I screencapped the above from: http://news.bbc.co.uk/…218055.stm
What's the significance of this?
Rather huge, actually. It was one thing to drop interest rates by 3/4 of a point ten days ago--that was dramatic and was the biggest drop in something like ten years. However, combine it with this new drop by another half makes an interest rate drop of 1.25% which is a truly massive drop.
I might be paranoid, but this sure seems like a huge warning bell to me. When the richest/biggest bank on the planet (the Federal Reserve) lowers interest rates at all, it's a sign they're concerned. When they drop them by more than a percentage point that represents millions (billions?) lost in interest payments.
When any bank is willing to sacrifice that kind of cash, it probably isn't a good sign.
Just my 2 yen, of course. Please let me know if I'm wrong.
I really, really, want to be wrong...
EDIT: Haaaay--Utterz cut off the first 15 seconds of my audio! I even re-recorded it and both times when I loaded the page the first fifteen seconds were missing. :(
Mobile post sent by thepete using Utterz. Replies. mp3