When in worry, grief, or doubt...

[jhetley]

...run in circles, scream and shout.

I see reports that the Fed has, or proposes to, cut interest rates 3/4%.  Are we panicking yet?

Comments

[ebenstone.livejournal.com]

I think we've clearly crossed over to panic mode!

[jhetley.livejournal.com]

I believe this market panic is G*d's judgment on the people for submitting to the rule of the Antichrist.

[pernishus.livejournal.com]

Here, here!

[ziactrice.livejournal.com]

Pfui. I firmly believe that such a large cut would only _convince_ everyone we're in the Bad Times Now, and make things worse. If those high-priced suits had manned up and cut more firmly, more frequently EARLIER in last year, when trouble appeared, instead of denying it with 'slowing economic growth', we wouldn't have all this stupidity going on now.

I just wish I hadn't sold outta gold too early. Sigh. At least I still have some oil equities.

All these billion dollar write downs simiultaneous to bank heads departing with millions for allowing such shenanigans to go on is eating me. I'm a student of history, and as far as I can discern, isn't this exactly what has happened more than several times before? 1978, for instance? The so-called governing rules and bodies set up then to prevent a global financial ripoff don't seem to have been all that darn effective.

[unixronin.livejournal.com]

NPR is reporting there has already been a significant Wall Street sell-off, and the Dow is down 153 points so far.

(ObDevil'sAdvocate: 153 points out of about 11,500 is in the noise level, IMHO.)

[sclerotic-rings.livejournal.com]

Well, they were, before they were gutted during the Good Times. If I've learned anything from the peculiar form of socialism practiced here in Texas, where the most aid goes to those who need it least, we'll have lots of bitching and moaning from greedheads who weren't able to cash out in time about how it's the government's responsibility to pay them back for their stupid busines decisions, $2.73 on the dollar. Then, when things are going well and the government asks "So...you do know that was a loan, right?", these same individuals suddenly become champions of the self-sufficient man and buy representatives whose sole purpose is to "get government off our backs".

For a particularly fascinating tale, take a look at the final years of former Governor John Connally, especially after he switched parties, attempted a run for President in 1980, and decided that taxes were for little people. Just before he died, his assets were auctioned off by the IRS to cover the taxes he didn't pay, where he couldn't pay them because he'd lost everything in dubious real estate ventures in the mid-Eighties, and he got most of his stuff back because rich friends bought it for pennies on the dollar and gave it back to him.