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Photograph of model Carolyn Murphy, Estee Lauder chairman Leonard Lauder, model Hilary Rhoda, hidden, actress Elizabeth Hurley, and Estee Lauder president Thia Breen at the New York Stock Exchange by Henny Ray Abrams/AP
Even though spokesmodels for Estee Lauder, including Elizabeth Hurley, prettied up the New York Stock Exchange by ringing today's opening bell, the mood has been dark as "frightened money is jumping all over the place." Federal Reserve Chairman Ben Bernanke tried to soothe the market, by saying the Fed might extend emergency lending to investment firms. He told a FDIC forum, "Allowing Bear Stearns to fail so abruptly at a time when the financial markets were already under considerable stress would likely have had extremely adverse implications for the financial system and for the broader economy."
Bernanke also said the Fed would work to, per the NY Times, "restrict exotic mortgages and high-cost loans for people with weak credit," saying, "The financial turmoil is ongoing, and our efforts today are concentrated on helping the financial system return to more normal functioning."
Here are the top six points from Bernanke's speech. And one Federal Reserver Bank president said the Fed shouldn't wait too long to raise rates.
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I'm on the verge of filing for bankruptcy and the Fed will continue to these soulless Wall Street bastards who are responsible for the missteps and misdeeds, which caused the sub-prime mortgage crisis.
"The financial turmoil is ongoing, and our efforts today are concentrated on helping the financial system return to more normal functioning."
Normal as in people making money - the problem is they are not excepting the fact that since this is a Capitalist society people have to lose money and the market has to go down to regulate itself sometimes - if the powers that be don't except that "Normal functioning" also includes people losing money than the system will never recover.
typing too fast
accept was meant of course
damn grammar
how will this affect and the price of Pb?
Thank God! This way those bastards who got the entire country into this mess can still get their 6 -7 figure bonuses at the taxpayers expense. I say let them all fail, crash, burn, and file for unemployment and/or liquidate their assets. Thats what the "normal functioning" has been for bad busniess practices for the past 200 years. Why should taxpayers (aka the Fed) have to foot mismanagement and corporate greed and corruption? Geez. How can I get one of these jobs?
The Fed is cleaning up on the current crisis. The SEC which was basically a self-policing and self-accreditization racket owned and run by Wall Street Street is currently being nationalized by the government and will now be run by the Fed. You know, nationalization of industrial infrastructure... like Chavez.
They have to peg the dollar to the euro, matching the ECB rate hike for rate hike. Only this will return faith in the dollar and deflate the oil bubble. Bernanke is an idiot for caring more about easy credit for whatever few entities are left that are credit-worthy while the economy burns because of the cost of energy and its effects on ordinary consumers. Likewise, the ECB are idiots for raising rates to "fight inflation" when what they are doing is precisely the cause of the inflation they're so concerned about. We are a global economy, the Fed and the ECB need to be in lockstep.
We are a global economy, the Fed and the ECB need to be in lockstep.
China is near.
I think I need to ask the Fed for a loan to keep me afloat
IMHO, Bernanke is nothing but a tool attempting to prop up an unsustainable market until after the election, then will decide to "spend more time with (his) family", dumping the worsening situation on the next Pres (whoever). Say what you will about Greenspan & his policies, he was (& is) a great speaker, clear in expression, judicious but realistic in his statements and use of language. And he played a mean Sax.
And i feel that a large part of this situation is the responsilbility not only of the brokers/inv bankers/traders/execs/mortgage companies, but the sheeplets that watched such drivel as "mad money" & Kramer (?sic) and dealt with their financial future as if they were voting for American Idol. Regardless of the hype, trends & government intervention, basic economic principles will ultimately prevail.