FED Corta .75 nas taxas!!!
Na minha humilde opinião, esta subida da inflação, na época em q vivemos, deve-se directamente á subida do preço do petróleo, e esse custo extraordinário é também incorporado em todos os outros produtos.Não é pelo facto das familias consumirem em demasia e a procura ser superior à oferta. nesse sentido, penso que o corte das taxas de juro simplesmente vinha aliviar a sobrecarga das familias, ajudar a economia, e nunca fazer subir a inflação.
Quando esta crise dos EUA chegarem à economia real(europeia), só aí o BCE se lembrará de baixar os juros, e depois temos q esperar novamente meses até q essa descida reflicta novamente na economia real.
isto para dizer que para prevenir essa situação deveriam actuar antecipadamente.
Quando esta crise dos EUA chegarem à economia real(europeia), só aí o BCE se lembrará de baixar os juros, e depois temos q esperar novamente meses até q essa descida reflicta novamente na economia real.
isto para dizer que para prevenir essa situação deveriam actuar antecipadamente.
- Mensagens: 37
- Registado: 28/12/2007 20:59
Este rapaz descobriu a pólvora e depois para prestígio do Senhor Governador foi citado pelo Bloomberg. Olha que instituição…
Vítor Constâncio.
…, o abrandamento económico dos Estados Unidos vai afectar o crescimento na Europa. "A probabilidade de um forte abrandamento, ou mesmo de uma recessão, aumentou nos EUA", afirmou Constâncio, acrescentando que haverá consequências. "Não seremos imunes ao que acontecer à economia norte-americana", sublinhou.
Essa da inflação só EXPERTOS na matéria como o Senhor Jean-Claude Trichet, é que se percebe as tais medidas do baixa 0,25 ou 0,75%. Pressupostamente ganhará um saco de euros para dizer bacurizes, repito bacurizes…
cujas se chamam inflação.
Isto da Bolsa pode descer até ao inferno e o inferno poder estar todavia a anos-luz desse mesmo inferno. Não o inferno do Constâncio nem do Trichet, estes rapazes protegeram-se dos vendavais das teorias económicas que os próprios servem bacorando cuja território ao contrario de inferno, chama-se Paraíso.
A inflação, porque é que existe inflação?...e se ela não existisse teríamos governadores dos Bancos Centrais?...
Rmartins
Vítor Constâncio.
…, o abrandamento económico dos Estados Unidos vai afectar o crescimento na Europa. "A probabilidade de um forte abrandamento, ou mesmo de uma recessão, aumentou nos EUA", afirmou Constâncio, acrescentando que haverá consequências. "Não seremos imunes ao que acontecer à economia norte-americana", sublinhou.
Essa da inflação só EXPERTOS na matéria como o Senhor Jean-Claude Trichet, é que se percebe as tais medidas do baixa 0,25 ou 0,75%. Pressupostamente ganhará um saco de euros para dizer bacurizes, repito bacurizes…
cujas se chamam inflação.
Isto da Bolsa pode descer até ao inferno e o inferno poder estar todavia a anos-luz desse mesmo inferno. Não o inferno do Constâncio nem do Trichet, estes rapazes protegeram-se dos vendavais das teorias económicas que os próprios servem bacorando cuja território ao contrario de inferno, chama-se Paraíso.
A inflação, porque é que existe inflação?...e se ela não existisse teríamos governadores dos Bancos Centrais?...
Rmartins
Quem não conhece o «CALDEIRÃO» não conhece este mundo
- Mensagens: 1611
- Registado: 5/11/2002 9:23
Plunge Protection Team - Artigo de 23/Fev/1997
Plunge Protection Team
By Brett D. Fromson
Washington Post Staff Writer
Sunday, February 23, 1997; Page H01
The Washington Post
It is 2 o'clock on a hypothetical Monday afternoon, and the Dow Jones industrial average has plummeted 664 points, on top of a 847-point slide the previous week.
The chairman of the New York Stock Exchange has called the White House chief of staff and asked permission to close the world's most important stock market. By law, only the president can authorize a shutdown of U.S. financial markets.
In the Oval Office, the president confers with the members of his Working Group on Financial Markets -- the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The officials conclude that a presidential order to close the NYSE would only add to the market's panic, so they decide to ride out the storm. The Working Group struggles to keep financial markets open so that trading can continue. By the closing bell, a modest rally is underway.
This is one of the nightmare scenarios that Washington's top financial policymakers have reviewed since Oct. 19, 1987, when the Dow Jones industrial average dropped 508 points, or 22.6 percent, in the biggest one-day loss in history. Like defense planners in the Cold War period, central bankers and financial regulators have been thinking carefully about how they would respond to the unthinkable.
An outline of the government's plans emerges in interviews with more than a dozen current and former officials who have participated in meetings of the Working Group. The group, established after the 1987 stock drop, is the government's high-level forum for discussion of financial policy.
Just last Tuesday afternoon, for example, Working Group officials gathered in a conference room at the Treasury Building. They discussed, among other topics, the risks of a stock market decline in the wake of the Dow's sudden surge past 7000, according to sources familiar with the meeting. The officials pondered whether prices in the stock market reflect a greater appetite for risk-taking by investors. Some expressed concern that the higher the stock market goes, the closer it could be to a correction, according to the sources.
These quiet meetings of the Working Group are the financial world's equivalent of the war room. The officials gather regularly to discuss options and review crisis scenarios because they know that the government's reaction to a crumbling stock market would have a critical impact on investor confidence around the world.
