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Fed Joins Other Banks To Ease Credit Crunch

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posted on Dec, 13 2007 @ 02:01 PM
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The only thing I can comprehend is the way in Which the bankers and the market gurus try to covert up the realities facing our economy.

They will tell you that our economy is slowing, that we have a problem with the dollar and that we have a market problem.

But by any means they will not use the word recession.

I wonder why.

China tells US to fix its own economic problems.

China sees the problem and devaluation of the dollar as a problem that has nothing to do with their Yuan. The dollar is the currency that if continue to depreciate will have a global effect.


But China's vice minister of commerce, Chen Deming, said a weakening US dollar was a bigger global economic concern than the value of the yuan.

"(The yuan) is not the key issue. Currently my focus is more on the depreciation of the US dollar and its possible impact and repercussions for the world economy," Chen told reporters on the sidelines of the conference.


afp.google.com...

I have the feeling that China doesn't really want the US to fall economically as I thought before.


China wants to be able to dig into the US economy and be able to invest an own a piece of America.




posted on Dec, 13 2007 @ 02:04 PM
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Originally posted by marg6043
I have the feeling that China doesn't really want the US to fall economically as I thought before.



No, it's not that.

China is basically saying "don't tell us how to run our economy when you can't run yours"

this bit is the interesting part



Wu also warned that proposed US trade legislation to punish China for alleged unfair trade practices would be a mistake.

"I am particularly concerned about the 50 or so protectionist China-related bills introduced in the US Congress," said Wu, the country's highest-profile trade official.

"I need to be quite candid about this: If these bills are adopted, they will severely undermine US business ties with China."


Remember, China threatened to use the economic nuclear option if Congress tried anything along the lines of protectionism.

Trust me, China would use it.

[edit on 13-12-2007 by infinite]



posted on Dec, 13 2007 @ 02:21 PM
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reply to post by infinite
 


Yes you are right, but that comes after the US now trying to dictate trade policies with China, something that comes a littler to late.

US vows to keep up trade pressure on China


XIANGHE, China (AFP) — The United States vowed on Thursday to maintain pressure on China over alleged unfair trade practices, as the world powers wrapped up two days of tense economic talks.


afp.google.com...

We have created a monster thanks to corporate American and free trade now that monster is powerful enough to tell US to mind their own business.

For some reason I am starting to see more and more blame of US economical woes on China.


The U.S. trade deficit is on track to hit approximately $696 billion in 2007.



“As long as China keeps cheating, both the U.S. trade deficit with that country will keep rising and U.S. manufacturing jobs will keep disappearing, said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.

“Both the Democratic leadership in Congress and the Bush Administration’s Treasury Department deserve grades of “F” this year for failing to act to stop the problem,” Tantillo continued.


www.fibre2fashion.com...

America consume 800 billion of dollars annually on imports.


Americans spend much, much more than they probably should and rely heavily on debt to fund their purchases. A huge amount of this debt is funded by foreign investors who enjoy the relative stability of American markets. As a result, we have an enormous account deficit -- nearly $800 billion per year.


The Impending Destruction of the U.S. Economy: Part 2

www.fool.com...



posted on Dec, 13 2007 @ 02:39 PM
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reply to post by marg6043
 


President Nixon thought;

Open up China, free the markets, free the people, Chinese democracy, American investment = America becoming richer

Instead..

China opened up, stayed communist, citizens are happy to trade democratic rights with larger disposable income, growing middle class = China becoming richer.



posted on Dec, 13 2007 @ 02:52 PM
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reply to post by infinite
 


I feel so impotent to what is going on with our nation and the legacy to our children, we have sold out our nation.

No, is not the fault of the regular hard working joes, but this is brought up by a group of people that has infiltrated our government system for decades to gain power and financial wealth while screwing up our nation and its population.

Can this mess be stopped?



posted on Dec, 13 2007 @ 02:58 PM
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reply to post by marg6043
 


From what I've learnt from the media coverage in Europe, Americans tend to spend, spend and spend but don't save.

US national debt is $9 trillion.

The reason for it is the PetroDollar.

It's basically an unlimited credit for the United States. But with the dollar becoming weak, many in OPEC want to switch to another currency, mainly the Euro. Some nations, like Iran and Venezuela have already switced and more are expected to happen. Russia are planning to switch soon and China is already paying some nations in Euro's.

IF OPEC drops the dollar, it's game over for the US economy.



posted on Dec, 13 2007 @ 03:44 PM
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Wow... they didn't just "co-ordinate their efforts" they went into full blown emergency mode:



Fed Bypasses Procedures to Gain Auction Authority in Rare Move

The Federal Reserve took advantage of emergency powers to authorize the auctions that officials felt were necessary to ease a credit squeeze, concluding it otherwise lacked legal permission to do so.

