2:32 PM Tue, Sep 16, 2008 | PermalinkNWCN E-mail |
The Federal Reserve has decided to keep a key interest rate unchanged as it uses other tools to try to assist the troubled financial system.
Stocks, which initially turned lower again after the announcement, moved back into positive territory in late afternoon trading.
The central bank said it was keeping its target for the federal funds rate, the interest that banks charge on overnight loans, unchanged at 2 percent.
Earlier today, the Fed pumped an additional 50 billion dollars into the financial system through open market operations.
How has the market shake up affected how you manage your money?
I am managing this economic mess which the Bush administration has created by not making any large purchases. I am buying only the bare basics on a cash and carry policy. No credit cards will be used. It will be pay as I go.
I am worried that the Wall Street Banksters are going to be bailed out on the backs of the American taxpayers. The Republican Congress is responsible for deregulating financial institutions.
Here's my question: If it is a cash strapped banking system that is finding it hard to make loans, why is it that people with a few dollars in savings aren't being paid higher interest rates to encourage more saving, therefore allowing banks more capital available?
McCain says everything is okeedoke!
Now that the government owns an 80% stake in the worlds largest insurance company .. I suspect we can now say that we have Federal Healthcare and insurance ? ;)
McSame and his hooligans say the Economy is great, and his chief finalcial advisor called "Americans a bunch of whiners." I am sure we are because most of us are not multi-millionairs like the McSame/Phalin ticket are. The GOP just does not get it, 8 year of Bush/Cheney/GOP economics HAVE FAILED! Our retirement funds are paying for it. But alas, Big-Oil and Drug companies are making money hand over fist, thanks to their close ties with the GOP. EIGHT IS ENOUGH PEOPLE!! Vote for change, Obama/Biden all the way in November!
Bush/Cheney economics have failed in a big way. As a Republican, I cannot vote for the GOP this time around, they just don't seem to hear us despite what McCain and Phalin say. I am afraid four more years on this course will be a complete disaster, and I am hoping other GOP members will search their souls and see that this November. If Obama does not cure it in 4 years, we vote him out, but there is just NO way McCain and Sarah can get us out of this mess. I was hoping for Romney, he is a far better mind than both McCain and Sarah, by far! We GOPers got hosed. Now its time we let our party know by voting for Obama, maybe they will hear us in 2012....
With the state of the economy the way it is only the damdest of fools could vote for the McSame/Phalin ticket. Wake up and quit believing the Con-artist con-manservatives. This disaster is 100% their fault, and now they want us, hard working decent tax-payers to bail them out and their horrific business policies that called for multi-millions in tax breaks and higher salaries and bonuses to themselves while their company and America suffers. Now they want to stay in power and get MORE of our cash to start all over....Wake up Republicans and smell the coffee!! You have nearly ruined this once great powerful nation. You must be relieved of command, VOTE OBAMA/BIDEN!!
It was the republican party that got us in this mess at the first place by begging the financial institutions to provide subprime loans to people with low income while basically telling the banks that they would be backed up.
Read the Presidents speech here:
http://www.whitehouse.gov/news/releases/2002/10/20021015-7.html