"The government has a real role to play to make a 1987-style sudden market break less likely. That is an issue we all spent a lot of time thinking about and planning for," said a former government official who attended Working Group meetings. "You go through lots of fire drills and scenarios. You make sure you have thought ahead of time of what kind of information you will need and what you have the legal authority to do."
In the event of a financial crisis, each federal agency with a seat at the table of the Working Group has a confidential plan. At the SEC, for example, the plan is called the "red book" because of the color of its cover. It is officially known as the Executive Directory for Market Contingencies. The major U.S. stock markets have copies of the commission's plan as well as the CFTC's.
Going to Plan A
The red book is intended to make sure that no matter what the time of day, SEC officials can reach their opposite numbers at other agencies of the U.S. government, with foreign governments, at the various stock, bond and commodity futures and options exchanges, as well as executives of the many payment and settlement systems underlying the financial markets.
"We all have everybody's home and weekend numbers," said a former Working Group staff member.
The Working Group's main goal, officials say, would be to keep the markets operating in the event of a sudden, stomach-churning plunge in stock prices -- and to prevent a panicky run on banks, brokerage firms and mutual funds. Officials worry that if investors all tried to head for the exit at the same time, there wouldn't be enough room -- or in financial terms, liquidity -- for them all to get through. In that event, the smoothly running global financial machine would begin to lock up.
This sort of liquidity crisis could imperil even healthy financial institutions that are temporarily short of cash or tradable assets such as U.S. Treasury securities. And worries about the financial strength of a major trader could cascade and cause other players to stop making payments to one another, in which case the system would seize up like an engine without oil. Even a temporary loss of liquidity would intensify financial pressure on already stressed institutions. In the 1987 crash, government officials worked feverishly -- and, ultimately, successfully -- to avoid precisely that bleak scenario.
Officials say they are confident that the conditions that led to the slide a decade ago are not present today. They cite low interest rates and a healthy economy as key differences between now and 1987. Officials also point to SEC-approved "circuit breakers" that were introduced after 1987 to give investors timeouts to calm down.
Under the SEC's rules, a drop of 350 points in the Dow would bring a 30-minute halt in NYSE trading. If the Dow declined another 200 points, trading would cease for one hour. No additional circuit breakers would operate that day, but a new set would apply the next trading day.
Despite these precautions, today's high stock market worries officials such as Fed Chairman Alan Greenspan, who in a speech in early December raised questions about "irrational exuberance" in the markets. Because the market declined following Greenspan's speech, government officials have become even more reluctant to comment on these issues for fear of triggering the very event they wish to forestall, according to policymakers.
A Brewing Concern
Greenspan had expressed similar thoughts a year ago at a confidential meeting of the Working Group. Treasury Secretary Robert E. Rubin and SEC Chairman Arthur Levitt Jr. also are concerned about the stock market's vulnerability, according to sources familiar with their views.
The four principals of the group -- Rubin, Greenspan, Levitt and CFTC Chairwoman Brooksley Born -- meet every few months, and senior staff get together more often to work on specific agenda items.
In addition to the permanent members, the head of the President's National Economic Council, the chairman of his Council of Economic Advisers, the comptroller of the currency and the president of the New York Federal Reserve Bank frequently attend Working Group sessions.
The Working Group has studied a variety of possible threats to the financial system that could ensue if stock prices go into free fall. They include: a panicky flight by mutual fund shareholders; chaos in the global payment, settlement and clearance systems; and a breakdown in international coordination among central banks, finance ministries and securities regulators, the sources said.
As chairman of the Working Group, Rubin would have overall responsibility for the U.S. response, but Greenspan probably would be the government's most important player.
"In a crisis, a lot of deference is paid to the Fed," a former member of the Working Group said. "They are the only ones with any money."
"The first and most important question for the central bank is always, 'Do you have credit problems?' " said E. Gerald Corrigan, former president of the New York Federal Reserve Bank and now an executive at Goldman Sachs & Co. "The minute some bank or investment firm says, 'Hey, maybe I'm not going to get paid -- maybe I ought to wait before I transfer these securities or make that payment,' then things get tricky. The central bank has to sense that before it happens and take steps to prevent it."
1987: A Case Study
The Fed's reaction to the 1987 market slide, which Corrigan helped oversee, is a case study in how to do it right. The Fed kept the markets going by flooding the banking system with reserves and stating publicly that it was ready to extend loans to important financial institutions, if needed.
The Fed's actions in October 1987 read like a financial war story.
The morning after the 508-point drop on Black Monday, the market began another sickening slide. Corrigan and other Fed officials strongly discouraged New York Stock Exchange Chairman John Phelan from requesting government permission to close the market. Phelan was concerned that if the market continued to erode, the capital of the NYSE member firms would disappear. Corrigan feared a shutdown would cause more panic.
"It was extraordinarily difficult around 11 o'clock," Corrigan recalled. "The market was at one point down another 250 points, and that's when the debate with Phelan took place."
Simultaneously, Corrigan and other central bank officials spoke privately with the big banks and urged them not to call loans they had made to Wall Street houses, which were collateralized by securities that could no longer be traded and whose value was in question.
A final critical moment came that day when the Fed decided not to shut down a subsidiary of the Continental Illinois Bank that was the largest lender to the commodity futures and options trading houses in Chicago. The subsidiary had run out of capital to provide financing to that market.
