Thursday, September 18, 2008

the economy

We’re high on a mountain, with a thin rope and holding on by our fingertips,” he said. “Are policymakers scared? They should be.” that has gotta be the best quote i've heard in a long time.the quote was made by Paul Mortimer-Lee, head of market economics in the London office at BNP Paribas. i always look at the news on my dell start page and i saw Central Banks Pump Cash Into Market on the New York Times page. well with a title like that i thought i'd take a gander at whats going on (i'd prefer to take a duck at it so i can work aaaaaffffflllllaaaacccckkkkk into the conversation. but it doesn't work).In a statement released at 3 a.m. in Washington, just as the markets opened in Europe, the Fed said that it had authorized a $180 billion expansion of its temporary reciprocal currency arrangements, known as swap lines, to allow banks to borrow more dollars in money markets at a lower rates. now is it me or does anyone else think this isn't gonna do much good. from my limited understanding of currency doesn't this mean the dollar isn't gonna be worth much.

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