Wall Street bounced and Australia followed, but the Fed’s 0.75% rate cut doesn’t really change anything, writes Glenn Dyer.
Financial markets
Crikey’s guide to the mood of the markets and the impending global crisis
Did you know we’ve gifted the well being of the Global Economy to the vagaries of the Financial Markets?
US deterioration takes Fed by surprise
Without advance warning or tips to friendly media, the second most senior man in the US Fed, Vice chairman Donald Kohn, has confessed that he and the Fed had not anticipated “the degree of deterioration that has happened over the last couple of weeks” in financial markets. Glenn Dyer reports.
Fed cut to restore confidence as Northern Rock crumbles
The US Federal Reserve is now very likely to cut its key interest rate by 0.5% in an effort to show US financial markets it is alert to the spreading loss of confidence.
Subprime expert forecasts more pain
Bill McDonough is still one of the most powerful and well informed people on Wall Street, especially in the current subprime crisis. He’s one of the few people who knows what damage the current subprime mortgage-induced credit freeze can and is doing, writes Glenn Dyer.
Market mayhem: when does correction become crash?
Crikey asked three economist how serious the subprime credit crisis could be come. ANZ Bank chief economist Saul Eslake, and university-based economists Gary Twight and Adam Clements share their views.
The Economy: Boom force & bust force
There are two offsetting forces impinging on the Australian economy. The first is the global economic boom. The second force is the “ripples” from the subprime lending fiasco.
The markets: Trust, confidence, and liquidity in short supply
All those investors who looked longingly at their investment returns for the 2007 financial year, with rises of 12%, 15%, 18% or more, should look away from this story.
$10,000 on Turnbull, Costello still favourite
There must be some Liberal Party members this morning pondering whether Peter Costello really does have the stuff to be a successful leader of the party come the day that John Howard departs, writes Richard Farmer.
Terrorism discounted — markets have priced it in
Terrorism doesn’t rate anymore, not on financial markets anyway. Since September 11, there has been a steady discounting of terrorist shocks to financial markets, write Michael Pascoe.
