http://www.StockMarketFunding.com Financial Crisis 2012 No QE3 U.S. Economy, Market Now Facing a Monetary Cliff. Financial Crisis 2012 EU Banking System Bailout Federal Reserve Weighs on Markets!
The S&P 500 index fell more than 2 percent late on Thursday as data raised worries about global growth and a bearish note on the markets from Goldman Sachs added to the weak tone.
The Dow Jones industrial average (.DJI) was down 242.79 points, or 1.89 percent, at 12,581.60. The Standard & Poor’s 500 Index (.SPX) was down 29.25 points, or 2.16 percent, at 1,326.44. The Nasdaq Composite Index (.IXIC) was down 69.68 points, or 2.38 percent, at 2,860.77. Goldman Sachs calls the S&P 500 a short and triggers a global market sell off after the 2 day FOMC “pump & dump”.
Just when we were getting our heads around the idea that we’re speeding down Fiscal Street and about to go careening off of “fiscal cliff,” a new – and similar – risk has been added to the mix this morning.
According to Goldman Sachs economist Jan Hatzius, the Federal Reserve is essentially driving down Monetary Road and there’s a good chance we’re about to also have an accident at “monetary cliff,” following Wednesday’s moves that slashed the growth target and extended the rate-rejigging plan called Operation Twist.
What this means is, if there’s not an unexpected improvement in the jobs market and economy in the back half of the year, then come 2013, the Fed will have no choice but to lever up and undergo another round of quantitative easing or QE3. If true, it would be a move rife with political, economic and inflationary risks as well as one that might not even work.
“I question how much additional quantitative easing, as well as what the Fed did yesterday, really impacts the real economy,” says Jerry Webman, Chief Economist at OppenheimerFunds in the attached video. “I’m not sure there’s a lot they can do that’s going to really goose the economy at this point.”
From Webman’s point of view, Ben Bernanke has already repeatedly urged Congress to help carry the load and address the aforementioned fiscal dangers that have been brought on by uncertainty surrounding tax and budget policy, arguing that the Fed chief needs to say again, “guys this is not entirely up to us,” in terms uncertain.
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