CNBC Shoots Down Coordinated Fed Cut Possibility
If there's any lingering question about the need for this kind of site, it was put to rest a few minutes ago, as CNBC talking heads shot down the idea of any beneficial effect from a possible coordinated global rate cut led by Federal Reserve Chairman Ben Bernanke (below right).
Though Wall Street is demanding that Fed act immediately and cut rates by 50 basis points or more, NBC's financial network has already deemed this an exercise in futility. Backing up its on-air team this morning was a panel of experts there to reinforce the idea that nothing can save us from ruin.
No matter what the feds consider doing to shore up the markets, CNBC reporters/anchors/pundits (whatever you want to call them these days) believe it will fail to save the world's financial system from a full collapse.
Hey, they could be right, but the problem at CNBC these days is that economic gloom-and-doom has become the only market sentiment tolerated of anchors, guests and reporters. Optimism of any kind has no place on the network, the only viewpoint that carries weight is the promotion of economic armageddon.
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Bernanke image: NJ.com