According to the New York Times, the US Economy is going from bad to worse.
Markets Plunge Despite Hint of Rate Cut.
Stocks plunged on Wednesday afternoon — shedding 270 points in the final hour
of trading alone — despite reassurances from the chairman of the Federal
Reserve, Ben S. Bernanke, that the central bank was prepared to lower interest
rates, words that many investors had said they were waiting to hear.
“You are getting all the things that you would think the equity markets would
respond very favorably to,” Steve Sachs, director of trading at Rydex
Investments, said. “But at this point it just doesn’t seem to be doing it. It’s
the attitude of “Sell” — regardless of what the news is.”
Tuesday’s declines bring the losses of the last two weeks to staggering levels.
The S.& P. has lost more than 17 percent in just two weeks.
The declines came even as Mr. Bernanke strongly hinted that the Fed would lower
interest rates this month in the face of a worsening outlook for the economy
and financial markets.
His remarks came as lending markets remained frozen and borrowing costs ticked
up overnight, a day after cascading losses in stock exchanges around the world.
“Nobody trusts anybody right now,” said Ryan Detrick, an analyst at Schaeffer’s
Investment Research. “No one’s lending to each other.”
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