The Fed bypassed requirements for prior notice and public comment when writing the regulations to implement today's agreement with the European Central Bank and three other central banks. The Fed's official notice today said any delay caused by following standard procedures would have been "contrary to the public interest."

The Administrative Procedure Act requires federal agencies to give public notice and solicit comments on regulatory changes though with exceptions, Ireland said.

"Good Cause"

Such notice wasn't needed in this case, the Fed said, because the decision relates to "public loans" and because there's "good cause" to justify no delay.


They had to re-write regulations?

Good cause?
In the public interest?

Yeah, Umm... I think they mean up the creek without a paddle.

.



posted on Dec, 13 2007 @ 03:55 PM
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Originally posted by marg6043

Can this mess be stopped?



Honey....

I'm home!





Probably not before a little lifestyle adjustment Marg.

Leaving the deeper issues aside, how many of us [in our minds] consider ourselves Middle Class? You know, we eat three meals a day, wear clean clothes, recreate a bit, and have most of the latest Stuff. A-lot of us. Now, how many that identify as Middle have real savings, as Infinite pointed-out? How many Middle Class Americans, without further benefit of credit & home equity, are actually prepared to cope with a substantial downturn...or worse?

They might not post-up about it on message boards...but a-lot of folks are there already.



posted on Dec, 13 2007 @ 04:15 PM
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Originally posted by Gools
Wow... they didn't just "co-ordinate their efforts" they went into full blown emergency mode:


The markets are not going to like that...

US stocks didn't do much today, so the sell-off may continue in Asia



posted on Dec, 13 2007 @ 05:59 PM
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reply to post by OBE1
 


You know all we have at home is a retirement account that no even that is doing very well with the markets ups and downs.

Because they are all link to banks and they deal with investments on loans.

The emergency was to save the butts of the people that got us into this mess.

That is why they do not need anybody else approval and they could bypass everything, is all about their own skin.



posted on Dec, 13 2007 @ 06:21 PM
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I wonder if our banking system is going to be redefining like this article by Jim Baird said.

Innovating Our Way to Financial Crisis


“What we are witnessing,” says Bill Gross of the bond manager Pimco, “is essentially the breakdown of our modern-day banking system, a complex of leveraged lending so hard to understand that Federal Reserve Chairman Ben Bernanke required a face-to-face refresher course from hedge fund managers in mid-August.”
.

www.economyincrisis.org...

So actually what is been done with to help alleviate the financial crisis is nothing close to actually help it but to keep investors getting into complicate and risking investments.

I find this deceiving.

America has not wealth builders anymore to back our financial crisis and to support a possible solution.

I can not believe when the supporters of the fed approach to alleviate the financial crisis were saying when confronted with the reality that all that money been pumped by all the banks is nothing more than money with not actual liquidity to back it up.

The spokesman dare to say that liquidity today in our markets is just Physiological .

Is this what the schools of economic 101 are teaching now days?

No wonder we are in such a mess we have morons running our economy.



posted on Dec, 13 2007 @ 07:00 PM
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reply to post by infinite
 



at the same time the U.S. Federal Reserve Central Bank is wooing
the EU Central Bank with the promise of more open coordination of strategies

the Middle East is busy buying up /partnering with major U.S. corps,
just today Kuwait announced that they are buying into DOW Chemical
at a 50/50 arrangement ....see article at //www.marketwatch.com/
that reports Kuwait Petroleum Corp. buys into DOW for $9.5 billion....



what was it, last week? when it was either Dubai or UAE bought a large interest of Citigroup for $9 Billion...


both these recent transactions are OKed but a few months earlier the Dubai Ports Corporation was denied the security duties at several major ports where Asian goods & merchandise are unloaded for American consumption.

~~~

the Fed is constantly changing the banking rules both here and abroad,
(of interest to me is the revised definition of 'Probable Deferred Tax Asset" (DTA) in rule 'FAS 109' ))
www.cfo.com...
~if interested~



~~~



i'm 160% below poverty, i crimped and whatever to have 8 months of rent and expenses...i refuse credit cards & use only a debit card...
but all those ijiots that caused/created the economic/credit mess we're in
will spit on me as i fall down the economic ladder before them.
~~~ so it really dosen't matter if one was a dedicated 'saver' or not in the final analysis ~~~



posted on Dec, 14 2007 @ 07:21 PM
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For anyone that had the opportunity to read A note from Jim Willie, re: Costa, and is unfamiliar with the work of Harry Schultz, I wanted to clarify Jim's comment:

"Something dire has begun to take root, whose origins seem traceable to Old Europe where owners of the US Federal Reserve reside. Harry Schultz spilled the beans, and he should be in charge of any cleanup."

JW is referring to an Internet piece from January 2007 titled: A Warning from Harry Schultz.

The latest from Harry Schultz...yesterday: Schultz sees an apocalypse now. Though he'd getting on in years, Schultz is considered no slouch in the industry.



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