Originally Posted By Mr X Er...well, one would hope! Now that President-Elect Obama is good to go, can I jump on the bandwagon and hope (well, I ALWAYS hoped but I was cynical) that things get relatively back to normal now?? Please?? <--hides under bed as Asian markets once again decimated as usual following a Dow Jones rout, as usual.
Originally Posted By Mr X Maybe that "Messiah" Obama can wave a magic wand or something... He doesn't HAVE to wait til January 20th to fix all the worlds' problems, does he?
Originally Posted By davewasbaloo Well London may have a positive or negative impact today. They dropped the interest rate here by another 1.5%, the largest decrease since 1955.
Originally Posted By Mr X What's the rate at now? America still has %.99 to work with before hitting "bottom" (much like Japan...and we all know how well THAT has worked out!).
Originally Posted By Goofyernmost One must remember that the stock market players are the big money people that most likely voted for McCain. Don't expect to see it happening soon.
Originally Posted By davewasbaloo As of today we are standing at 3% (2 months ago it was 55, not that banks passed on the last cuts).
Originally Posted By mawnck Still don't see what they think that dropping the interest rates is going to do. The credit markets are frozen because bank lenders can't tell if they're going to be paid back. They can't tell because they don't know how much of the borrowing banks' alleged assets are dependent on worthless home loans. It's like the engine is on fire and they're going to fix it by changing the oil.
Originally Posted By davewasbaloo Well I am not sure how it works in the US, but here it is to try and return some consumer confidance. If banks extend this drop, it means flexible mortgage payments (the majority are) on an average $300,000 home will reduce by $268 a month, leading to what is hoped will be more expenditure.
