Even though HP'ers predicted it, I'm still amazed at the incompetence or corruption of Bernanke cutting 3/4 point one hour before the stock market was about to open down big last week.
"Stop stock prices from falling on any given day" was NOT part of the Federal Reserve Act as I read it.
But, this is who we have in charge of the world today. And nobody should be surprised, like Hitler's Mein Kampf, Bernanke told us in advance through his writings before he was Fed Governor what he was going to do, and now he's doing it, and everyone acts shocked.
Meanwhile, central bank heads around the world don't play follow the leader this time, knowing if they did they'd send inflation soaring in their own countries, and their currencies plummeting. You know, like the United States. Hey, you see that gold price yesterday? Nuff said.
I think he cuts again, which really makes no sense as he just cut a few hours ago. But that's what the stock market and bankers wants, so that's what their "moral hazard? what moral hazard?" poodle will do. And this meeting should tell you everything you need to know about Bernanke. Don't fight him I say. Join him. And enjoy The Next Bubble, whatever it is.
Time for Bernanke to 'man up' - The Fed needs to show Wall Street that it - and not the markets - is calling the shots.
NEW YORK (CNNMoney.com) -- "This was a sad day for Bernanke," a bond fund manager told me the day after the Federal Reserve cut interest rates by an aggressive half-point back in September.
The manager's argument at that time was that the Fed chairman was showing that it could be bullied by Wall Street.
Since then, the Fed has gotten even easier to push around. The central bank's dramatic three-quarter of a percentage point rate cut last Tuesday was the equivalent of shoving a pacifier in a crying baby's mouth.