Looking forward to Monday to see how much MORE MONEY the Fed will pump in:
"Central Banks Intervene to Calm Volatile Markets" by VIKAS BAJAJ
Central banks around the world acted in unison yesterday to calm nervous financial markets by providing an infusion of cash to the system. But stocks still fell sharply in Asia and Europe, and in early trading in New York, before they recovered and closed essentially flat for the day on Wall Street.
As in recent weeks, the markets moved in wild swings — sharp drops were followed by steep gains and vice versa — underscoring the uncertainty. Investors weighed concerns that losses in the American mortgage market would deepen and spread against their faith in the ability of a strong global economy to withstand additional shocks.
[Oh, the strength of the global economy is built on FAITH, huh?
Not SOUND FUNDAMENTALS, but on FAITH!
What a SHIT ECONOMY! A real fucking SHIT ECONOMY!!!!!]
Hoping to provide some comfort that there is ample cash available, the Federal Reserve... injected $38 billion into the financial system on top of the $24 billion it put in on Thursday.
[Oooooh, it is the FED keeping the FREE MARKET AFLOAT!
Gonna need a WHOLE LOT MORE MONEY than that, shitters!
What a SHIT ECONOMY! A real SHIT ECONOMY!]
The intervention steadied the markets — at least for the day.... The question that remains is just how exposed the financial system and the economy are to losses in the credit markets and the increase in borrowing costs.
Liz Ann Sonders, chief investment strategist at Charles Schwab:
“Financial crises, in the past, when not accompanied with a recession have been good for the markets."
Markets will remain choppy as information about failing hedge funds and mortgage companies dribbles out.
A common pattern has been a surge in trading late in the afternoon, around 3 p.m., that has often sent stocks higher, as it did yesterday — though on some days, like Thursday, the move has been just as sharp on the downside.
There is evidence that the average individual investor has not been a big player in recent days.... It is not surprising that individuals are sitting on the sidelines, given the sharp moves in the market. Yesterday, for instance, all three major American indexes fell immediately after the opening bell, and at one point the Dow Jones industrial average was down 212 points. By noon, stocks were on the rebound and the indexes were briefly in positive territory, then declined. The Nasdaq finished at 2,544.89, down 11.60, or 0.4 percent.
Richard X. Bove, an analyst at Punk Ziegel & Company:
“You can’t invest into a market that does that. You have a better chance at making money on the craps table than in this market.”
[What a fucking SHIT ECONOMY!
Yup, I'll get a better return down at Mohegan rolling dice!
Are YOU FUCKING SHITTING ME?! That is our GREAT ECONOMY?!
What a PILE of SHIT!!!!! A fucking SHIT ECONOMY!]
Stocks in Japan, Hong Kong and Australia dropped by more than 2.5 percent. The benchmark Kospi in South Korea fell 4.3 percent.... Most major European indexes plunged by 3 percent or more.
In both Asia and Europe, fears about the American housing market prompted investors to sell assets and forced commercial banks to reel in credit lines.
Central banks around the work stepped up efforts to slow the losses. The Bank of Japan added liquidity for the first time since the market problems began.
The European Central Bank injected money into the system for a second day, adding another 61 billion euros ($84 billion), after providing 95 billion euros the day before. The Federal Reserve yesterday added $19 billion to the system through the purchase of mortgage-backed securities, then another $19 billion in three-day repurchase agreements.
[Better get your wallets out, bankers! Ha-ha-ha!!!
And it STILL AIN'T GONNA BE ENOUGH for this shitstinking SHIT ECONOMY!!!]
