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idesa168
Elite |
15-Feb-2008 07:30
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Dow was on the way to recovery....then Ah Beng comes out to talk about his 2 cents worth of prediction on economy....then the mkt stop advancing and spiral down.....! Now we know who is the REAL katek! Next first, before he talks, we MUST sell all open positions and katek. | ||||||||||||||||||
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tanglinboy
Elite |
15-Feb-2008 07:28
Yells: "hello!" |
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Dow is down 175 pointsPaulson, Bernanke: Slow growth aheadTreasury secretary and Fed chairman say rate cuts and rebates should keep economy out of recession but warn of tough times.NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson both acknowledged problems in the U.S. economy Thursday, but both said they believe the nation will avoid falling into recession. The two made their comments at a hearing before the Senate Banking Committee about the economy. Their testimony comes in the wake of troubling economic readings that have raised recession fears on Wall Street. But while Paulson and Bernanke repeatedly insisted they expect the economy to avoid shifting into reverse - thanks in part to a series of interest rate cuts by the Fed and a $170 billion economic stimulus package signed by President Bush Wednesday - they conceded the economy faces additional headwinds. Bernanke and Paulson both said the outlook for the economy is noticeably worse than it was as recently as a few months ago, and both expect cuts in official growth forecasts from the administration and the Fed in upcoming months. The Fed is currently predicting 1.8% growth for this year, but Bernanke said a new forecast would be finalized next week. The Council of Economic Advisors' most recent estimate was for the economy to grow by 2.7% in 2008. More losses, tight credit ahead Bernanke said he believes major banks and Wall Street firms are likely to take additional earnings hits tied to bad investments in subprime mortgages. That could lead to tighter lending standards and contribute to an overall slowdown. "More expensive and less available credit seems likely to continue to be a source of restraint on economic growth," Bernanke said. But he added he's not worried about bank failures because he thinks banks entered the current downturn with sufficient capital and have been able to raise additional funds. Some of the panel members praised the two for the steps taken so far to spur the economy. The Fed last month made two significant interest rate cuts: three-quarters of a percentage point at an emergency meeting, followed by half a point eight days later. Bernanke said Thursday that the Federal Open Market Committee, its rate-setting body, was ready to act again if further economic readings justify it. But some senators criticized the pair, suggesting the administration and the central bank are at least partly to blame for the current economic problems, due to lax oversight and lack of early response to the downturn in housing. Sen. Charles Schumer, D-N.Y., suggested the problems in credit and financial markets pose a greater threat to the economy than a slowdown in consumer spending. "Aren't you underestimating, not giving enough attention to, the severity of the problem in the credit markets?" asked Schumer. He said Wall Street executives he's talked to "seem much more worried" about credit woes than Paulson and Bernanke. Paulson, a former CEO of Goldman Sachs (GS, Fortune 500), responded that he also spoke regularly with top Wall Street executives, adding "some are more worried than others." Paulson on defensive Sen. Robert Menendez, D-N.J., pointed out that Goldman Sachs is one of the growing number of investment banks forecasting a recession this year and suggested that Paulson and Bernanke "hit the snooze button" when alarm bells about the economy first went off last year. Menendez said he wasn't trying to talk down the economy, but that he was looking for "honest assessments" from Paulson. Paulson bristled at the comments, telling Menendez, "If you're trying to talk the economy up, I'd hate to see you talk it down." Menendez shot back, "I'm just trying not to hide my head in the sand." "I'm not either," responded the Treasury Secretary. The two also were asked to explain why investments in many major banks and Wall Street firms by sovereign wealth funds should not be a concern. Sovereign wealth funds - large pools of money controlled by foreign countries - have taken stakes in recent months in Citigroup (C, Fortune 500), Merrill Lynch (MER, Fortune 500) and Morgan Stanley (MS, Fortune 500). Paulson said these investments are an important endorsement of the U.S. financial system and that they do not pose a risk of foreign governments having undue influence on major banks here. "I think we need to be vigilant. I don't think we need to be fearful," said Paulson. Paulson says economy 'fundamentally strong' Throughout the hearing, Paulson and Bernanke repeated that they expect slower growth and not a recession. Paulson said the economy "is fundamentally strong, diverse and resilient" and that the main problem is that it is "undergoing a significant and necessary housing correction." But Senate Banking Chairman Christopher Dodd, D-Conn., said the slowdown is due to a crisis of confidence among both consumers and investors. Dodd was critical of some of the Bush administration's housing efforts, including the freeze on foreclosures announced this week by Paulson and some of the country's leading mortgage lenders. "It is a lifeline more to lenders than to borrowers in my view," said Dodd. Sen. Richard Shelby of Alabama, the ranking Republican on the committee, said he's concerned that the mortgage meltdown is spreading to the rest of the economy. "One thing that is now clear to all of us is the subprime mortgage problems are not contained," said Shelby. He added that he doubts whether the stimulus package would prove to be effective. "Even if every consumer spends their $600 tax rebate, I've equated it to pouring a glass of water in the ocean and expecting it to make a difference," Shelby said. "I hope I'm wrong." 
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winsontkl
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15-Feb-2008 06:56
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Wiping out Wed's gain......
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Manikamaniho
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15-Feb-2008 06:47
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Well... that's the way of the market... |
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huatah
Veteran |
15-Feb-2008 00:33
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Federal Reserve Chairman Ben Bernanke told Congress Thursday that the country's economic outlook has deteriorated and signaled that the central bank is ready to keep on lowering a key interest rate -- as needed -- to shore things up. Wall Street retreated Thursday as Federal Reserve Chairman Ben Bernanke predicted the economy will grow at a "sluggish" pace before recovering later in the year and that banks' mortgage investments could lose more value. At times, I wish they could simply keep their mouth shut. Haiz... |
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Manikamaniho
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15-Feb-2008 00:16
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DOW -95 pts... after Fed announcement of no recession...
