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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Apr 17, 2008 3:37 am Post subject: Contracting US Economy to Hit Corporate Earnings |
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By: Prieur_du_Plessis
A sense of relative calm descended upon financial markets over the past week. Although fears about the outlook for the US economy persisted, a perception crept into markets that much of the bad news related to the credit crisis was now out in the open, with the result that the equity bulls had reason to feel rather pleased with their performance by the close of the week.
In his testimony on the economic outlook on Wednesday Fed chairman Ben Bernanke told the Joint Economic Committee he thought the US economy would not grow much, if at all, and could even contract slightly in the first half of 2008. Market participants took Bernanke's testimony in their stride, cognizant that he was not telling them anything they had not already feared.
Earlier in the week, Treasury Secretary Hank Paulson unveiled a 218-page plan to overhaul the US regulatory system and essentially to give the Fed more power to oversee the entire financial system. “Nothing I saw will help all that much in the current crisis. It's more like re-arranging the deck chairs as the ship is going down. It seems like most of it is being proposed to prevent another crisis like the one we are in from occurring in the future,” said John Mauldin ( Thoughts from the Frontline ).
Bernanke made his second appearance on Capitol Hill when he and several top officials appeared before the Senate Committee on Banking, Housing and Urban Affairs to discuss their respective organizations' roles in the sale of Bear Stearns. No real new facts were revealed beyond that Bear Stearns (BSC) had needed to be bailed out by JPMorgan Chase (JPM) and the Fed in order to prevent broader market damage and a potential collapse of the entire financial system.
http://www.marketoracle.co.uk/Article4224.html |
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