| Latest Forum Topics / Others |
 Post Reply
|
|
Greenspan: We've seen this turmoil before
|
|
|
TuaPekGong9413
Elite |
07-Sep-2007 22:40
Yells: "deity" |
|
x 1
x 0 Alert Admin |
well,think the green spanner needs a good screw in his mouth!!
|
| Useful To Me Not Useful To Me | |
|
novena_33
Veteran |
07-Sep-2007 22:03
|
|
x 0
x 0 Alert Admin |
opps....monday will turn ugly again (hope im wrong) it take 2 Big BOSS to talk the market up.... and one Green spanner to screw thing up.... 
|
| Useful To Me Not Useful To Me | |
|
|
|
|
teeth53
Supreme |
07-Sep-2007 21:24
Yells: "don't learn through life, learn to grow with life " |
|
x 0
x 0 Alert Admin |
Talk is so easi, what if it's as Chief of.... request for...n ask for a solution rather then re-prediction of what to come.......
|
| Useful To Me Not Useful To Me | |
|
mchaisheng
Member |
07-Sep-2007 19:35
|
|
x 0
x 0 Alert Admin |
LONDON (MarketWatch) -- U.S. stock futures declined Friday ahead of the release of the key monthly employment report, with Harley-Davidson slashing its earnings forecast and former Federal Reserve Chairman Alan Greenspan saying he sees parallels between the current situation and the stock-market crash of 1987.
S&P 500 futures fell 5.7 points at 1,473.90 and Nasdaq 100 futures dropped 11.75 points at 1,992.00. Dow industrial futures fell 39 points.
U.S. stocks closed with modest gains on Thursday, as economic reports helped to quell concerns about a hard landing. Many of the retailers rose on the back of better-than-forecast August same-store sales, while Apple declined on continued concerns about the iPhone price cut. The Dow industrials rose 57 points, the S&P 500 rose 6 points and the Nasdaq Composite added 8 points.
The focus on Friday will be the monthly payrolls report, due out at 8:30 a.m. Eastern, and markets could conceivably prefer a number showing a weak reading, as it would remove one stumbling block to a rate cut by the Federal Reserve.
Several economists cut their forecasts for nonfarm payrolls following the ADP report on Wednesday, which when adjusted to factor in government jobs would show employment growth of 65,000, the smallest growth in nearly three years.
The MarketWatch median forecast fell to 115,000 from 123,000, still higher than the 100,000 seen by other surveys of economists.
The jobless rate probably was 4.6%, and average hourly earnings probably grew 0.3%.
Also due out will be wholesale inventories figures for July.
Also on the economy, Treasury Secretary Henry Paulson said Thursday in a televised interview that strains in global credit markets could take months to work out as the markets reassess the price of risk.
Greenspan meanwhile told a conference that the current market turmoil resembles 1987 and 1998. See external link to WSJ.com (subscription required).
Harley-Davidson (HOG
HOG
Sponsored by: Hovnanian Enterprises (HOV
HOV
Sponsored by: Elsewhere, Wyeth (WYE
WYE
Sponsored by: TEVA
Sponsored by: HSBC Holdings (HBC
HBC
Sponsored by: Leap Wireless (LEAP
LEAP
Sponsored by: PCS
Sponsored by: The dollar was weaker vs. the Japanese yen and broadly steady vs. the euro.
Gold futures held above the $700 an ounce level, and crude-oil futures rose 26 cents at $76.56 a barrel.
In overseas stock market action, the Nikkei 225 closed 0.8% weaker in Tokyo and the FTSE 100 was steady in London.
 |
| Useful To Me Not Useful To Me | |
|
mchaisheng
Member |
07-Sep-2007 19:30
|
|
x 0
x 0 Alert Admin |
Greenspan: We've seen this turmoil beforeReport: Economic bubbles can't be defused through interest rate adjustments, he suggests in speech.NEW YORK (AP) -- "The human race has never found a way to confront bubbles," Former Federal Reserve Chairman Alan Greenspan said Thursday in reference to the euphoria that can precede contractions, or reactions, like the current market turmoil, according to a published report. Greenspan, speaking to economists in Washington, D.C., compared the turmoil to that of 1987 and in 1998, when the giant hedge fund Long-Term Capital Management nearly collapsed, The Wall Street Journal reported on its Web site. "The behavior in what we are observing in the last seven weeks is identical in many respects to what we saw in 1998, what we saw in the stock-market crash of 1987, I suspect what we saw in the land-boom collapse of 1837 and certainly [the bank panic of] 1907," Greenspan said at the event organized by the Brookings Papers on Economic Activity, according to the Journal. Greenspan, now a private consultant, said euphoria takes over when the economy is expanding and leads to bubbles, "and these bubbles cannot be defused until the fever breaks," the Journal said. Bubbles can't be defused through incremental adjustments in interest rates, he suggested, the paper reported. The Fed doubled interest rates in 1994-95, and "stopped the nascent stock-market boom," but when stopped, stocks took off again. "We tried to do it again in 1997," when the Fed raised rates a quarter of a percentage point, and "the same phenomenon occurred." 
|
| Useful To Me Not Useful To Me | |
