“Fed” Lowers Rate 3/4% Today!! Wow!
Categories: In The News, Real Estate News
hiWow…what a day!! Yesterday Australia’s stock markets suffered their largest single day loss in history while most world markets plunged on fears of a U.S. recession!! To avert a plunge in the financial markets today the “Fed” lowered the Fed Fund Interest rate that banks must pay to borrow money from the Federal Government’s money reserves. In “pre-trading” hours The Dow Jones Industrials was down by nearly 550 points. Just before the U.S. markets opened the Treasury Secretary announced the largest Fed Fund Interest rate cut since 1984!! The markets opened low but fought their way back to only a 126 point loss. Many markets around the globe have seen 15-20% drops in stock prices since October 2007, just a few months ago.
While this has been happening oil prices have dropped from record highs near $100 per barrel to around $90 per barrel. This trend will take U.S. dollars away from “oil producing” countries and put that money back into the pockets of U.S. consumers.
The population is growing and people need the basics. Food, housing, and an environment were they feel safe. South Florida has them all…
Chavez, in the mean time is now threatening to take over Venezuela’s banks because they are ignoring his order for the banks to issue low interest loans to the countries farmers!
What will tomorrow bring??
2008 is looking to be a unbelievable year!! Be a participant…not a spectator!
Until next time. Marty S.