"Closing it would have drained all the liquidity out of the futures and options markets," said one former top Fed official involved in the decision. Investors use stock futures and options to hedge positions in the underlying stock market.
Recognizing the crucial role of banks if another financial crisis should strike, the Office of the Comptroller recently conducted an internal study of what damage a market decline would inflict on U.S. banks. The OCC declined to discuss the study or its conclusions.
At the SEC, one big worry is how to cope with an international financial crisis that begins abroad but quickly rolls into U.S. markets.
"We worry about a U.S. brokerage firm that is dealing with a Japanese insurance company, where we don't know how they are run or regulated," a SEC source said. To improve its ability to react in a crisis, the SEC and the Fed have begun joint inspections with their British counterparts of U.S. and British financial institutions with global reach.
The most drastic -- and probably unlikely -- move the SEC could take in a crisis would be to propose a market shutdown to the president. That would require a majority vote of the commission. If a quorum couldn't be mustered, the chairman could designate himself "duty officer" and go to the president or his staff.
"Closing the market is, of course, the last thing the commission wants to do," said a source familiar with the SEC's planning. "During a time when people are extremely worried about their investments, you are cutting them off from taking any action. . . . The philosophy of the commission is that markets should stay open."
Just the Facts
Gathering accurate information would be the first order of business for federal regulators.
"Intelligence gathering is critical," Corrigan said. "It depends on the willingness of major market participants to volunteer problems when they see them and to respond honestly to central bank questions."
The SEC, CFTC and Treasury have market surveillance units. They monitor not only the overall markets, but also the cash positions of all the major stock and commodity brokerages and large traders.
The regulators also are hooked into the "hoot-and-holler" system used to notify participants in all financial markets of trading halts. The hoot-and-holler system alerts traders and regulators when a halt is coming.
Relying on Quick Action
In the event of a sharp market decline, the SEC and CFTC would be in constant contact with brokerage and commodity firms to spot early signs of financial failure. If they concluded that a firm was going down, they would try to move customer positions from that firm to solvent institutions.
At least this team of crisis managers already has been through the Wall Street wars. Greenspan was Fed chairman in October 1987. Rubin has served as the co-head of investment bank Goldman Sachs & Co. Levitt has been both a Wall Street executive and president of the American Stock Exchange.
"I think the government is in good shape to handle a crisis," said Scott Pardee, senior adviser to Yamaichi International (America) Inc., a Japanese brokerage subsidiary, and former senior vice president at the New York Fed. "A lot depends on personal relationships. You have a number of seasoned people who have gone through a number of crises. So if something happens, things can be handled quickly on the phone without having to introduce people to each other."
Consider what happened at 11:30 p.m. Dec. 5, when Greenspan made his comments about irrational exuberance. Alton Harvey, head of the SEC's Market Watch unit, was called at home by officials of Globex, a futures trading system owned by the Chicago Mercantile Exchange. U.S. stock futures trading in Asia had fallen to their 12-point limit, they said.
Harvey immediately alerted his direct superior as well as his opposite number at the CFTC. More senior SEC and CFTC officials were informed as well. But there wasn't much to be done until the morning. So Harvey went back to sleep.
REACTING TO A PLUNGE
After the market crashed on Oct. 29, 1929:
* The Federal Reserve provided loans and credit to financial systems.
* President Hoover met with business, labor and farm organizations to encourage capital spending and discourage layoffs; he also promised higher tariffs.
* Federal income taxes were reduced by 1 percent by the end of the year.
After the market dropped 22.6 percent on Oct. 19, 1987, the Federal Reserve:
* Encouraged the New York Stock Exchange to stay open.
* Encouraged big commercial banks not to pull loans to major Wall Street houses.
* Kept open a subsidiary of Continental Illinois Bank that was the largest lender to the commodity trading houses in Chicago.
* Flooded the banking system with money to meet financial obligations.
* Announced it was ready to extend loans to important financial institutions.
What would happen today during a stock drop would depend on the particulars. Here are current guidelines:
* If the Dow Jones industrial average falls 350 points within a trading day, NYSE trading would be halted for 30 minutes.
* If the DJIA falls another 200 points that day, trading would stop for one hour.
* If the market declines more than 550 points in a day, no further restrictions would be applied.
SOURCE: The New York Stock Exchange, "The Crash and the Aftermath" by Barrie A. Wigmore
© Copyright 1997 The Washington Post Company
By Brett D. Fromson
Washington Post Staff Writer
Sunday, February 23, 1997; Page H01
The Washington Post
It is 2 o'clock on a hypothetical Monday afternoon, and the Dow Jones industrial average has plummeted 664 points, on top of a 847-point slide the previous week.
The chairman of the New York Stock Exchange has called the White House chief of staff and asked permission to close the world's most important stock market. By law, only the president can authorize a shutdown of U.S. financial markets.
In the Oval Office, the president confers with the members of his Working Group on Financial Markets -- the secretary of the treasury and the chairmen of the Federal Reserve Board, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The officials conclude that a presidential order to close the NYSE would only add to the market's panic, so they decide to ride out the storm. The Working Group struggles to keep financial markets open so that trading can continue. By the closing bell, a modest rally is underway.
This is one of the nightmare scenarios that Washington's top financial policymakers have reviewed since Oct. 19, 1987, when the Dow Jones industrial average dropped 508 points, or 22.6 percent, in the biggest one-day loss in history. Like defense planners in the Cold War period, central bankers and financial regulators have been thinking carefully about how they would respond to the unthinkable.
