In deciding to hit hard, day before yesterday, by a drop of half a percentage point of its main interest rate and its discount rate, the US Central Bank doped markets and reassured the economists, who believe real risks of recession in the United States. But it has not convinced everyone. So, officially, there are few experts to dare criticize the Federal Reserve, informally, several players on the market and different economists no longer hesitate to call "Ben's renfloueur", Ben Bernanke, the Chairman of the Board of Governors of the Central Bank.
"Thank you Bernie".
In their eyes, by massively lowering its rate for the first time since June 25, 2003, the US Central Bank could certainly contribute to revitalize in the medium term a US economy in strong deceleration. But the Fed's Ben Bernanke also repeat the mistakes of the past of a Fed then headed by Alan Greenspan. Lower rates today is, according to them, to fly to the rescue of the speculators who took too many risks. The conditions are in place so that a new bubble emerges, stakeholders in the real estate and stock markets can have the feeling that the Fed will routinely fly to the rescue.
"Thank you, Bernie.". "You have just saved my job," applauded as a "trader" on the site of the "Wall Street Journal". "Bernanke has punished the savers and the cautious and rewarded the speculators and Wall Street." "For the safeguarding of Mr whole world, it has guaranteed that money was thrown in the next bubble", continues to another. "Our economy is addicted to cheap money." The rescue of Fed through rate cuts will not succeed to avoid recession or to avoid a collapse of real estate prices. "This may slow down the process but will eventually cost us even more expensive", said on the same blog the Economist Peter Schiff, Euro Pacific capital.
Interviewed on "Fox news", Alan Greenspan, he flew to the rescue... of his successor. "The question that they the Governors of the Fed, Editor's note had to ask was: was it worth better act for the good of the greatest number or punish" speculators, queries the paymaster ex-grand. The latest figures indeed appear to be at least partly due to a Fed who says Jean-Marc Lucas, BNP Paribas, has changed priority. "Concerns about growth and employment now dominate clearly fears about inflation", writes the Economist.
The lowest for 12 years
The publication yesterday, statistics showing a decline in inflationary as well as a new fall of 2.6 of the starts and 5.9 of the requests for building permits in August, at the lowest levels for twelve years, confirms that the situation is deteriorating in America. "The Fed minimizes even perhaps the situation", said Joel Naroff, an economist at the Commerce Bank, which note that the situation continues to deteriorate on the housing front and activist, at the time, to further declines in the rate in the coming months.
On the same wavelength, Goldman Sachs economists have also revised downwards their growth prospects and build now on domestic product increase gross only 1.8 in 2008, against 2.4 previously forecast..
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