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Kirata -> Bathing the US Taxpayer (3/18/2009 4:06:54 PM)
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The Fed announced today its intention to pump an additional 1.2 trillion into the US economy
"The Fed is clearly ready, willing and able to be the ATM for the credit markets," said Terry Connelly, dean of Golden Gate University's Ageno School of Business in San Francisco...
Wall Street was buoyed. The Dow Jones industrial average, which had been down earlier in the day, rose 90.88, or 1.2 percent, to 7,486.58. Broader indicators also gained.
Within the first fifteen minutes after the Fed's announcement, the dollar dropped 222 basis points against the Euro and proprotionally as much against Sterling. By 4:00pm (16:00 EDT) the dollar settled down a total of 380 basis points against the Euro and 317 against Sterling.
So while the value of investments as measured by the Dow went up 1.2 percent, the value of the dollar lost 2.89 percent against the currency of the European Monetary Union and 2.27 percent against the British Pound.
Soap and towels in the lobby.
K.
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