At 2:15 pm ET, Helicopter Ben dropped more cash on the U.S., lowering the Fed funds rate and the discount window rate by 50 bps each.
What will this do for housing? Nothing…
What will it do for the banks, hedge funds, market speculators, etc. that bet wrong, and cried? It’ll temporarily re-inflate them as a deflating economy is temporarily propped up.
The dollar is weaker. Gold is above $920. Oil is up. And inflationary pressures are through the roof. But, hey, as long as the clowns that put us in the mess in the first place and temporarily saved, it’s worth it, right?
But I digress…. Here’s what the Fed had to say today.
“The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent.
Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Today’s policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.”
Oh, and if you’re in need of a good laugh… check this out.
While wrong on so many levels, let’s take a look at what they do… for laughs.
The company sells a "protection plan and kit" for "three easy payments" of $332. So, what do they provide?
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Nice… huh? Don’t pay your bills, but pay us?