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ahhh good more bad news... come on market sell sell sell
i yes yes yes... sell off sell sell sell
oh wow... is that worldwide or just for US?
lol
good for u... was a little skeptical on c calls... glad it worked out... Gs up to :)
Bernanke Warns of Possible Recession
Wednesday April 2, 10:20 am ET
By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) -- Federal Reserve Chairman Ben Bernanke warned Congress on Wednesday that the economy may shrink over the first half of this year, saying "a recession is possible." Yet, he didn't offer any assurances of further interest rate cuts.
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Bernanke's testimony to the Joint Economic Committee was a much more pessistic assessment of the economy's immediate prospects amid a trio of crises -- housing, credit and financial.
It now appears likely that gross domestic product (GDP) will not grow much, if at all, over the first half of 2008 and could even contract slightly," Bernanke told lawmakers. GDP measures the value of all goods and services produced within the United States and is the best barometer of the United States's economic health. Under one rule, six straight months of declining GDP, would constitute a recession.
Still, Bernanke said that he expects more economic growth in the second half of this year and into 2009, helped by the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses as well as the Fed's aggressive reductions to a key interest rate. Nevertheless, the chairman acknowledged uncertainty about the Fed's next steps, notwithstanding the mounting economic woes.
"Much necessary economic and financial adjustment has already taken place, and monetary and fiscal policies are in train that should support a return to growth in the second half of this year and next year," Bernanke said.
To try to limit the damage, the Federal Reserve has aggressively cut a key interest rate, now at 2.25 percent, to spur buying and investing by individuals and businesses. At the Fed's last meeting in March, however, two members dissented from the Fed's decision to sharply cut rates, showing a rare division in the often unified front the Fed shows the public. The dissenting officials, who had reputations for being extra concerned about inflation, favored a smaller reduction. Although Bernanke said he hopes inflation will moderate in coming quarters, he acknowledged that high energy prices have clouded the inflation outlook.
Nonetheless, many economists had predicted the Fed might drop it key that rate again when it next meets April 29-30.
On Wall Street, stocks dropped after the Fed chief's remarks. The Dow Jones industrials lost more than 40 points in morning trading.
Housing, credit and financial woes are threatening to push the country into a deep recession. The situation has emerged as a top concern for presidential contenders and a hot-button issue for Congress. It has thrust the White House and the Fed in crisis-management mode.
Faced with mounting home foreclosures and job losses, Bernanke has been under immense political and public pressure to provide relief and help turn around a faltering economy.
Committee Chairman Sen. Charles Schumer, D-N.Y., peppered Bernanke with questions about the Fed's moves to aid once mighty Wall Street firm Bears Stearns and then juxtaposed that with -- what he believed was a lack of help -- to millions of people at risk of losing their homes.
"I hope that you will use your position to jawbone this administration to get behind the housing relief effort before Congress." Schumer said. "Addressing the housing crisis head-on will do as much to instill confidence in the markets as lowering interest rates or bolstering regulatory oversight of wayward mortgage lenders and financial institutions. We need to do all of it."
"Wall Street has been helped. Now it's time to help Main Street," added Rep. Carolyn Maloney, D-N.Y.
Many private analysts believe the economy contracted in the first three months of this year, signaling the start of a recession. The government releases first-quarter results later this month. The economy lost jobs in January and February, with many economists bracing for more losses when the report for March is released on Friday. Bernanke said he expected unemployment to move "somewhat higher in coming months."
"Clearly, the U.S. economy is going through a very difficult period," he told lawmakers, adding that all the problems have weighed heavily on consumers whose spending is indispensable to economic vitality.
The Fed also has taken a series of extraordinary steps in recent weeks and months to prop up the nation's financial system, which has been in state of high jeopardy.
In a controversial move, the Fed backed a $29 billion lifeline as part of JP Morgan's deal to take over the troubled Bear Stearns, the nation's fifth largest investment house, which was on the brink of bankruptcy. Bear Stearns had invested heavily in risky mortgage-backed securities that eventually soured with the collapse of the housing market.
Bernanke defended the move. "With financial conditions fragile, the sudden failure of Bear Stearns likely would have led to a chaotic unwinding of positions in those markets and could have severely shaken confidence," he said. "The damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain."
In addition, the Fed -- in the broadest use of its credit authority since the 1930s -- agreed to temporarily let big investment firms obtain emergency financing from the Fed, a privilege that previously had been granted only to commercial banks.
Those actions have prompted criticism from Democrats and others who contend that the Fed is bailing out Wall Street and putting billions of taxpayers' dollars at potential risk. Fed officials and the Bush administration say the actions were warranted to avert a potential meltdown in the entire financial system, something that would have devastating consequences for the overall economy.
Joint Economic Committee: http://www.jec.senate.gov
Die COF die die die
its all ur fault.. lol ... tisk tisk..... good think its only one lot and in a practice account.. :)
what happened my usd/jpy short, u guys just leave me hanging... tisk tisk ... down 65 pips... lol
ok scotty is up now... :)
anyone else notice scottrade down?
morning all... 4x account is down 65 pips from lastnight... uggg
:) what do u think of COF puts???
well interesting day... i sure hope it goes well tomorrow i got some cof puts and im ready... :) Gl cyall later
the financials have been soooooo horrible this whole past quarter, i guess they just have me scared is all.... GS is a good one tho the king of all financials...
i think so tooo, i mean im on the fence i guess....
u sure.... i mean i know u know what ur doing but calls on financials after a huge move up like this ... i dont know...
good for u.... got to run some errands so i cant tank it for u just right now... but when i get back ill work on it....i got a plan for it too, ill just buy one call and c will die die die... lol
oh cool so u didnt take the loss just yet ur just down some... its going to come back imo... just need to keep in and wait it out
ahhhhh... :) nice
yep ready for tankage.. what u get ma puts?
well 40 in a week is damn good... i guess u move on to make more elsewhere... im still holding tho, hope it gains more strength here
u lost 10k??? really??? damn ddue
eur moving up... weeeeeee thank god still 50 pips down.. but holding....
i know its just getting slammed
yeah im thinking of doing it myself....
on eur/usd???
we had a eur bank write down several billion, and some report that indicated a stronger usd, bad if ur in eur/usd
1.50 ull never get it... lolol or at least i hope... eur had 2 bad peices of news in about 24 hours im hoping this is as bad as it gets...
:) oh good :)
id reshort it here too... ma as well....
great... well guess that postion is screwed
what good bad???? i seem im down 40 pips now... i take it bad?
still one min to go.....
fly eur fly
damn.... i was just shocked when i opened my account this morning... lol 160 pips down... lol weeeeeeeeeeeeeeeeeeeeeeeee
cof is kinda already showing some weakness, i think its good short imo :)
yeah, need eur/usd up up up so fed can make some real money here....
take a new one if it seen 230 again :)
lest hope its good down 40 pips now... at least im in a fake account ur in for real cash??