scratchpad-siboney: 2008-09-21

1Is 11,000 now a floor or is it a ceiling?

Ghost Dog

(1000+ posts)

Mon Sep-22-08 09:14 PM
Response to Reply #154

164. Is 11,000 now a floor or is it a ceiling?

Edited on Mon Sep-22-08 09:23 PM by Ghost Dog

... It will be a few more weeks before economic data is available to quantify exactly how hard the latest drama hit the real U.S. economy. The market turmoil drove up borrowing costs for banks and other companies, and unless conditions improve, the tighter credit terms will weigh on economic growth.

Richard Curtin, director of the Reuters/University of Michigan Surveys of Consumers, said how consumers respond to the crisis "will help to determine the length and depth of the ongoing economic downturn.

"While the financial crisis is likely to make the ongoing downturn a little deeper and persist a little longer than originally anticipated, perhaps the most important implication is that the eventual resolution of the crisis is likely to slow the rate of growth in consumer spending for years to come."

Already the crisis has taken a big bite out of Americans' nest eggs. Government data released last week showed that household wealth declined for three consecutive quarters through June, the first time that has happened since records began in 1951. The current quarter will probably show losses as well, thanks to the housing bust and stock market unrest.

/... http://www.reuters.com/article/marketsNews/idINN1953391...

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Roland99 (1000+ posts)

Mon Sep-22-08 09:26 PM
Response to Reply #164

166. Easy to spin: "Record-breaking economic activity!"

Said with a gleam in the eye.

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RUMMYisFROSTED

(1000+ posts)

Mon Sep-22-08 10:00 PM
Response to Reply #166

172. It's phenomenally energized!

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Demeter

(1000+ posts)

Tue Sep-23-08 12:26 AM
Response to Reply #164

180. Pardon Me for Scoffing, But WHAT Economic Growth?

There Is No Growth. That's why it doesn't make any sense to save Wall St. They are parasites--they suck the lifeblood out of the economy.

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ozone_man

(1000+ posts)

Tue Sep-23-08 12:43 AM
Response to Reply #180

181. Derivative growth is more like it.

http://angrybear.blogspot.com/2008/09/otc-derivative-gr...

I agree, Wall Street (financials anyway) are parasites that need a good fumigation.

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Ghost Dog

(1000+ posts)

Mon Sep-22-08 08:54 PM
Response to Original message

161. US dollar slides, bailout rekindles deficit concern

Edited on Mon Sep-22-08 09:19 PM by Ghost Dog

Mon, Sep 22 2008, 16:30 GMT NEW YORK, Sept 22 (Reuters) - The U.S. dollar fell broadly, hitting three-week lows against the euro and sterling on Monday as the U.S. government's bailout plan to ease a global credit crisis re-ignited worries about the country's massive budget deficit.

...

"Nobody knows what form the bailout package will take. We only know vaguely how much it will cost," said Ron Simpson, director of currency research at Action Economics in Tampa, Florida. "So if you are a foreigner and looking at the U.S. fiscal position, it does not look pretty for this year and next...Overall, the uncertainty is driving the current flight out of the dollar," he added.

The Congressional Budget Office has forecast a record U.S. budget shortfall of about $438 billion in the next fiscal year, excluding the cost of the bailout. The rescue package is expected to raise the government's debt ceiling 6.6 percent.

In midday New York trading, the dollar fell nearly 1.0 percent on the day to 106.41 yen. The euro hit a three-week high at $1.4685, according to Reuters Dealing, up 1.5 percent. Sterling also benefited from dollar selling, hitting its highest in more than three weeks at $1.8489. It was last at $1.8476, up 0.9 percent. Against the Swiss franc, the dollar fell two percent to a six-week low at 1.0822 francs, according to Reuters Dealing.

/... http://www.fxstreet.com/news/forex-news/article.aspx?St...
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ribofunk

(1000+ posts)

Mon Sep-22-08 08:55 PM
Response to Original message

162. Volume is Way Way Down

If oil is flat tomorrow, it should be another big up day.

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Ghost Dog

(1000+ posts)

Mon Sep-22-08 09:00 PM
Response to Original message

163. Trichet says ECB stance aims for price stability

Edited on Mon Sep-22-08 09:26 PM by Ghost Dog

Mon Sep 22, 2008 3:54pm EDT PARIS, Sept 22 (Reuters) - The European Central Bank's monetary policy stance aims to preserve medium-term price stability, ECB President Jean-Claude Trichet said on Monday.

...

"We have a monetary policy stance that is always to preserve price stability in the medium-run," Trichet said. "I would say to all consumers, to all households...you can count on us, we will deliver price stability over the medium term."

...

In a section of the interview released earlier, Trichet called for change in the financial system and for greater transparency.

"It is the full body of the system which has to be reviewed, and we have to take care," Trichet said.

Asked whether he could imagine a situation where the ECB puts together a U.S.-style rescue package for financial firms, Trichet said: "We have a responsibility as regards liquidity providing, we have no responsibility as regards the solvency issue that might emerge here and there."

The "solvency responsibility is the responsibility of the executive branches," he said.

/... http://www.reuters.com/article/bondsNews/idUSLM13695420...

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OhioChick

(1000+ posts)

Mon Sep-22-08 09:32 PM
Response to Original message

167. All day long

I couldn't figure out why this thread was still going....wondering where today's MarketWatch thread was. Today is the 22nd....threw me off. Thought today was Tuesday!