Fed cuts interest rates by .25%

[JS80]

Originally posted by: Rickten
How can anyone support the war or attacking Iran at a time like this. Screw it lets print up a few hundred billion more and invade a few more countries. This is a little P&N i know but it pisses me off when people can't see there is a much bigger problem than worrying about some third world country getting a nuke in 10 years. The dollar won't be able to pay for the gas to move our tanks in ten years if we keep this up.

talk about short sighted. take some game theory classes.

 

[BlahBlahYouToo]

Originally posted by: GTaudiophile
So when when will the Euro climb to 2:1 against the dollar? Give it a few weeks?

It seems like our world is run by short term opportunists who have more than 1 month's worth of forethought.

The USA is a sinking ship people, and she is sinking fast. The DOW is too often sighted as a barometer of success as it is simple for the average man to understand, meanwhile everything else is in flames.

So to which European bank are you moving your assets?

it's not going to hit 2:1 :roll:

 

[BlahBlahYouToo]

Originally posted by: redgtxdi
3,

2,

1........

Mother Fsckin Son of a Cork Soakin' Son of a !$#$%!~!~!#$~@$^%~$^~!@~#$


I think somebody needs to throw a horse's head in Bernanke's bed!!! :|

Hey Bernanke......................STAY THE FSCK OUT OF THE MESS PEOPLE HAVE MADE FOR THEMSELVES!!! MAKE THESE FSCKING PEOPLE ACTUALLY ***DEAL*** WITH THE CONSEQUENCES OF THEIR BULLSH!T FOR ONCE!!!!!!!!!!!!!!!!!!!! :|

I'm sick to my fscking stomach!!!!!!!! :|

it's not just bernanke.
the Fed is more than one person you know :roll:

 

[Firebot]

Originally posted by: eleison
Yea, this is definitely good news. Odds are good there will be more 0% interest offers from banks. I feel bad for those people who saved.. now their money is being worth even less!!! Which reminds me, come black friday, buying a big screen lcd would make financial sense..

Don't know about you, but I love seeing my money getting more and more value everyday.I can now buy 2 TV's instead of one for the exact same money as 6 years ago.

Oh wait, I'm Canadian.

 

[Firebot]

Originally posted by: BlahBlahYouToo

Originally posted by: GTaudiophile
So when when will the Euro climb to 2:1 against the dollar? Give it a few weeks?

It seems like our world is run by short term opportunists who have more than 1 month's worth of forethought.

The USA is a sinking ship people, and she is sinking fast. The DOW is too often sighted as a barometer of success as it is simple for the average man to understand, meanwhile everything else is in flames.

So to which European bank are you moving your assets?

it's not going to hit 2:1 :roll:

Date: 1 in US dollars (noon) equals: Exchange rate:
01 Jun 2001 1.18 EUROs 1.1831 (0.8452)

Date: 1 in US dollars (noon) equals: Exchange rate:
31 Oct 2007 0.69 EUROs 0.6912 (1.4467)

Technically, the US dollar already has almost lost half of it's value compared to the Euro since Bush entered office.

 

[Vette73]

Originally posted by: Firebot

Originally posted by: eleison
Yea, this is definitely good news. Odds are good there will be more 0% interest offers from banks. I feel bad for those people who saved.. now their money is being worth even less!!! Which reminds me, come black friday, buying a big screen lcd would make financial sense..

Don't know about you, but I love seeing my money getting more and more value everyday.I can now buy 2 TV's instead of one for the exact same money as 6 years ago.

Oh wait, I'm Canadian.

I was about to say... Damm canadians :|
Next thing you know you people will have 2 tanks... hell after today you can afford 3.

 

[JS80]

Originally posted by: Marlin1975

Originally posted by: Firebot

Originally posted by: eleison
Yea, this is definitely good news. Odds are good there will be more 0% interest offers from banks. I feel bad for those people who saved.. now their money is being worth even less!!! Which reminds me, come black friday, buying a big screen lcd would make financial sense..

Don't know about you, but I love seeing my money getting more and more value everyday.I can now buy 2 TV's instead of one for the exact same money as 6 years ago.

Oh wait, I'm Canadian.

I was about to say... Damm canadians :|
Next thing you know you people will have 2 tanks... hell after today you can afford 3.

Maybe one day they will have world class healthcare and their own $100 billion biotech companies?

Edit: damn you marlin why do you do that?!?!?

 

[alkemyst]

Originally posted by: mjuszczak
Right now, just breaking news.

Text

This was known about for a while.

Fed's cutting Prime doesn't do a lot for the people that this was supposed to help and it causes a reverse affect by screwing up inflation.

Interest rates went up actually the last time and probably will a bit again.

This does help those with var. rate mortgages (rare)/ equity lines, and credit cards tied to the prime rate. Those with fixed rates or rates based on Libor/T-Bill/etc gain nothing, but inflation.

Our economy is fuxored right now and we haven't felt the extent of it yet.

 

[alkemyst]

It is interesting that the take on this this time is a lot different than the last rate cut where many were swearing it was like the second coming.

 

[Queasy]

Originally posted by: alkemyst
Interest rates went up actually the last time and probably will a bit again.

