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"It was indeed lower interest rates that spawned the speculative euphoria. However, the interest rate that mattered was not the federal-funds rate."
Total load of BS. The lower fed funds rate is what caused the mass leveraged financing of mortgage backed derivatives as well as the housing bubble. Directly.Maybe he needs to take an elementary lesson on credit bubbles, like this (extremely informative) beginner's video to the credit crisis by Jonathan Jarvis called "The Crisis of Credit"...
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
As one Fed chairman dismisses claims against easing credit, another one issues even more easy-credit sentiments. Reuters states that the Federal Reserve isstrongly considering resorting to quantitative easing (laymens term: counterfeiting) after seeing the "apparent success" (really, Ben? really?) ofthe Bank of England's recent decision to do so.
This is America, so we won't have hyperinflation or anything because of the threat of mutually assured destruction that comes with trying to spark a run onthe dollar. But this cements my opinion that a coordination devaluation of fiat currencies against hard assets is in store for the next few years because ofglobal monetary expansion caused by central banks in reaction to the credit crisis. The financial crisis should turn into a monetary crisis in the next twoyears. As soon as rates start rising because of a saturated Treasury market abroad, precious metals should start their exponential run-ups.
Originally Posted by brettTHEjett
I short stocks in GS, MS, NTRS [as per DKY] and lost $6,810.00 (~10%) in my simulator.
hmm, gottaOriginally Posted by Dey Know Yayo
ideally gold pullsb ack to 875
Originally Posted by freakydestroyer
What is going to happen to BAC??
Originally Posted by finnns2003
hmm, gottaOriginally Posted by Dey Know Yayo
ideally gold pullsb ack to 875for that.