An outline of the government's plans emerges in interviews with more than a dozen current and former officials who have participated in meetings of the Working Group. The group, established after the 1987 stock drop, is the government's high-level forum for discussion of financial policy.
Just last Tuesday afternoon, for example, Working Group officials gathered in a conference room at the Treasury Building. They discussed, among other topics, the risks of a stock market decline in the wake of the Dow's sudden surge past 7000, according to sources familiar with the meeting. The officials pondered whether prices in the stock market reflect a greater appetite for risk-taking by investors. Some expressed concern that the higher the stock market goes, the closer it could be to a correction, according to the sources.
These quiet meetings of the Working Group are the financial world's equivalent of the war room. The officials gather regularly to discuss options and review crisis scenarios because they know that the government's reaction to a crumbling stock market would have a critical impact on investor confidence around the world.
"The government has a real role to play to make a 1987-style sudden market break less likely. That is an issue we all spent a lot of time thinking about and planning for," said a former government official who attended Working Group meetings. "You go through lots of fire drills and scenarios. You make sure you have thought ahead of time of what kind of information you will need and what you have the legal authority to do."
In the event of a financial crisis, each federal agency with a seat at the table of the Working Group has a confidential plan. At the SEC, for example, the plan is called the "red book" because of the color of its cover. It is officially known as the Executive Directory for Market Contingencies. The major U.S. stock markets have copies of the commission's plan as well as the CFTC's.
Going to Plan A
The red book is intended to make sure that no matter what the time of day, SEC officials can reach their opposite numbers at other agencies of the U.S. government, with foreign governments, at the various stock, bond and commodity futures and options exchanges, as well as executives of the many payment and settlement systems underlying the financial markets.
"We all have everybody's home and weekend numbers," said a former Working Group staff member.
The Working Group's main goal, officials say, would be to keep the markets operating in the event of a sudden, stomach-churning plunge in stock prices -- and to prevent a panicky run on banks, brokerage firms and mutual funds. Officials worry that if investors all tried to head for the exit at the same time, there wouldn't be enough room -- or in financial terms, liquidity -- for them all to get through. In that event, the smoothly running global financial machine would begin to lock up.
This sort of liquidity crisis could imperil even healthy financial institutions that are temporarily short of cash or tradable assets such as U.S. Treasury securities. And worries about the financial strength of a major trader could cascade and cause other players to stop making payments to one another, in which case the system would seize up like an engine without oil. Even a temporary loss of liquidity would intensify financial pressure on already stressed institutions. In the 1987 crash, government officials worked feverishly -- and, ultimately, successfully -- to avoid precisely that bleak scenario.
Officials say they are confident that the conditions that led to the slide a decade ago are not present today. They cite low interest rates and a healthy economy as key differences between now and 1987. Officials also point to SEC-approved "circuit breakers" that were introduced after 1987 to give investors timeouts to calm down.
Under the SEC's rules, a drop of 350 points in the Dow would bring a 30-minute halt in NYSE trading. If the Dow declined another 200 points, trading would cease for one hour. No additional circuit breakers would operate that day, but a new set would apply the next trading day.
Despite these precautions, today's high stock market worries officials such as Fed Chairman Alan Greenspan, who in a speech in early December raised questions about "irrational exuberance" in the markets. Because the market declined following Greenspan's speech, government officials have become even more reluctant to comment on these issues for fear of triggering the very event they wish to forestall, according to policymakers.
A Brewing Concern
Greenspan had expressed similar thoughts a year ago at a confidential meeting of the Working Group. Treasury Secretary Robert E. Rubin and SEC Chairman Arthur Levitt Jr. also are concerned about the stock market's vulnerability, according to sources familiar with their views.
The four principals of the group -- Rubin, Greenspan, Levitt and CFTC Chairwoman Brooksley Born -- meet every few months, and senior staff get together more often to work on specific agenda items.
In addition to the permanent members, the head of the President's National Economic Council, the chairman of his Council of Economic Advisers, the comptroller of the currency and the president of the New York Federal Reserve Bank frequently attend Working Group sessions.
The Working Group has studied a variety of possible threats to the financial system that could ensue if stock prices go into free fall. They include: a panicky flight by mutual fund shareholders; chaos in the global payment, settlement and clearance systems; and a breakdown in international coordination among central banks, finance ministries and securities regulators, the sources said.
As chairman of the Working Group, Rubin would have overall responsibility for the U.S. response, but Greenspan probably would be the government's most important player.
"In a crisis, a lot of deference is paid to the Fed," a former member of the Working Group said. "They are the only ones with any money."
"The first and most important question for the central bank is always, 'Do you have credit problems?' " said E. Gerald Corrigan, former president of the New York Federal Reserve Bank and now an executive at Goldman Sachs & Co. "The minute some bank or investment firm says, 'Hey, maybe I'm not going to get paid -- maybe I ought to wait before I transfer these securities or make that payment,' then things get tricky. The central bank has to sense that before it happens and take steps to prevent it."
1987: A Case Study
The Fed's reaction to the 1987 market slide, which Corrigan helped oversee, is a case study in how to do it right. The Fed kept the markets going by flooding the banking system with reserves and stating publicly that it was ready to extend loans to important financial institutions, if needed.
The Fed's actions in October 1987 read like a financial war story.
