Fed Cuts Rate Again
The Federal Reserve cut its lending rate again, knocking it down another 50 basis points. The latest move added to its recent 75 basis-point reduction should enable many people to refinance their mortgages. Homeowners who were facing problems may see their borrowing difficulties disappear as the effect of lower short-term rates permits an increase in mortgage refinancings.
The scammers will have no luck, however. But lower rates will help new buyers acquire properties that were relinquished by people who defrauded lenders. That's a bit of good news in the middle of a bad situation.
Here's an idea for venturesome investors: Buy Washington Mutual stock. The symbol is WM.
Fed cuts key interest rate by half point
Wednesday January 30, 2:22 pm ET
WASHINGTON (Reuters) - The Federal Reserve cut a key interest rate by a half-percentage point on Wednesday as part of an aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
The Fed's action takes the bellwether federal funds rate target to 3 percent, the lowest since June 2005, and comes just eight days after it slashed rates by a bold three-quarters of a point. Wednesday's follow-up reduction was in line with the expectations of many financial market participants.
The cumulative 1.25 percentage point reduction in the benchmark overnight rate in less than two weeks ranks among the most abrupt rate-cutting sprees in the modern history of the U.S. central bank.
The scammers will have no luck, however. But lower rates will help new buyers acquire properties that were relinquished by people who defrauded lenders. That's a bit of good news in the middle of a bad situation.
Here's an idea for venturesome investors: Buy Washington Mutual stock. The symbol is WM.
Fed cuts key interest rate by half point
Wednesday January 30, 2:22 pm ET
WASHINGTON (Reuters) - The Federal Reserve cut a key interest rate by a half-percentage point on Wednesday as part of an aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
The Fed's action takes the bellwether federal funds rate target to 3 percent, the lowest since June 2005, and comes just eight days after it slashed rates by a bold three-quarters of a point. Wednesday's follow-up reduction was in line with the expectations of many financial market participants.
The cumulative 1.25 percentage point reduction in the benchmark overnight rate in less than two weeks ranks among the most abrupt rate-cutting sprees in the modern history of the U.S. central bank.
posted by no_slappz at 2:28 PM
4 Comments:
Don't think there is a Yiddish conspiracy!
Israel's expansion has included ethnic cleansing. Palestinians who had lived in that land for centuries were driven out by systematic violence and terror aimed at ethnically cleansing what became a large part of the Israeli state. The methods of groups like the Irgun and the Stern gang were the same as those of the Bosnian Serb leader Karadzic: to drive out people by terror.
Today the Israeli government continues seizures of Palestinian land for settlements, military incursions into surrounding countries and denial of the right of Palestinians expelled by terror to return. Ariel Sharon, Israel's prime minister, is a war criminal who should be in prison, not in office. Israel's own Kahan commission found that Sharon shared responsibility for the Sabra and Shatila massacres.
Sharon continues to organise terror. More than three times as many Palestinians as Israelis have been killed in the present conflict. There are more than 7,000 Palestinians in Israel's jails.
To obscure these truths, those around Israel's present government have resorted to demonisation. Initial targets were Palestinians, and have now become Muslims. Take the Middle East Media Research Institute, run by a former colonel in Israeli military intelligence, which poses as a source of objective information but in reality selectively translates material from Arabic and presents Muslims and Arabs in the worst possible light.
Today the Israeli government is helping to promote a wholly distorted picture of racism and religious discrimination in Europe, implying that the most serious upsurge of hatred and discrimination is against Jews.
myron, another point, since you are hopelessly out of date.
Ariel Sharon is no longer the leader of Israel. He's been out of office for quite a while.
myron, my demented commenter, do you know there are only 15 million Jews in the entire world. But there are 6.5 billion people on Earth.
Hence, Jews account for a little more than two-tenths of one-percent of the world's population.
You are obviously convinced they have super-human powers if you believe what you wrote.
For once you made a cogent rebuttal!
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