DOW set to drop 500. Nevermind, emergency Fed rate cut

Submitted by bizgrrl on Tue, 01/22/2008 - 09:31.

At 7:43 AM, AP reports:

Indicators showed the Dow Jones industrial average was set to fall by about 500 points when trading begins.

The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely.
...
The Fed decision was taken during an emergency telephone conference with Fed officials on Monday night.

Yeehaw! What a roller coaster.

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The cut was the biggest

Submitted by bizgrrl on Tue, 01/22/2008 - 10:42.

The cut was the biggest one-day rate move by the Fed since it lowered rates by a full percentage point in December 1991, when the country was trying to emerge from recession.

1991, G.H.W. Bush
2008, G.W. Bush

Let me know when banks start

Submitted by R. Neal on Tue, 01/22/2008 - 10:49.

Let me know when banks start offering to pay me negative interest to borrow money from them...

Of course, when the Dow

Submitted by Andy Axel on Tue, 01/22/2008 - 11:47.

Of course, when the Dow broke 13,000 that all redounded to Bush's credit.

Now, it's all about "forces beyond his control."

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"The radical of one century is the conservative of the next. The radical invents the views. When he has worn them out the conservative adopts them." -M. Twain

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