… and staying low for the rest of the week until the markets digest all these news …
I see Emergency rate cut 
i don’t know, we’ve had a long time to digest this over the weekend. might not be soo bad.
More like 600 points…dow will be 8500 points soon.
the market is not open here in NY … see what the asian market does … rate cut is looking like for spring next year … all the cuts they have done so far have been futile whilst all the IBs and major banks work out their CRE, CMBS etc …
Damn. My portfolio is going to take a fat hit tomorrow. I’m just glad I don’t own any financials.
"-- Fed to boost lending to banks by accepting broader set of collateral - aims to ‘mitigate the potential risks’ facing markets. " just got a CNN update
comp sci - - do you think the Fed will really cut the rates though? - how much do you think they would cut it by? I think they want the markets to take this hit to the gut so as not to create any more hazards in the future…
emergency cut??! isn’t the fed meeting on tuesday?
Most asian markets are closed for a holiday, I predict 300 plus.
…and everyone’s 401(K) … it is going to be an ugly week …they say that financials crisis will not affect US - I disagree - can you imagine how many retirees who hold financials in their portfolio; and how other people may be making very different spending decisions right now …
Federal Reserve issues statement regarding steps taken to improve liquidity The Fed said that in close collaboration with the Treasury and the SEC, it has been in ongoing discussions with market participants to identify potential market vulnerabilities in the wake of an unwinding of a major financial institution and to consider appropriate official sector and private sector responses. The Fed announced the following steps: The collateral eligible to be pledged at the Primary Dealer Credit Facility (PDCF) has been broadened to closely match the types of collateral that can be pledged in the tri-party repo systems of the two major clearing banks. Previously, PDCF collateral had been limited to investment-grade debt securities. The collateral for the Term Securities Lending Facility (TSLF) also has been expanded; eligible collateral for Schedule 2 auctions will now include all investment-grade debt securities. Previously, only Treasury securities, agency securities, and AAA-rated mortgage-backed and asset-backed securities could be pledged. Also, Schedule 2 TSLF auctions will be conducted each week; previously, Schedule 2 auctions had been conducted every two weeks. The amounts offered under Schedule 2 auctions will be increased to a total of $150B, from a total of $125B. Amounts offered in Schedule 1 auctions will remain at a total of $50B. The Board also adopted an interim final rule that provides a temporary exception to the limitations in section 23A of the Federal Reserve Act. It allows all insured depository institutions to provide liquidity to their affiliates for assets typically funded in the tri-party repo market. This exception expires on January 30, 2009, unless extended. The Fed noted that in addition to these steps, there have been significant commitments from the private sector to mitigate potential risks and disruptions.