ES Journal Archive (2006 - 2008)

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Quote from trendy:

You might want to unequivocally check with your broker, 'cause mine says CME Globex re-opens @ 3:30 C.S.T.
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I am sorry, I just looked properly and it is for 2007, strange that they failed to update
 
I don't think the Fed is stupid or Bernarke is stupid. I just don't think the Fed has the power people think it does. A 75 to 100 bp bump will probably have an immediate bump to the market -- but a long term effect? I don't know. Even during the Greenspan put era, I don't think it was the Fed that kept the Treasury yield curve flat or even inverted. The long bond market did. The perception is the Fed leads. My opinion is central banks don't lead, they follow. However, perception is (or was) reality and the perception was they did lead.
 
Quote from Spectre2007:

notice how ET website keeps going down...its been happening for a few days now..
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ET is one of the sites that attracts some smart cookies that do not rely on Reuters/Bloomy to know what's going on, so I thought the same things actually, but of course it could be traffic based.
 
Quote from Spectre2007:


Bernanke, should be replaced when his term is up. When he came into office, and was found out he did his thesis on the Great Depression, his fascination with it, might be leading him to subconsciously repeat those decisions that led to it in the past.
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Correct.
Forget about debating what he has done, and look at the way he has done things. He has succeeded in making the Fed look incompetent and disorganized because of the way he is doing his job. No one thinks of him as a strong leader or a decisive decision maker; it doesn't matter if he is or he isn't, the perception is more important than reality.

Every trader knows the thing that the market hates is overpromising and under delivering. If he didn't want to make an intermeeting rate cut then he shouldn't have given the speeches he did. Think back to his offhand comments to Bartiromo which he didn't realize would roil the markets, and he allowed another Fed official to make comments about it taking a catastrophe for them to lower rates then they do an emergency cut a couple days later. He clearly stated over and over that the subprime housing problem would not spread, then he finally admitted his mistake after the fact but has failed to do anything about it. He is all for deficit spending to send out checks to everyone even though that has been tried before without success. Again, I am not commenting on his final decisions, I am saying the way he is doing his job leaves much to be desired.

You can argue whether he should lower or not, or whether he should have lowered at all, and whether anything he does or doesn't do will have a meaningful impact on the problem. You cannot argue that he gives the perception of competence.
 
Quote from opt789:

You can argue whether he should lower or not, or whether he should have lowered at all, and whether anything he does or doesn't do will have a meaningful impact on the problem. You cannot argue that he gives the perception of competence.
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Absolutely 100% spot on. I was thinking of posting something similar but you stated it better before I did so.

Bernanke's handling of his position has been horrifically bad. 30 years of carefully built and earned Fed credibility down the drain.
 
Quote from DeepFried:

Absolutely 100% spot on. I was thinking of posting something similar but you stated it better before I did so.

Bernanke's handling of his position has been horrifically bad.
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I thought Ron Paul wooped his arse, Bernanke looked quite baffled by Ron Paul's directness. (let's not make this a political argument :))
 
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