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Front Page: Fed Cuts Interest Rate, Judge Orders 17 Freed From Gitmo, Russia Begins Georgia Pull-Out

  • Fed Cuts Interest Rate:
    In an effort to shore up the global market slide, the Federal Reserve and six other major banks worldwid cut interest rates. The Fed downgraded from 2 percent to 1.5 percent. Banks in the UK, China, and Canada followed suit after five days of tumbling stocks. The Fed's action will reduce borrowing costs immediately to US borrowers whose home-equity loans are tied to the prime interest rate.
  • Judge Orders 17 Freed From Gitmo:
    A federal judge ordered the Bush administration to free 17 Guantanamo Bay detainees by the end of the week, the first such order in seven years of disputes over the detentions. The 17 men have been held since 2002 and are members of a western Chinese minority. The judge says, “I think the moment has arrived for the court to shine the light of constitutionality on the reasons for detention."
  • Russia Begins Georgia Pull-Out:
    Russia says its troops are leaving the so-called "buffer zone" around South Ossetia and five of the six checkpoints have been dismantled. Under a ceasefire deal, Moscow has to pull troops out of other areas around South Ossetia by Friday, though they will keep 8,000 troops in areas they've recognized as independent states. The move is part of the deal brokered by French President Nicolas Sarkozy in August.

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Join The Conversation
indielove indielove 7 years
I'm really glad that you realize that about yourself and can admit to it. Did ya just eat a slice of humble pie?
organicsugr organicsugr 7 years
Sometimes, when I get proven wrong, I act really silly for a few comments.
indielove indielove 7 years
How dare I be condescending? OH MY GOSH. WHAT IS THIS WORLD COMING TO? Spare me the self-righteousness.
indielove indielove 7 years
You didn't call me out, darling. Don't be mad that I schooled ya and your lil boytoy.
Michelann Michelann 7 years
You don't actually want me to tell you what naked short selling is. Don't be condescending just because you got called out.
Michelann Michelann 7 years
For certain stocks, of course.
Michelann Michelann 7 years
The articles got it wrong, I can see why that would confuse you. Like Organic said, naked short selling has been illegal for a long time. There was a temporary ban on regular short selling.
indielove indielove 7 years
What IS naked short selling, Michelin? Please enlighten me. QUICK....WIKI IT!
indielove indielove 7 years
Yeah, I'm just making this stuff up. I admit it. Richard Jacobsen and David Ellis work for different new corporations but are the same person: me. Darn it, I have to make up some new aliases now. Next time I'll come up with some way cooler names, I went too generic last time.
Michelann Michelann 7 years
Indie, don't pretend you knew what that meant. "More than enough manipulations have happened which include naked short selling for one. I think it was a mistake that the ban on that was so very temporary." So you think there was a temporary ban on naked short selling? But you knew it was illegal, and had been illegal since 1934? That doesn't add up.
indielove indielove 7 years
:oy: Read the financial news lately? I was talking manipulations, I never said it was legal. Silly rabbit, tricks are for kids. abcnews.go.com/Business/MarketTalk/wireStory?id=5477235 money.cnn.com/2008/09/17/news/companies/sec_short_selling/index.htm
organicsugr organicsugr 7 years
"More than enough manipulations have happened which include naked short selling for one. I think it was a mistake that the ban on that was so very temporary." Naked short selling has been, and continues to be, illegal since Securities Exchange Act of 1934. Not sure if you're familiar with it.
indielove indielove 7 years
We'll agree to disagree. Hasta.
Michelann Michelann 7 years
I think I understand what you're saying pretty well. I just don't agree.
indielove indielove 7 years
Consider that statement my thesis. Sums up my ideas/opinions as a whole. As stated, they were my final comments on that topic. Just take it at face value, it was not a retort based on anything anyone in this thread said. As I have observed, there is no point even attempting to get you or organic to understand what I have been saying. It's like beating a dead horse. The entire discussion was fun while it lasted though.
Michelann Michelann 7 years
Who said anything about absolute deregulation? There have to be a few regulations in place to protect people, but that's not even close to the same thing as having a centralized government agency that manipulates the markets and money supply at will.
indielove indielove 7 years
Oh and, thanks Jude. :D Shake those pom-poms, girl!
indielove indielove 7 years
Final comments on this topic: Absolute deregulation is not the answer when it comes to economic markets. More than enough manipulations have happened which include naked short selling for one. I think it was a mistake that the ban on that was so very temporary. The people on Main Street, as they like to call it, need government who is genuinely on their side and not catering to corporations(the people who run them) that are driven by greed.
organicsugr organicsugr 7 years
Look, indie. I don't think that the market can regulate itself either. That's why we need the government to do it. Correct?
indielove indielove 7 years
"Hahaha. Is that how you think exchange markets work? On magic? Me too." There goes that old 'bait and switch' again. Real clever.
Michelann Michelann 7 years
Indie, so people buying houses they couldn't afford because interest rates were low weren't bad investments? I can't believe you don't see any bad investments. Why do you think all the banks are going under? There's nothing magic about the way the free market works. If the Fed stops interfering, then prices (and credit prices) can return to what they are actually worth, rather than remaining at their current artificial levels.
organicsugr organicsugr 7 years
"Maybe I should just take my Foreign Exchange Market experience and hit the road then." "I don't get how the markets will just magically correct itself." Hahaha. Is that how you think exchange markets work? On magic? Me too.
indielove indielove 7 years
The only 'bad investments' I see happening are the ones made out of desperation. That is never good. In this economic climate we are in, it is hardly implausible to understand why the Fed has yet again cut interest rates. Flawed, it may be to you, but it's the only choice at the moment. money.cnn.com/2008/10/08/markets/thebuzz/index.htm?postversion=2008100812 I don't get how the markets will just magically correct itself. If you have the key to success here, why don't you share it with us? Just like McCain should tell us how to get Osama Bin Laden because he OBVIOUSLY knows how to do so.
Michelann Michelann 7 years
I know that lowering interest rates will produce an increase in 'economic activity', however the rise will be artificial. This 'economic activity' you're talking about will only encourage people to continue making bad investments, which caused this crisis in the first place. If we don't let the market correct itself, our troubles will only be worse when the bubble inevitably bursts again.
organicsugr organicsugr 7 years
Wow. Looks like someone understands the basic theory of having a central bank. Too bad the mechanism is flawed.
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