22 January 2008

US Government Cancels All Holidays

UPDATE 8:26AM

The Fed didn't take the holiday off. Moving as aggressively as they can, they lowered the prime 3/4% to 3.5%. Look for the rockiest of days today. For those interested, the New York Times Magazine had a very insightful profile of Fed Chairman Ben Bernanke.

The text from the Federal Open Market Committee, hot off the presses.

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While kids were enjoying Martin Luther King Day and their three-day weekend, the rest of the world were tossing their net worth out the door. Asian and European stock markets plummeted Monday and continued their sell-off today, with Asia leading the spiral down. Japan's stock market was down 5.7% today after Monday's 3% decline.

Stay clear of walking under any tall buildings today as brokers and investors may take the great leap. The rest of the world, left to figure the US economy and recently announced stimulus package, have decided we are at the beginning of a US-led global slowdown. If you missed my post last week on What You Should Do in a Recession, check it out.
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