STOCK MARKET CASINO CRASH
Fed slashes rates in shock move
Tuesday, 22nd January 2008
The US Federal Reserve has cut interest rates to 3.5%, a shock three-quarters of a percentage point reduction.
Fighting to stave off a US recession, the move failed to calm investors, with US shares continuing sharp falls as Wall Street opened for Tuesday trading.
The Fed, the US central bank, said latest figures indicated a deepening of the US housing market slump and increased unemployment levels.
One analyst said the Fed was 'obviously panicked' by the threat of recession.
'Unfortunately they have no power to reverse what in my opinion is the worst post-war recession,' said Michael Metz, chief investment strategist at Oppenheimer in New York.
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Too little too late
The money-markets are consigned to their fate
Even if it is the right thing
it takes time for cuts to take wing
It’s a panic move
But traders are not impressed
Panic doesn’t soothe them,
their sentiment is not addressed
Whatever is coming down the pike
will affect us all
It seems the mad casino of money
is now heading for a deep fall
So many nexus forces
are hitting the world just now
This adds to climate change and terror
All eyes are on the Dow
If it falls and falls
then the rest of the casinos will collapse
bringing world recession
and a growth relapse
Don’t you think it’s time
for something better than this?
Than this shadow of Monte Carlo
with its cyclical abyss?
By KANEIX
© 2008 KANEIX
(All rights reserved)
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