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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (353162)	1/11/2008 12:23:41 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 436258

Lol, you've never met a bubble you didn't like. -g-

To: MythMan who wrote (353162)	1/11/2008 12:50:34 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

pre-rally decline about over?? <g> bernanke is more wishy-washy than greenie -- at least we knew with Greenie (and he even said afterwards) it was by design -- an act -- you are right -- bernie doesn't have a playbook, can't even wet his finger and put it in the wind ...

To: MythMan who wrote (353162)	1/11/2008 12:54:40 PM
From: Box-By-The-Riviera™	Read Replies (2) \| Respond to of 436258

what a weenie: Stop obsessing about us, Fed's Mishkin pleads Marketwatch WASHINGTON (MarketWatch) - Markets are too focused on a trivial debate over how much the Federal Reserve will cut interest rates, a top Fed official said Friday. It's the journey, not the way-stations along the way, that is important, said Fed Gov. Frederic Mishkin in a speech in New York. "What is important for pricing most financial assets is the path of monetary policy, not the particular action taken at a single meeting," Mishkin said, adding that he hopes the Fed's more transparent communication policy can shift attention away from the medium term. Mishkin specifically urged markets not to take anything in his speech Friday as an indication of what monetary policy he would favor at the next meeting. Despite Mishkin's pleas, the markets are keeping rapt attention to every utterance of Fed officials ahead of the Jan. 30 meeting of the Federal Open Market Committee. Following a blunt speech from Fed Chairman Ben Bernanke on Thursday, markets and analysts now expect the FOMC to cut its overnight lending rate by at least a half point by the end of the month. Mishkin's speech focused on how the financial disruptions have forced the Fed to shift its approach to setting interest rates. In normal conditions, the Fed can look at incoming economic data to set policy to maximize growth and minimize inflation. But when financial markets are as disrupted as they are now, the economy doesn't behave in a predictable manner. That means "monetary policy needs to be timely, decisive, and flexible," Mishkin said. In times of great uncertainty, the Fed needs to focus its attention away from what is the most likely outcome to one of preventing the most damaging outcomes, he said. Mishkin and other Fed officials have referred to this shift in emphasis as taking out insurance. The most likely outcome "may be fairly benign, but there may be a significant risk of more severe outcomes," he said. In addition, Mishkin said the Fed should pay attention to public preferences about which outcomes should be avoided at all costs. If recent Fed speakers have hinted at large rate cuts in coming months to insure against recession, but that doesn't mean the Fed isn't watching inflation, especially the public's expectations about inflation. "If the evidence indicates that these inflation expectations have begun rising significantly, the central bank should be prepared to hold steady or even raise the policy rate," Mishkin said.