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Breaking: Fed Officials Warn of Recession Risk. ROFLMAO!!!


A pair of top Federal Reserve officials on Tuesday highlighted risks to the U.S. economy from the global credit crisis and liquidity squeeze, but did not hint at more interest rate cuts as a solution.

Janet Yellen, President of the San Francisco Fed, was especially blunt, saying the U.S. economy appeared to be in a recession and would likely contract in the fourth quarter after near-flat growth in the third.

"The outlook for the U.S. economy has weakened noticeably," Yellen said in a speech to the Financial Executives International's Silicon Valley chapter in Palo Alto, California.

"Virtually every major sector of the economy has been hit by the financial shock."

Yellen said while she "strongly supported" last week's coordinated global rate cut to shore up a teetering world economy, rate cuts were not a cure-all.

"Rate cuts are by no means a panacea, but they do at least partially offset the tightening of financial conditions due to higher spreads, reflecting heightened credit and liquidity risk and a marked increase in general risk aversion," she said....


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How do they know? At what point does it become

impossible to continue to lie your way into a positive GDP? Surely they aren't afraid of looking suddenly ridiculous.

Stupidity will be ignored ...

Intelligence will be looked at suspiciously.


Time to get out of the market

I took advise from the Elliot Wave International guys and moved from stocks to cash last October when the DOW was over 14,000. This little rally is a good time to get out if you are still in. It's going to go way down,
just wait for the next non-farm payroll to see what I mean.


Good advice ...

wait for the government layoff.

The gov. hirings skewed the data for the last year.

That one is going to be a rough one. You are right.


I got out at 14,001


They need to wear those ...

Ben and Hank halloween masks during the skit.