The morning after the 508-point drop on Black Monday, the market began another sickening slide. Corrigan and other Fed officials strongly discouraged New York Stock Exchange Chairman John Phelan from requesting government permission to close the market. Phelan was concerned that if the market continued to erode, the capital of the NYSE member firms would disappear. Corrigan feared a shutdown would cause more panic.
"It was extraordinarily difficult around 11 o'clock," Corrigan recalled. "The market was at one point down another 250 points, and that's when the debate with Phelan took place."
Simultaneously, Corrigan and other central bank officials spoke privately with the big banks and urged them not to call loans they had made to Wall Street houses, which were collateralized by securities that could no longer be traded and whose value was in question.
A final critical moment came that day when the Fed decided not to shut down a subsidiary of the Continental Illinois Bank that was the largest lender to the commodity futures and options trading houses in Chicago. The subsidiary had run out of capital to provide financing to that market.
"Closing it would have drained all the liquidity out of the futures and options markets," said one former top Fed official involved in the decision. Investors use stock futures and options to hedge positions in the underlying stock market.
Recognizing the crucial role of banks if another financial crisis should strike, the Office of the Comptroller recently conducted an internal study of what damage a market decline would inflict on U.S. banks. The OCC declined to discuss the study or its conclusions.
At the SEC, one big worry is how to cope with an international financial crisis that begins abroad but quickly rolls into U.S. markets.
"We worry about a U.S. brokerage firm that is dealing with a Japanese insurance company, where we don't know how they are run or regulated," a SEC source said. To improve its ability to react in a crisis, the SEC and the Fed have begun joint inspections with their British counterparts of U.S. and British financial institutions with global reach.
The most drastic -- and probably unlikely -- move the SEC could take in a crisis would be to propose a market shutdown to the president. That would require a majority vote of the commission. If a quorum couldn't be mustered, the chairman could designate himself "duty officer" and go to the president or his staff.
"Closing the market is, of course, the last thing the commission wants to do," said a source familiar with the SEC's planning. "During a time when people are extremely worried about their investments, you are cutting them off from taking any action. . . . The philosophy of the commission is that markets should stay open."
Just the Facts
Gathering accurate information would be the first order of business for federal regulators.
"Intelligence gathering is critical," Corrigan said. "It depends on the willingness of major market participants to volunteer problems when they see them and to respond honestly to central bank questions."
The SEC, CFTC and Treasury have market surveillance units. They monitor not only the overall markets, but also the cash positions of all the major stock and commodity brokerages and large traders.
The regulators also are hooked into the "hoot-and-holler" system used to notify participants in all financial markets of trading halts. The hoot-and-holler system alerts traders and regulators when a halt is coming.
Relying on Quick Action
In the event of a sharp market decline, the SEC and CFTC would be in constant contact with brokerage and commodity firms to spot early signs of financial failure. If they concluded that a firm was going down, they would try to move customer positions from that firm to solvent institutions.
At least this team of crisis managers already has been through the Wall Street wars. Greenspan was Fed chairman in October 1987. Rubin has served as the co-head of investment bank Goldman Sachs & Co. Levitt has been both a Wall Street executive and president of the American Stock Exchange.
"I think the government is in good shape to handle a crisis," said Scott Pardee, senior adviser to Yamaichi International (America) Inc., a Japanese brokerage subsidiary, and former senior vice president at the New York Fed. "A lot depends on personal relationships. You have a number of seasoned people who have gone through a number of crises. So if something happens, things can be handled quickly on the phone without having to introduce people to each other."
Consider what happened at 11:30 p.m. Dec. 5, when Greenspan made his comments about irrational exuberance. Alton Harvey, head of the SEC's Market Watch unit, was called at home by officials of Globex, a futures trading system owned by the Chicago Mercantile Exchange. U.S. stock futures trading in Asia had fallen to their 12-point limit, they said.
Harvey immediately alerted his direct superior as well as his opposite number at the CFTC. More senior SEC and CFTC officials were informed as well. But there wasn't much to be done until the morning. So Harvey went back to sleep.
REACTING TO A PLUNGE
After the market crashed on Oct. 29, 1929:
* The Federal Reserve provided loans and credit to financial systems.
* President Hoover met with business, labor and farm organizations to encourage capital spending and discourage layoffs; he also promised higher tariffs.
* Federal income taxes were reduced by 1 percent by the end of the year.
After the market dropped 22.6 percent on Oct. 19, 1987, the Federal Reserve:
* Encouraged the New York Stock Exchange to stay open.
* Encouraged big commercial banks not to pull loans to major Wall Street houses.
* Kept open a subsidiary of Continental Illinois Bank that was the largest lender to the commodity trading houses in Chicago.
* Flooded the banking system with money to meet financial obligations.
* Announced it was ready to extend loans to important financial institutions.
What would happen today during a stock drop would depend on the particulars. Here are current guidelines:
* If the Dow Jones industrial average falls 350 points within a trading day, NYSE trading would be halted for 30 minutes.
* If the DJIA falls another 200 points that day, trading would stop for one hour.
* If the market declines more than 550 points in a day, no further restrictions would be applied.
SOURCE: The New York Stock Exchange, "The Crash and the Aftermath" by Barrie A. Wigmore
© Copyright 1997 The Washington Post Company
-
- Mensagens: 4
- Registado: 29/11/2007 1:49
o bernanke quis chatear o constancio, ehhe:
Vítor Constâncio
"Política monetária não reage aos mercados accionistas"
"A política monetária não reage aos mercados accionistas. No entanto, aquilo que acontece na economia real é importante porque terá repercussões na inflação futura", disse hoje o presidente do Banco de Portugal, Vítor Constâncio.
