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Source:
Fed Weighs Its Options as Europe Cuts Rates
JOELLEN PERRY and JON HILSENRATH
WSJ, DECEMBER 5, 2008
http://online.wsj.com/article/SB122843724270881449.html
While yesterday's US stock market close was poor, Asia and Europe didn't follow today as debt in Greece, Spain, Portugal, etc... rallied, their CDS narrowed and stocks bounced. The Greek finance minister said January tax revenues came in above expectations and that spending was below target for the month and said "that means the deficit reduction for January is well within what we have promised." The euro is rising in turn. Also helping is the story that Trichet is headed to the European Union leaders summit a day early in order to address Greece's problems even as the Greek finance...
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December 5th, 2008 at 12:12 pm
Now I’d love for someone to explain how you can get a depression when central banks are working in unison.
December 5th, 2008 at 12:17 pm
John:
Pushing on a string.
The tide turned. Just a question of how long it takes for the slack to come out. Otherwise, they’ll push till the cows come home.
Chuck