I really liked some of the commentary....
early this am on our financial networks regarding the Fed's move yesterday - NOT!
One segment on CNBC was "that the market threw a tantrum yesterday afternoon because it didn't get it's way of 50 bp". Followed by some babble of the Fed being the market's parent and caving in this morning, etc.
Excuse me? What kind of ridiculous comment, analogy, metaphor, comparison is that? Not anything worthy of being broadcasted. Had to turn on Bloomberg.
Market participants have been supposedly waiting on some appropriate action by our espousing transparent Fed that had commented very recently on many serious economic concerns and downturns that up until the FOMC announcement yesterday were being confirmed everyday by every press release of more losses and writedowns and shutdowns (of funds) of major financial institutions, etc.
The only transparency the market received and could see through yesterday was that the Fed did not respond accordingly to it's own observations and statements and indications of appropriate action. And then after the appropriate market selloff reaction, the leaked rumors immediately start in the afternoon about their planned overhaul, etc. Followed by the 9 a.m. announcement this morning and related spike in futures.
Will it help? Yes. But, the Bernanke Fed has lost some more credibility with the extremely volatile swings it is creating in the financial markets with it's poor communication - individually and the FOMC - and more dreadful attempts at "transparency". And while this new temporary term auction will help, they are at the same time creating an equal amount of unease and lack of confidence that they will act appropriately during each crisis by their latest mis-handling of the markets yesterday. Cramer appropriately wrote about them this morning in his piece - "Boneheaded Fed Means More Pain Ahead".
Be assured, they will act, with more creative Bernanke open market and intermeeting credit solutions, and later, probably at the last moments of each real crisis, with real effecting emergency operations and meetings. And the markets will reflect their approach. (D-fence).
GL.
p.s. I did like later in the day on CNBC watching Bill Griffith get really pissed at Charlie G. during an interview and cut him off, ordered his mic turned off, said his piece about Charlie shocking Melissa, crumpled up his notes in hand, and signed off to commercial. Now that was great TV!
AI
Market Data 
Markets 