--------------------------------------------------------------------------------
Carla Pedro
cpedro@mediafin.pt
"A política monetária não reage aos mercados accionistas. No entanto, aquilo que acontece na economia real é importante porque terá repercussões na inflação futura", disse hoje o presidente do Banco de Portugal, Vítor Constâncio.
Segundo este responsável, citado pela Bloomberg, o abrandamento económico dos Estados Unidos vai afectar o crescimento na Europa. "A probabilidade de um forte abrandamento, ou mesmo de uma recessão, aumentou nos EUA", afirmou Constâncio, acrescentando que haverá consequências. "Não seremos imunes ao que acontecer à economia norte-americana", sublinhou.
As bolsas asiáticas registaram a queda mais pronunciada de quase oito anos, devido aos receios de que o crescimento global abrande, à medida que os EUA entram em recessão. Os títulos europeus recuperaram ligeiramente de manhã devido à convicção de muitos investidores de que a queda generalizada das bolsas em todo o mundo poderá levar à redução concertada das taxas de juro por parte de alguns bancos centrais. No entanto, o ânimo foi de curta duração e as bolsas europeias voltaram a cair, para voltarem a recuperar depois da decisão da Fed de cortar os juros em 75 pontos base. Os futuros das bolsas norte-americanas, por seu lado, estão a cair menos com a decisão da Reserva Federal.
Apesar de o presidente do Banco Central Europeu, Jean-Claude Trichet, ter ameaçado subir os juros depois de a inflação aumentar para 3,1% - ao ritmo mais rápido dos últimos seis anos -, o BCE manteve a sua taxa de referência nos 4% este mês. A próxima reunião está agendada para 7 de Fevereiro.
Os ministros europeus das Finanças expressaram hoje algum receio de que o crescimento possa abrandar mais do que o previsto na Europa, salienta a Bloomberg. "Existe uma grande preocupação em relação à crise financeira", afirmou o ministro belga das Finanças, Didier Reynders, antes da reunião com os seus homólogos em Bruxelas.
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djovarius Escreveu:O problema são as dificuldades dos próprios Bancos.
Nada impede que a taxa de referência do Banco Central chegue a ZERO sem que isso melhore os mercados accionistas.
Já o vimos no Japão no passado.
Nada impede que os juros hipotecários sejam bem elevados do que a Euribor /6m por causa daquilo que estava ausente do mercado: RISCO, que pode fazer aumentar "spreads" devido à falta de confiança no sistema, o qual impede financiamentos "fáceis" entre Bancos, levando a menor liquidez para este tipo de operações.
Acredito que no sector do consumo e cartões de crédito, a Banca terá de cobrar maiores juros, ainda que os Bancos Centrais desçam as taxas.
Isto é boa notícia para a dívida pública, que havia descido em prazos de 2 a 10 anos, podendo agora descer nos prazos mais curtos.
Pessoalmente, acredito que os fundos do FED atinjam valores inferiores a 3% ainda este ano.
Abraço
djovarius
eheheh... e este mês? Achas que pode chegar aos 2.75% ou vai ficar pelos 3%?
um abr
Nuno
Pluricanal... não obrigado. Serviço péssimo e enganador!!!
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lena1966 Escreveu:Desculpe que lhe diga Karlitos como é que as familias vão ficar mais desafogadas com noticias destas que reporto abaixo.O problema é que as taxas directoras baixam mas as do crédito à habitação nem por isso.
porque o corte das taxas nao tem sido na europa.
logo eu nao me tava a referir a nós, mas sim aos americanos que é disso que estamos a falar.
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O problema são as dificuldades dos próprios Bancos.
Nada impede que a taxa de referência do Banco Central chegue a ZERO sem que isso melhore os mercados accionistas.
Já o vimos no Japão no passado.
Nada impede que os juros hipotecários sejam bem elevados do que a Euribor /6m por causa daquilo que estava ausente do mercado: RISCO, que pode fazer aumentar "spreads" devido à falta de confiança no sistema, o qual impede financiamentos "fáceis" entre Bancos, levando a menor liquidez para este tipo de operações.
Acredito que no sector do consumo e cartões de crédito, a Banca terá de cobrar maiores juros, ainda que os Bancos Centrais desçam as taxas.
Isto é boa notícia para a dívida pública, que havia descido em prazos de 2 a 10 anos, podendo agora descer nos prazos mais curtos.
Pessoalmente, acredito que os fundos do FED atinjam valores inferiores a 3% ainda este ano.
Abraço
djovarius
Nada impede que a taxa de referência do Banco Central chegue a ZERO sem que isso melhore os mercados accionistas.
Já o vimos no Japão no passado.
Nada impede que os juros hipotecários sejam bem elevados do que a Euribor /6m por causa daquilo que estava ausente do mercado: RISCO, que pode fazer aumentar "spreads" devido à falta de confiança no sistema, o qual impede financiamentos "fáceis" entre Bancos, levando a menor liquidez para este tipo de operações.
Acredito que no sector do consumo e cartões de crédito, a Banca terá de cobrar maiores juros, ainda que os Bancos Centrais desçam as taxas.
