around a whale shark's mouth to eat his crumbs, the market is like that. Be one of those little fish and when the whale shark (government) makes a mistake, take advantage and grab some crumbs.
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markmawn21 year, 2 months ago
You could of course regenerate the revenue by shifting the tax system so that bankers pay more taxes that essentially go to their own bailout plans.
Problem solved!
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