Mortgage rates have actually been going down in anticipation of this. Bankrate.com had them in the 6.1 to 6.2% range a couple of weeks ago. I checked yesterday, and it was at 5.94%. Checked today after the rate cut was announced and it was 5.88%.

 

[Capt Caveman]

Originally posted by: Queasy

Originally posted by: alkemyst
Interest rates went up actually the last time and probably will a bit again.

Mortgage rates have actually been going down in anticipation of this. Bankrate.com had them in the 6.1 to 6.2% range a couple of weeks ago. I checked yesterday, and it was at 5.94%. Checked today after the rate cut was announced and it was 5.88%.

Correct, rates are at their lowest of the year.

 

[imported_Lothar]

Originally posted by: SSSnail
Soooo... what's a good currency that I should request my pay to be based on?

Korean Won.

 

[StageLeft]

Kind of losing my desire to regularly visit Canada now that it takes $1.06 American to buy a single CAN note!

Our economy is fuxored right now and we haven't felt the extent of it yet.

Agreed that people are not feeling the extent yet.

 

[alkemyst]

bankrate is not the full story on rates, almost every rate on their front page is based on points and fees paid, higher downpayments etc. Also 30 year fixed rates are not at the lowest of the year...they are the lowest since about mid year...the fed cut did not drive this as much as the housing market.

The only way to truly trend a mortgage is to plot the same type/terms over a period.

 

[Queasy]

Originally posted by: alkemyst
bankrate is not the full story on rates, almost every rate on their front page is based on points and fees paid, higher downpayments etc. Also 30 year fixed rates are not at the lowest of the year...they are the lowest since about mid year...the fed cut did not drive this as much as the housing market.

The only way to truly trend a mortgage is to plot the same type/terms over a period.

Bankrate may not be the full story on rates but it is a useful place (for me at least) to see trends. The actual rate I can get in Georgia for a 30-year fixed is usually .25 to .5% higher than what they show on bankrate.

The same thing happened before the last rate cut. Rates began dropping in anticipation of the rate cut and then stabilized and rose a little after the rate cut.

 

[akshatp]

Whats an internet rate and why did they lower it?

Ohhhhh he said interest rate...

 

[alkemyst]

Originally posted by: Queasy

Originally posted by: alkemyst
bankrate is not the full story on rates, almost every rate on their front page is based on points and fees paid, higher downpayments etc. Also 30 year fixed rates are not at the lowest of the year...they are the lowest since about mid year...the fed cut did not drive this as much as the housing market.

The only way to truly trend a mortgage is to plot the same type/terms over a period.

Bankrate may not be the full story on rates but it is a useful place (for me at least) to see trends. The actual rate I can get in Georgia for a 30-year fixed is usually .25 to .5% higher than what they show on bankrate.

The same thing happened before the last rate cut. Rates began dropping in anticipation of the rate cut and then stabilized and rose a little after the rate cut.

Published rates are a terrible thing for the consumer. There are too many variables to a rate including credit score, tradelines, type of property and usage, etc. We don't publish rates as the best you can do is give your best rate and that sets up most customers for disappointment.

Prime rate cuts are not related to 30 year fixed rates. What you are seeing are factors of our current unstable market.

 

[IEC]

Sadly, I knew this was coming...

Core Inflation FTL.

 

[Vette73]

And it has begun...

Stocks take a beating

Stocks take a beating (Oil prices up)

 

[Nerva]

wow, legendkiller didnt comment on this thread? bleh, lacks credibility.

some of the comments have merit, but most sounds like you just read it off the finance blurb from AM NEWs.

the fed is not cutting rate because there is a downturn, the fed is cutting rate in anticipation of a downturn that could potentially be avoided.

all of you who bitch and moan about the equity markets tanking, i ask you, why? you should all know the hype associated with rate cuts, why take a long position?

 

[PingSpike]

Man, I prebought my fuel oil for the winter but what about next winter?

I'll put a wood stove in and burn some of the dead fall on my land, but if I had to buy wood its not much cheaper then oil.

Can you burn cheap chinese toys and lcd TVs in a wood stove for heat?

 

[iamwiz82]

Originally posted by: PingSpike
Can you burn cheap chinese toys and lcd TVs in a wood stove for heat?

At least the lead from the paint on that stuff will help protect you against the mindreading devices.

 

[Slew Foot]

Markets tanking, looks like its time for another rate cut.

 

[alkemyst]

Originally posted by: 3cho
wow, legendkiller didnt comment on this thread? bleh, lacks credibility.

some of the comments have merit, but most sounds like you just read it off the finance blurb from AM NEWs.

the fed is not cutting rate because there is a downturn, the fed is cutting rate in anticipation of a downturn that could potentially be avoided.

all of you who bitch and moan about the equity markets tanking, i ask you, why? you should all know the hype associated with rate cuts, why take a long position?

I don't know what legendkiller's claim to fame is...but I work currently in a Fortune 500 builder/mortgage company and have been doing this about 25 years since I was just a kid.

Fed is cutting rates to try to get people using money again. Right now dollars aren't circulating.

Cutting prime though has a tendancy to further this cycle long term though as inflation increases and long term mortgage rates rise.

 

[PingSpike]

This is what happens when you put drunk ass friar tuck in charge of the federal reserve.