Isto é boa notícia para a dívida pública, que havia descido em prazos de 2 a 10 anos, podendo agora descer nos prazos mais curtos.
Pessoalmente, acredito que os fundos do FED atinjam valores inferiores a 3% ainda este ano.
Abraço
djovarius
Cuidado com o que desejas pois todo o Universo pode se conjugar para a sua realização.
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nunofaustino Escreveu:a reacção foi fantástica, mas a contra-reacção tb está a ser impressionante... os futuros estão ao mesmo valor que estavam antes do anuncio "surpresa" do corte de taxas...
A abertura vai ser fortemente em baixa e o FED acabou de "gastar" uma das últimas munições que tinha...
Um abr
nuno
Há potencial para um crash hoje. A reacção ao corte nos futuros foi muito pior do que pensava. Esperava um rally até 1 ou 2 horas antes do final da sessão...
O mais importante no entanto vai ser o fecho dos EUA e não a abertura. Ainda temos 7 horas para ver o que acontece.
Be Galt. Wear the message!
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. - Jesse Livermore
The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. - Jesse Livermore
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Desculpe que lhe diga Karlitos como é que as familias vão ficar mais desafogadas com noticias destas que reporto abaixo.O problema é que as taxas directoras baixam mas as do crédito à habitação nem por isso.
Em Dezembro
Taxa de juro no crédito à habitação mantém tendência de subida
A taxa de juro no crédito à habitação fixou-se, em Dezembro, em 5,517%, o que corresponde a uma subida de 0,062 pontos percentuais (p.p.) face ao mês anterior e agravando a tendência de subida iniciada em Dezembro de 2005, anunciou o Instituto Nacional de Estatística (INE).
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Raquel Godinho
rgodinho@mediafin.pt
A taxa de juro no crédito à habitação fixou-se, em Dezembro, em 5,517%, o que corresponde a uma subida de 0,062 pontos percentuais (p.p.) face ao mês anterior e agravando a tendência de subida iniciada em Dezembro de 2005, anunciou o Instituto Nacional de Estatística (INE).
O avanço mensal da taxa de juro implícita no conjunto dos contratos em vigor verificou-se em todos os períodos considerados, ou seja, contratos celebrados nos últimos três meses, nos últimos seis meses e nos últimos 12 meses, colocando as respectivas taxas de juro implícitas em 5,360%, 5190% e 5,173%.
O INE acrescenta que "o valor médio por contrato do capital em dívida apresentou uma subida mensal de 179 euros e a prestação vencida situou-se em 344 euros".
Em Dezembro
Taxa de juro no crédito à habitação mantém tendência de subida
A taxa de juro no crédito à habitação fixou-se, em Dezembro, em 5,517%, o que corresponde a uma subida de 0,062 pontos percentuais (p.p.) face ao mês anterior e agravando a tendência de subida iniciada em Dezembro de 2005, anunciou o Instituto Nacional de Estatística (INE).
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Raquel Godinho
rgodinho@mediafin.pt
A taxa de juro no crédito à habitação fixou-se, em Dezembro, em 5,517%, o que corresponde a uma subida de 0,062 pontos percentuais (p.p.) face ao mês anterior e agravando a tendência de subida iniciada em Dezembro de 2005, anunciou o Instituto Nacional de Estatística (INE).
O avanço mensal da taxa de juro implícita no conjunto dos contratos em vigor verificou-se em todos os períodos considerados, ou seja, contratos celebrados nos últimos três meses, nos últimos seis meses e nos últimos 12 meses, colocando as respectivas taxas de juro implícitas em 5,360%, 5190% e 5,173%.
O INE acrescenta que "o valor médio por contrato do capital em dívida apresentou uma subida mensal de 179 euros e a prestação vencida situou-se em 344 euros".
Na bolsa só se perde dinheiro.Na realidade só certos Iluminados com acesso a informação privilegiada aproveitam-se dos pequenos investidores para lhes sugarem o dinheiro.
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a reacção foi fantástica, mas a contra-reacção tb está a ser impressionante... os futuros estão ao mesmo valor que estavam antes do anuncio "surpresa" do corte de taxas...
A abertura vai ser fortemente em baixa e o FED acabou de "gastar" uma das últimas munições que tinha...
Um abr
nuno
A abertura vai ser fortemente em baixa e o FED acabou de "gastar" uma das últimas munições que tinha...
Um abr
nuno
Pluricanal... não obrigado. Serviço péssimo e enganador!!!
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bem. pelo menos com esta noticia muitas familias vão ficar mais desafogadas.
mas penso que o problema estrutural continua la, e não é com medidas destas que se resolve.
cada medida que tomam julgo que é mais um prego para afundar o barco ainda mais depressa...
mas penso que o problema estrutural continua la, e não é com medidas destas que se resolve.
cada medida que tomam julgo que é mais um prego para afundar o barco ainda mais depressa...
Editado pela última vez por karlitos em 22/1/2008 14:56, num total de 1 vez.
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TP1 Escreveu:Ricardo Salgado:
Com esta queda abrupta das acções está a criar-se espaço para reduzir as taxas de juro", disse Ricardo Salgado.
"Com a queda abrupta dos mercados há um efeito deflaccionista que deverá permitir ao BCE e ao Banco de Inglaterra baixar as taxas de juro", explicou o CEO do banco. "
O problema é que euribor desce e eles aumentam os spreads.
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Ricardo Salgado:
Com esta queda abrupta das acções está a criar-se espaço para reduzir as taxas de juro", disse Ricardo Salgado.
