Wednesday, 8 October 2008

Coordinated rate cut leaves markets unimpressed.

The market is so red it hurts just looking.

The Dow is down 2.25 percent. The 9,000 barrier is on the horizon.

The coordinated response has not done much to shore up confidence, at least not today.

Maybe things will pick up later, but those rate cuts look clumsy and naive to me.

(photo from bigpicture)

4 comments:

aSteve said...

It looks as if investors are being a tad over-optimistic, to me.

I was amused that the 0.5% euphoria lasted for about an hour.

;)

Nick von Mises said...

Alice,

I'm sure many people noticed the FTSE closed today at a level last seen when Labour took office in 1997. By one measure, there's been no growth after eleven years of reckless borrowing, spending and crushing taxation. Hmmm. Might these factors be related?

Also Mr Prudence presided over the two largest post-war FTSE booms and bust, as is graphically illustrated in any 50 year chart.

Nick

Anonymous said...

A sea of red...

Anonymous said...

A sea of red...