Market Observations 01/30/08
Despite DJIA jumping 275 points on Fed 50 bps rate cut, up 233 from open, SP500 failed at 1385, NDX failed at 1843.
Fed 125 bps cut in last week, largest in history, confirms gravity of situation. GDP confirmed the economy is dismal.
Rate cut helps NOBODY except Paulson's banking friends. Market gave a no confidence vote as guarantor FGIC downgrade crushed the market in the last hour.
It's a fait accompli, you can't refi at lower rate if your already under water.
Last gasp for lenders, economic stimulus bill, higher GSE limit to bail out investors, idiots and banks passed House, Senate next.
Pray the limit increase is stricken by Senate to save taxpayers $250 billion, (perhaps closer to $1 Trillion) and keep the lenders accountable.
Fed 125 bps cut in last week, largest in history, confirms gravity of situation. GDP confirmed the economy is dismal.
Rate cut helps NOBODY except Paulson's banking friends. Market gave a no confidence vote as guarantor FGIC downgrade crushed the market in the last hour.
It's a fait accompli, you can't refi at lower rate if your already under water.
Last gasp for lenders, economic stimulus bill, higher GSE limit to bail out investors, idiots and banks passed House, Senate next.
Pray the limit increase is stricken by Senate to save taxpayers $250 billion, (perhaps closer to $1 Trillion) and keep the lenders accountable.
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