Whenever Bush says he is on Top, it is time to run for the Hills.Another interest rate cut tomorrow and it will prop the market for one more time. Sheeps are being led to the slaughter. I will try to unload some of my FNM options tomorrow. Feds think they can stick the finger and plug the dike. The tsunami is just around the corner.
What is worth I turned bearish on NG today. I think there will be a correction. If there is recession, the usuage of NG is going to fall.Spring is around the corner and the market has already priced in storage falling below 1300.We will see.
Bush Says Administration `On Top' of Economy as Markets Tumble
By Roger Runningen and Catherine Dodge
March 17 (Bloomberg) -- President George W. Bush sought to reassure Americans as stocks and the dollar tumbled after the Federal Reserve struggled to prevent a meltdown in financial markets.
``One thing for certain is we're in challenging times,'' Bush told reporters after meeting with Treasury Secretary Henry Paulson, Budget Director Jim Nussle, Ed Lazear, chairman of his Council of Economic Advisers, and Keith Hennessey, director of the National Economic Council. ``The U.S. is on top of the situation.''
Bush said U.S. capital markets are functioning efficiently, and in the long run, the ``economy is going to be fine.''
In emergency action yesterday, the Fed reduced the rate on direct loans to banks by a quarter of a percentage point to 3.25 percent and extended borrowing authority to the 20 firms that buy Treasury securities directly from the central bank.
Separately, the Fed said it would provide as much as $30 billion to JPMorgan Chase & Co., the second-biggest U.S. bank, to help it finance the purchase of rival Bear Stearns Cos. for $240 million, or $2 a share, after a run on Wall Street's fifth- largest securities firm. |