"Com a queda abrupta dos mercados há um efeito deflaccionista que deverá permitir ao BCE e ao Banco de Inglaterra baixar as taxas de juro", explicou o CEO do banco. "
Com esta queda abrupta das acções está a criar-se espaço para reduzir as taxas de juro", disse Ricardo Salgado.
"Com a queda abrupta dos mercados há um efeito deflaccionista que deverá permitir ao BCE e ao Banco de Inglaterra baixar as taxas de juro", explicou o CEO do banco. "
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Ulisses Pereira Escreveu:Mantenho exactamente o discurso que tive no verão aquando do corte surpresa de taxas: Pode aliviar a situação no curto prazo mas, por mais que os manuais e os teóricos digam o contrário, os cortes de taxas sinalizam quedas do mercado no médio prazo e não o oposto. Mas não vou repetir isto pela enésima vez.
Dia animado hoje
Um abraço,
Ulisses
Pois, há só um pequeno senão!
No Verão tinha a ver com crise subprime e o mercado ainda não tinha bem a noção da dimensão que isto iria tomar. Agora e apesar de terem sido 0.75%, mesmo assim o mercado já reagiu com mais cautela e moderadamente positivo.
Só vem reforçar a tese de que os ursos estão claramente no comando.
Abraço
JP
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urukai Escreveu:Com receio coloquei um stop apertado para o caso de as américas abrirem vermelhas.
Enganei-me e com a pressa coloquei venda a preço fixo (não activei o stop).
Enfim, vendi-as ao mesmo que as comprei e o Best ganhou 12 Euros!
ARGHHHHHHHHH!
Se calhar foi o melhor que podias ter feito...
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urukai Escreveu:urukai Escreveu:M*&$%&/!
Isto da bolsa é um vício terrível e mexe mesmo com as emoções.
Acabei de ver a notícia e enchi-me logo delas...
Preciso que gozem comigo para eu aprender...
Com receio coloquei um stop apertado para o caso de as américas abrirem vermelhas.
Enganei-me e com a pressa coloquei venda a preço fixo (não activei o stop).
Enfim, vendi-as ao mesmo que as comprei e o Best ganhou 12 Euros!
ARGHHHHHHHHH!
Acontece amigo, por acaso só cheguei agora do almoço. mais vale perderes 12 euros do que perder mais
.
Acredito que muitos curtos tenham ficado com a carteira a zeros. Sem falar quem negoceia no forex
.Editado pela última vez por Enslaved em 22/1/2008 14:45, num total de 1 vez.
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Fed slashes rates
Fed slashes rates
Citing weakening economic outlook, Federal Reserve cuts key interest rates by three-quarters of a percentage point
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See all CNNMoney.com RSS FEEDS (close) January 22 2008: 8:35 AM EST
NEW YORK (CNNMoney.com) -- The Federal Reserve slashed two key interest rates by three-quarters of a percentage point Tuesday following an unscheduled meeting, citing continued concerns about a weakening economy and turmoil in the financial markets.
The Fed lowered its federal funds rate, which impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans, from 4.25 percent to 3.5 percent. The Fed also lowered its discount rate, which is what it costs banks to borrow directly from the central bank, by three-quarters of a point, to 4 percent.
Stock futures, which have been pointing to a gloomy start on Wall Street after market sell-offs abroad Monday, moved off their lows following the rate cut but were still sharply lower.
Wall Street had been betting that the central bank would need to initiate an emergency rate cut before its next scheduled meeting, which concludes on Jan. 30, in an attempt to help keep the economy from tipping into a recession.
Since September, the Fed has cut the fed funds rate from 5.25 percent to 4.25 percent. Investors have been clamoring for more, and bigger, rate cuts in the hopes that it will kick start a moribund economy and encourage businesses and consumers to spend.
Still, others think the Fed needs to proceed cautiously, especially since it's fair to argue that aggressive rate cuts during 2001 may be the reason why banks are in the subprime mortgage mess they are in now.
Um abraço e bons negócios.
Artur Cintra
Artur Cintra
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Mantenho exactamente o discurso que tive no verão aquando do corte surpresa de taxas: Pode aliviar a situação no curto prazo mas, por mais que os manuais e os teóricos digam o contrário, os cortes de taxas sinalizam quedas do mercado no médio prazo e não o oposto. Mas não vou repetir isto pela enésima vez.
Dia animado hoje
Um abraço,
Ulisses
Dia animado hoje
Um abraço,
Ulisses
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Pois, parece que puseram que remendaram mal o furo pois depois de encher um bocado já está a vazar outra vez.
Isto já não vai lá com cortes nas taxas, agora só mesmo isto caindo tudo até os investidores acharem que já não há mais por onde cair.
Isto já não vai lá com cortes nas taxas, agora só mesmo isto caindo tudo até os investidores acharem que já não há mais por onde cair.
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urukai Escreveu:M*&$%&/!
Isto da bolsa é um vício terrível e mexe mesmo com as emoções.
Acabei de ver a notícia e enchi-me logo delas...
Preciso que gozem comigo para eu aprender...
Com receio coloquei um stop apertado para o caso de as américas abrirem vermelhas.
Enganei-me e com a pressa coloquei venda a preço fixo (não activei o stop).
Enfim, vendi-as ao mesmo que as comprei e o Best ganhou 12 Euros!
ARGHHHHHHHHH!
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