Bernanke: Freddie Mac/Fannie Mae are eligible for access to discount window

[pdavis]

CNBC is claiming Bernanke told the head of Freddie Mac and Fannie Mae that they will allow them access to the Fed's discount window.

 

[MsDoodahs]

Reuters is reporting he told Freddie that per Bloomers.

 

[Fox McCloud]

that would explain why my +$8000 (virutal, not real) I made in the the Virutal Market Watch Stock market is down to +$1x000, and why the DOW suddenly went from -250 (or greater) into the positive realm right now.

I can't really see this lasting too long though, but I could be wrong (usually am).

 

[MsDoodahs]

Jesus this is so depressing...

Helicopter Ben is at it again.

 

[Cowlesy]

aaahahahaha....ppt.....

down but never out!

 

[Fox McCloud]

Jesus this is so depressing...

Helicopter Ben is at it again.

yyyup....that's what he's best at.

A talk-show radio host who I frequently listen to call him "Benron Bernanke" *chuckles*.

This really intrigues me and makes me wonder what Bernanke will do....if he'll raise interest rates to help the dollar (but tank all borrowers and the economy in general), or if he'll cut interest interest rates to "help" the economy, but tank our currency....or if he'll just keep things the same.

I'm voting for "keep things the same"--however, there's some indicators that he may actually cut rates in the not-so-distant future....if he does that, I won't be happy and will head down to my version of the IMF (Impregnable Mogambo Fortress)...he's right...WFD (We're Freaking Doomed).

 

[Mister Grieves]

That was a very brief reprieve.

The stocks are already back in triple digit losses.

Something about all of this is very surreal.

 

[MsDoodahs]

I was much happier when I didn't watch ANY of this stuff.

 

[MsDoodahs]

This really intrigues me and makes me wonder what Bernanke will do....if he'll raise interest rates to help the dollar (but tank all borrowers and the economy in general), or if he'll cut interest interest rates to "help" the economy, but tank our currency....or if he'll just keep things the same.

I'm voting for "keep things the same"--however, there's some indicators that he may actually cut rates in the not-so-distant future....if he does that, I won't be happy and will head down to my version of the IMF (Impregnable Mogambo Fortress)...he's right...WFD (We're Freaking Doomed).

He'll cut rates. Obama will usher in the NAU and Amero.

 

[Fox McCloud]

I frequently joke here and with my Austrian-economist friend that "he should just get it over with and cut interest rates to 0%".

Of course everyone know what'd happen--the banks and Congress would just borrow goodness knows how much money to fund all that they wanted, resulting in insane amounts of inflation.

Anyway, if that truly was the PPT acting or people getting enthused by the news on Freddie Mac and Fannie Maeas Grieves pointed out, it was very very brief...of course, it could have been due to something else as well.

dollar is currently down -0.55 points to 72.93 and gold is up $18.60 to $965 an ounce.

If this continues, we'll hit $1,000 an ounce gold in no time.

 

[MsDoodahs]

If this continues, we'll hit $1,000 an ounce gold in no time.

I like that gold is going up ... but I don't like that gold is going up.

How odd a place to find oneself...

 

[Fox McCloud]

I know what you mean....in one light I enjoy it because it proves Austrian economics and Ron Paul right...not to mention it means the system is unraveling...but...

the bad of it is that the wrong solution is likely to be chosen, people still won't get it, the financial collapse won't be pretty for anyone, and everything will be going up in price while my income will likely remain the same.

THe thing is, whoever has the currency that will become the next world's reserve currency....I guarantee you (I'd bet anything in the world) that they'll do the same exact thing we've done...they'll export their inflation, finance everything through debt, and expand government beyond all belief .....the only thing that I think will be different though is that they won't be able to do it as long, as most other countries have been into the big-government+big-spending system far longer than we have.

of course, that may not happen...the world could flip out and demand a single currency managed by an 'independent' agency of the government (with the thinking being that independent will be biased towards no one)....of course, this isn't good, as there will be literally 0 competing currencies.

 

[jonahtrainer]

dollar is currently down -0.55 points to 72.93 and gold is up $18.60 to $965 an ounce.

If this continues, we'll hit $1,000 an ounce gold in no time.

We are looking at $1,200 by the end of the year easy. Starting in mid-August the real buying power kicks in. There should be a fight at about $990 for the $1,000 number but after that is retaken all I can say is "GET OUT OF THE WAY!!!"

 

[LiveFree79]

What's the big deal with bailing out Freddie and Fannie Mae? Obviously the market thinks it's a great idea. Market only down 100+.

 

[Johnnybags]

Whats the big deal?

What's the big deal with bailing out Freddie and Fannie Mae? Obviously the market thinks it's a great idea. Market only down 100+.

its central planning where the government picks winners and losers and you foot the bill thru a declining standard of living. Karl Marx would be proud. I will not get all that technical on ya but its the invisible hand in your wallet relieving you of what it perceives as extra cash.

 

[LiveFree79]

its central planning where the government picks winners and losers and you foot the bill thru a declining standard of living. Karl Marx would be proud. I will not get all that technical on ya but its the invisible hand in your wallet relieving you of what it perceives as extra cash.

So what does that say about all the morons in Wall Street who drive up the market because its "good news". Why some of you support Wall Street as some sort of bastion of capitalism is beyond me. It's anything but nowadays. Hence why it needs to crumble.

 

[muh_roads]

So what does that say about all the morons in Wall Street who drive up the market because its "good news". Why some of you support Wall Street as some sort of bastion of capitalism is beyond me. It's anything but nowadays. Hence why it needs to crumble.

I don't think many around here support wall street. They just fear the sinking ship because of how it relates to the basic needs we buy.

That's the problem I'm having. I love my gold & silver rising...but oil also scares me at the same time.

 

[Fox McCloud]

I think the people here like the theory of Wall Street--a place to buy/sell/invest easily....what we all do not like (or rather the majority) is Wall Street getting in bed with the government and the government getting in bed with Wall Street, with their nasty little children being inflation, recession, and depression.

 

[Cowlesy]

Whenever I mention PPT, I don't really think the "Working Group on Financial Markets" is sitting in a room saying "call Bernanke, tell him to do X, Y or Z" --- I think it's been decided in the executive branch that the only way to try and instill confidence in the markets are little stunts like these.

Ultimately once people digested the data and the trader's bump, the market returned to reality which is down triple digits.

 

[HOLLYWOOD]

What's the big deal with bailing out Freddie and Fannie Mae? Obviously the market thinks it's a great idea. Market only down 100+.

Mac n Mae? Got $5 TRILLION in your back pocket?

All Bernake should say from now on... "More GREEN INK, Back To The Printing Presses!"

Here's more BAILOUT news, hot off the presses of the New York Times this friday evening, this time it's: IndyMac Corporation one to the largest Mortgage lenders.

Regulators Seize Mortgage Lender, IndyMac

http://www.nytimes.com/2008/07/12/business/12indymac.html?_r=1&ref=business&oref=slogin

When there's 100's of leaks in the dike and you have 10 fingers to plug, what does the future foretell?