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October 7th, 2008 8:10 AM by David W. Welch
With the stock market meltdown yesterday, and the Fed meeting today, look for a rate cut. Other central banks around the world, I expect will also be cutting rates to stem the tide of sentiment that the economy is shrinking. I say a headline yesterday that said that a majority of people surveyed expect us to head into a depression. The difference between a recession and a depression you ask? In a recession you lose your job, in a depression I lose mine. Hopefully, the central banks around the world will be able to put together their own bailout plans and cut rates sufficiently to put some confidence back in the market place.
I still firmly believe that if we had elected officials with the backbone to say that things will get better, it would go along way toward turning the sentiment around. You see 94% of people still have jobs and earn the same amount of money that they were earning last year for the most part. They are just afraid to do anything with it. There are probably a third of them that do not own a home, and they are not taking advantage of the greatest buyers market in decades, because they are concerned about where things are going. So, you see sentinment has a great deal to do with the success of all this. If everyone keeps waiting for someone to say its OK, then nobody will buy, and eventually the negativity becomes self-fulfilling.
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