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tanglinboy
Elite |
14-Feb-2008 21:17
Yells: "hello!" |
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Stocks await Bernanke, PaulsonFutures point to flat open as investors wait to hear what Fed chief and Treasury secretary have to say about the state of the economy and solutions.NEW YORK (CNNMoney.com) -- U.S. stock futures pointed to a flat start Thursday as investors waited for Senate testimony from Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson. The two will appear before the Senate Banking Committee, slated to start at 10 a.m. ET. Bernanke's comments will be the first by the Fed chairman since a number of closely watched readings convinced a growing number of top economists that the U.S. economy has already fallen into recession. At 6:53 a.m. ET, Nasdaq and S&P futures were higher, although a comparison to fair value suggests a flat open for Wall Street. In a TV interview Wednesday, Paulson said regulators plan to alter rules for packaging loans into bonds, but he said it would be "a number of months" before a working group in the administration would have recommendations on changes. He also ruled out any support in the Bush administration for a second economic stimulus package on top of the $170 billion one signed Wednesday by the president. The Wall Street Journal reported that major banks are talking to regulators about shifting some of the risk for troubled loans to the federal government. Among changes in laws reportedly being explored include expanding the scope of loans guaranteed by the Federal Housing Administration, and making it easier for banks to write off part of the unpaid balance on loans that exceed a property's value. Swiss banking giant UBS AG (UBS) posted a fourth-quarter loss of $11.3 billion early Thursday after a $13.7 billion writedown of assets related to subprime mortgage securities in the United States in the period. The bank warned it "expects 2008 to be another difficult year." Shares fell 5.6% in early Zurich trading, although stocks there and on other major European exchanges were higher in early trading. Stock indexes in Asia also closed higher across the region, led by a 4.3% jump in Tokyo's Nikkei on a report that showed much stronger than forecast economic growth there. U.S. stocks rallied Wednesday after a surprisingly strong January retail sales report helped soothe worries about a prolonged economic slowdown. Stocks to watch Thursday include Yahoo (YHOO, Fortune 500) and News Corp (NWS, Fortune 500)., which Wednesday were said to be talking about a partnership that could help the Internet search engine fend off Microsoft (MSFT, Fortune 500).'s $44.6 billion takeover offer. After the close Wednesday, the Justice Department announced it will allow two private-equity firms to go ahead with a $19.5 billion buyout of Clear Channel Communications (CCU, Fortune 500). Shares of the radio broadcaster gained 4.4% in after-hours trading on the news. Late Wednesday, Hewlett-Packard (HPQ, Fortune 500) said it reached a financial settlement with the New York Times and three Business Week journalists who were spied on as part of the company's boardroom surveillance scheme. The size of the settlement was not disclosed. Financial results are due before the open from Comcast (CMCSA), the nation's largest cable operator. Analysts are forecasting a 23% jump in earnings. Economic reports due Thursday include the weekly reading on initial jobless claims and the December U.S. trade report, which is expected to show a narrower deficit from November levels. Oil prices were higher in early trading; a barrel of light sweet crude rose 59 cents to $93.86 in early electronic trading. |
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tanglinboy
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14-Feb-2008 21:15
Yells: "hello!" |
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Futures - S&P 500 +1.40 NASDAQ +6.75 Dow Jones 0.0 |
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limhpp
Veteran |
14-Feb-2008 11:26
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Let's hope Hang Seng also go up as STI some how also follow Hang Seng. |
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mike8057d
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14-Feb-2008 10:38
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that's good...but still in cautious mode | ||||||||||||||||||
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novena_33
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14-Feb-2008 08:25
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so now mkt can make U turn....  i mean the local.....
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cyjjerry85
Elite |
14-Feb-2008 08:11
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incredible...closed above 12500...a surge upwards almost 200 points...i think today STI might probably follow suit to close above 3000 finally | ||||||||||||||||||
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huatah
Veteran |
14-Feb-2008 08:03
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woke up and saw de ending... thot i m still dreamin.. but is true... broke de resistence.. yeah... pretty good.... lolz.. |
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Alligator
Veteran |
14-Feb-2008 06:42
Yells: "learning from past " |
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final close:
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cyjjerry85
Elite |
14-Feb-2008 02:22
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gosh* huatah...at the moment...it looks like it is towards ur wish...but currently still early to say whether it will close above 12500 or not...however still...it is quite a surge upwards! given past few days too...as a contrast last week | ||||||||||||||||||
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huatah
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14-Feb-2008 01:08
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Great.. hitting above 100pts liao.. hopefully by de time i woke up tmr.. 12500 is de support instead of resistance.. lolz. nite nite.. |
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cyjjerry85
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14-Feb-2008 01:03
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this is a 5-day chart of DJI...who would expect it ? last week I was thinking of it going all the way down below 12000...and now...it looks like it is meeting resistance from 12500 |
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Lazyhorse
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13-Feb-2008 23:16
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Alligator, Thanks for sharing. Cheers !! |
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Alligator
Veteran |
13-Feb-2008 22:56
Yells: "learning from past " |
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Hello Lazyhorse, just for a change, read this article : http://seekingalpha.com/article/64409-u-s-ingenuity-got-us-into-this-mess-it-ll-get-us-out-of-it there is another article, they plot graphs showing Bond yield over long period and compare with 'stock' indicating bond yield is too low in US and thus suggesting money will flow back to stock. Just for a change. no harm reading.. |
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Lazyhorse
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13-Feb-2008 22:53
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Could this be the turning point since most of the bad news are out already ?? | ||||||||||||||||||
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