Economist Stuart Hoffman at PNC Financial Services says the Federal Reserve’s broadened attack to revive lending is likely to help to economy get back on track, but he said the Fed can’t act alone. Interview with MarketWatch’s Stacey Delo.
12/16/2008
"The safe way to double your money is to fold it over once and put it in your pocket. " —Frank Hubbard
According to the CFTC data for the week ended Tuesday, net shorts again went to a record high in the euro after last week's modest drop. Net shorts in the pound fell a touch from last week's record high. In contrast, net longs in the Canadian $ rose by 60% to the most since Nov '07 and net longs in the Australian $ rose 26% to a 7 week high. Net longs in gold rose for a 4th week, up slightly. Net longs in crude rose to a 7 week high....
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December 16th, 2008 at 6:02 pm
I would have been much more confident with them giving me what the market asked for. 50 pts. But now they have given us .25% with the range comment. Which means to me when the stock market or something else blows up they can, without an emergency meeting, put the rate at 0% any time they please until the next meeting.
Through the miracle of volatility I managed to break even today but I’m still holding deep (well used to be) in the money puts for Jan on the Russell 2000. I’m more worried now about a third large wave downward than I was previously. I give it a 80% chance we get that 9/11 type chart.
December 16th, 2008 at 9:21 pm
Hoffman thinks we’re out of the recession in the middle of 2009? These guys never learn.
December 16th, 2008 at 9:54 pm
BR,
tell us you’re showing us Inkblots, trying the reverse psychology tack..
December 16th, 2008 at 11:15 pm
So, call me crazy but the only way the Fed (or the Govn’t) can provide any confidence these days is to change who heads the Fed, the SEC and hold those in the market accountable for their actions.
In many ways the actions taken (such as lowering rates) are not impacting the economy as expected. Maybe it’s due to the fact that no one is steering the ship and people seem to pick up on it.
It seems that , at every chance, policy on the economic situation changes with little or no reason as to why.
Best,
Van
http://vansantos.com
December 17th, 2008 at 4:57 am
When times were good, no one cared that the the Fed was forcing the mispricing of risk. Now no one beleives the price.
December 17th, 2008 at 3:56 pm
I take it this dude never saw the train coming in the first place, but now he knows what’s going to happen? Puhleeze.
December 18th, 2008 at 2:39 pm
Is it just me, or do his eyebrows, eyes, and shoulders form three perfectly symmetrical “up” arrows? Maybe I’ve consumed one adult beverage too many, but this is the weirdest looking dude ‘evah’.
@Myr: perhaps he not only failed to notice the approaching locomotive, but actually got hit by it. That does tend to get one’s attention just a bit.