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The Reality Hammer Blog Reality Hammer - For People Who Can Handle The Truth - As predicted, the Fed cuts rates
Reality Hammer - For People Who Can Handle The Truth - As predicted, the Fed cuts rates
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As predicted, the Fed cuts rates
The Fed cut its overnight rate in the wake of continued liquidity problems among mortgage providers.
WASHINGTON (MarketWatch) -- In a move applauded by financial markets on both sides of the Atlantic, the Federal Reserve announced Friday that it's cut the discount rate by half a percentage point to 5.75%.

The Federal Reserve Board said it was acting to "promote the restoration of orderly conditions in financial markets." The Fed also said it would allow banks to borrow unlimited funds at 5.75% for 30 days, down from the previous overnight rate of 6.25%.

I expect a Fed Funds rate cut is next to help the consumer marketplace. (The overnight rate is a rate at which banks borrow to cover their own needs.)

The layoffs of thousands of employees of poorly funded mortgage outfits is next!

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inibo From: inibo Date: August 18th, 2007 04:20 am (UTC) (Link to this entry)
If you or I had done what the European Central Bank and the Federal Reserve have done over the past ten days or so, it would be called counterfeiting. Instead, they call it sound monetary policy.
reality_hammer From: reality_hammer Date: August 18th, 2007 04:41 am (UTC) (Link to this entry)
It helps to own the printing press and have had Congress authorize you loaning money to yourself.
dlombard From: dlombard Date: August 18th, 2007 06:56 am (UTC) (Link to this entry)
How long do you think the rate will stay at 5.75%? Do you think it could go even lower?
reality_hammer From: reality_hammer Date: August 21st, 2007 04:08 am (UTC) (Link to this entry)
I think rates will go lower because job losses will not be confined to the mortgage lending segment.

I think we'll see stagnant job growth or even job losses over the next few months that will result in rate cuts meant to stimulate the economy.
dlombard From: dlombard Date: August 21st, 2007 04:21 am (UTC) (Link to this entry)
With the inevitable foreclosures from all the crap loans and people with no income to support them, do you think that the housing market will return to sanity with decently priced homes again and competitive rates for people who actually are supposed to quality for mortgages?
kc_anathema From: kc_anathema Date: August 18th, 2007 07:20 am (UTC) (Link to this entry)
The layoffs of thousands of employees of poorly funded mortgage outfits is next!

You mean like those ones in the commercials, ditech.com and other annoying ones like that?
inibo From: inibo Date: August 18th, 2007 07:42 am (UTC) (Link to this entry)
Considering it was the Fed that created the housing bubble by flooding the financial markets with cheap credit, you can't really blame the entrepreneurs who made a commission from distributing all that debt. They were reacting to market conditions, just like intelligent people have always done. After they bundled everything up to sell to the geniuses at Bear Sterns they took their money and went home. Pretty cleaver, if a bit mercenary.
kc_anathema From: kc_anathema Date: August 18th, 2007 08:03 am (UTC) (Link to this entry)
Um, I don't blame them. I just think they're very very annoying.
reality_hammer From: reality_hammer Date: August 21st, 2007 04:01 am (UTC) (Link to this entry)
Yes! Though the commercials will not stop.
dlombard From: dlombard Date: August 21st, 2007 04:34 am (UTC) (Link to this entry)
Exactly.
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