Bernanke in Pictures
by Johnny Debacle
Hi, my name is Ben. I am in charge of the economy, more or less. To my left, a man far less important. To my right, Greenspan. Last night, the three of us held a secret meeting in our hidden Fed safehouse. There we drank, ate, told some amazing jokes and then decided to cut the Fed Discount Rate 50 basis points.
The rate cut was approximately this big. The technical issue as to what the Discount Rate actually means is largely irrelevant — the takeaway for you is that we cut a Rate 50 bips. Does that make you happy?
I knew it would make you happy. It made me happy too, that’s why I did it. Some have concerns that this is a ham-handed intervention into a free market and worse, a temporary salve, that will give people a delusional sense of comfort. These are really good points, so let’s switch to a profile shot.
As I mentioned above, I am in charge of the economy, more or less. And the economy, more or less, is the stock market. As you can see there is nothing temporary about today’s bump in the DJIA. Also did I mention that the Rate cut was this big?
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Killer-Post, proceed right to Best-of-Q4-Analysis!
Agree with above. My favorite post yet. Just this one line worth its weight in GCU7:
“The technical issue as to what the Discount Rate actually means is largely irrelevant — the takeaway for you is that we cut a Rate 50 bips.”
Write-Offs: 08.17.07…
[The Onion via Curbed] $$$ Bernanke in Pictures [LoSC] $$$ The escape of the enablers [Fortune] $$$ “From the desk of ima psycho, esq.” [Gawker] $$$ A WallStrip classic: The Blackberry Shootout. Word is they are preparing for Round……
Write-Offs: 08.17.07…
BREAKING: FTC loses request again to stop Whole Foods deal. [Reuters] [The Onion via Curbed] $$$ Bernanke in Pictures [LoSC] $$$ DealBreaker’s John Carney goes On The Money tonight to discuss Wall Street layoffs. $$$ The escape of the enablers……
[…] The Fed cut made me furious, but this made me smile. […]
[…] On the Rate Cut: Filed under: Uncategorized — contraryinvestor @ 7:39 pm From Long Short Capital: Bernanke in Pictures […]
I liked, “so let’s switch to a profile shot.”
My question (on my blog) is, “Should Ben Bernanke Resign?”
[…] the cut will have only provided temporary relief to a fundamentally troubled financial environment. Long or Short Capital gets it exactly […]
August Monthly Review…
Well, to be honest, we’re glad that’s over! We know, it’s kind of weird to post a monthly review when the month isn’t even over yet. But we’ve exited our August trades and expiration is now over, so we thought it might be …
[…] A histerical post: Bernanke in Pictures […]
[…] Long or Short: “Let us think for you since we’re better at it”. El mundo explicado de la economía explicado, como por ejemplo por qué la reserva federal baja los intereses. […]