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FED goes all in
The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.
Since the Committee’s last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.
The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. In particular, the Committee anticipates that weak economic conditions are likely to warrant…
The Fraud of the Great Moderation
The beat goes on – one sector gets pumped up…and then it gets whacked.
Jim Cramer says he’s never seen anything like it…
Not the crash of Drexel Burnham Lambert in the ’80s…not the Asian currency crisis…not the LongTerm Capital Management blowup…not the dotcom bust…
Now, he says, the mood of gloom on Wall Street just gets worse and worse…with no sign of let up. Thousands of layoffs. Stocks in steady decline.
That makes us a little sad, here at The Daily Reckoning headquarters. We don’t like to kick an industry when it is down…and we like kicking Wall Street.
But you can see why the former Masters…
25Jun2008 | Daily Reckoning | Comments Off | Continued
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