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Philly Fed prez: Recovery to start in second half of '09

Discussion in 'Sports and News' started by 2muchcoffeeman, Jan 14, 2009.

  1. 2muchcoffeeman

    2muchcoffeeman Active Member


    Well, that's one guy with optimism. I was guessing October to November, which is the same thing but with a smaller window of error.
  2. poindexter

    poindexter Well-Known Member

    Why on earth would you even waste time reading such complete drivel?

    Here is a thread from one year ago on this board:
    "Bush's advisor: Housing slump to only last six more months"

    Don't listen to these people. They know NOTHING. Find people who called this financial meltdown year or years ago. Listen to what they are saying. Not idiots from the Federal Reserve Bank. They absolutely, positively pull this stuff straight from their ass.
  3. poindexter

    poindexter Well-Known Member

    Here was Prosser on February 6, 2008:


    Financial markets and Fed watchers were on the alert for comments similar to Richmond Fed President Jeffrey Lacker's when he said in a speech Tuesday, 'I can also see the possibility of a mild recession.

    Instead, Plosser went the other way, saying, 'I would not be very surprised if the economy bounces back more quickly than many forecasters are now projecting.'

    His own projection is for enough of a recovery in the second half of 2008 to leave gross domestic product growth for the year near 2 pct.

    Quit reading these "experts", quit listening to them. They are very ignorant people.
  4. Ben_Hecht

    Ben_Hecht Active Member

    The "six-month" verbal formula has been the Bush bullshit
    template since the conception of the Evil Spawn's reign.

    Bullshit primarily designed to put a temporary halt to such
    irritating questions.

  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    He expects inflation to remain below 2 percent over the next year, and then four graphs later he is quoted saying that he has been injecting enormous amounts of liquidity into the economy. They have done that by cutting rates to near zero. That was what the Fed had to do, so no criticism or anything, but jeez, that enormous amount of liquidity is what causes inflation. We have printing presses working day and night right now to print money. His opinion is ridiculously reactive. They (Ben Bernake included) see a weak global economy and low commodity prices and deflation AT THE MOMENT, so they conclude that there is little risk of inflation. But in the mean time they are pouring gasoline on the inflation fire. The low commodity prices are at depressed levels, as much as they were too high when there was a bubble. That is going to sort itself out--soon--and by then, inflation is going to be rising and they will still be reacting, raising rates to try to stop it, AFTER the fact, and after core inflation is well above 2 percent.

    The Fed is doing what it has to do by using every weapon in the arsenal, but at least don't walk around with blinders on with a projection like that. We have slashed rates to zero, the Fed has instituted various lending programs, we are about to enact a giant $800 billion deficit-spending plan, we are about to cut taxes and the treasury department is in the midst of spending $700 billion in various bail-outs. Any ONE of those things could be expected to trigger inflation. All of those things together add huge amounts of borrowed dollars into the system, which can't help but create inflation. Inflation is hibernating right now, while things sort themselves out. Any belief that it is going to stay under control with all the things we are doing is crazy.
  6. Hammer Pants

    Hammer Pants Active Member


    Move along. Nothing to see here. The economy is fine.
  7. If not, can we light this guy's feet on fire publicly?
  8. poindexter

    poindexter Well-Known Member

    Just for kicks, I googled this douche further.

    September, 2007:
    The Federal Reserve might not have to resort to a cut in its target federal funds rate to address the financial market turmoil and credit crunch, said Philadelphia Federal Reserve Bank president Charles Plosser on Saturday.....


    In the past few days, some bank presidents have stressed that the Fed must avoid the "moral hazard" problem by bailing out investors who took excessive risk.
    Plosser put it this way: "It is not appropriate for the Fed to ensure against financial volatility per se, or against individuals or firms taking losses or failing."

    Not one forward-looking thing these assholes say has any relation whatsoever with reality.

  9. Simon_Cowbell

    Simon_Cowbell Active Member


    This may be the first hint the bottom has been reached.

    On Jan. 27, Sydney-based real estate investment trust Macquarie CountryWide Trust announced it agreed to sell equity and interest in 30 U.S. retail assets to Inland Real Estate Acquisitions for a total of $427 million. The properties were sold at a 12 percent discount to their original cost base of approximately $485 million. It’s the largest retail real estate deal announced in 2009.

    The assets previously belonged to two joint ventures between Macquarie CountryWide and Jacksonville, Fla.-based REIT Regency Centers, JV1 and MCW/MDP, which were dissolved on Jan. 21. Officials from Macquarie CountryWide could not respond to requests for comment in time for the publication of this article. A portion of the deal, involving seven unencumbered grocery-anchored shopping centers totaling 588,522 square feet, closed two weeks ago. The rest of the sale is expected to close in March, when due diligence and loan assumptions on the 23 remaining assets will be completed.

    Inland officials would not disclose the cap rate on the initial transaction, valued at $71 million. According to Mark Cosenza, acquisitions director with Inland Real Estate Acquisitions, “right now, one of our main focuses is on grocery-anchored centers and the deal was a good deal for us, in that it had a return that was accretive for our investors.”
  10. Boom_70

    Boom_70 Well-Known Member

    Hope this guy paid his taxes
  11. Cousin Oliver

    Cousin Oliver New Member

    Yay Obama! I knowed it! I knowed he'd fix things.
  12. 2muchcoffeeman

    2muchcoffeeman Active Member

    Poindexter will be along shortly to smack down your insinuation that their might be a quick way to the end of all this.
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