Wednesday, October 8, 2008

Coordinated 50BP Global Rate Cut

ROTFLMAO @ the market. More forestalling. They should have let the market open, get painful, and then announce the cut at 11am.

Do none of these central bank idiots understand market psychology? They can't get away from this thing without pain. Just ask Art Cashin.



FUCKING IDIOTS. Anyway, here it is reported in the Times.

Meh, perhaps I'm just bitter because I was all ready to toast marshmallows over the charred remains of my computer monitors (which would surely explode when the market crashed).

UPDATE! ROTFLMAO @ the Central Bankers. You can't jump ahead of market psychology... otherwise you get steamrolled.

8 comments:

Jorge said...

Need... non.. fed induced... rally... sigh.

Pete said...

japan was down 10% overnight- maybe bowin to our biggest debt buyers to do it on their time frame - or bernake just wants to screw american traders again by not doing it during market hours

Jorge said...

There goes the neighborhood.. lol

bloggerdotcom said...

Ummmm... this shit won't work because people don't have assets to fall back on anymore. So it doesn't matter a global rate cut, as they are too late to do it.

No more home equity lines, severely shrunken investments, severely shrunken retirements, tightened/nonexistant credit, job insecurity, high and growing unemployment, weak dollar, etc.

In other words, consumer is not coming back for a while.

I'm seeing home prices off 30% in marquee neighborhoods but I wouldn't step in to buy. The real pain is yet to come.

Jorge said...

DT,

When the market's on crack like this, does the RO just sit around and talk smack? Seems impossible to trade in this environment with a sane mind.

Dinosaur Trader said...

People have already made a lot and lost a lot. Everyone is very active.

Overall, the office is nicely up.

-DT

TRader said...

Trader D checking in.....i can speak for the RO to say that at times like this we make obnoxious amounts of money then proceed to lose most of it.

BTW, Bloggerdotcom, where are u located where you are seeing prices on houses coming down 30% in marquee neighborhoods?

bloggerdotcom said...

Trader D,

I'm talking about 1+ acre lots in New England postcard perfect North Shore towns like Essex, Manchester, Beverly, Rockport, etc. up in Massachusetts. Many of which are on or steps from the ocean.

Many examples of homes that a year to 1.5 years ago would sell for 750K now down in the low 500's.