| The nitwit sector
Last time I dared to look, the financial sector of our economy accounted for about 20 percent of all market value. At the end of June, for instance, financial services accounted for that much of both the S&P 500 index and the broader Russell 3000 index. Either way, financial services are a hefty chunk of the market pie. .
Fed's efforts to calm markets are far from over
The bright start to trading on Monday will encourage Federal Reserve policymakers to believe they have struck the right balance in response to credit market turmoil: stepping up liquidity support aggressively when the interbank market came under strain at the end of last week, but offering no signal that they are yet resolved it will be necessary to cut interest rates. .
Gov. Eliot Spitzer: The Need for Both Passion and Humility in Politics
In time, without a greater amount of humility, great power will not simply cause us to make mistakes. It will be our undoing. As Niebuhr wrote, "If we should perish, the ruthlessness of the foe would be only the secondary cause of the disaster. The primary cause would be that the strength of a giant nation was directed by eyes too blind to see all the hazards of the struggle; and the blindness would be induced not by some accident of nature or history but by hatred and vainglory." To quote an old saying: "Hubris is terminal." Going forward in our foreign policy, we must balance power and strength with some humility. That does not mean that we don't fight power with power. But it does mean that when we do, we realize that we cannot possibly anticipate every outcome, so we plan an exit strategy; that our power alone is not always enough to overcome every enemy, so we build alliances; that, as circumstances change, our current path may not always be the most effective, so we must be we willing to admit mistakes and adapt; and that - even if the danger is so clear and present now - there will one day be a time when our war is over, so we have to look beyond near-term victory as the only end in sight.
Text of Federal Reserve Statement
Text of Federal Reserve policy statement on interest rates. The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy. .
Cooper Tire & Rubber Company Announces Authorization to Repurchase Debt
FINDLAY, Ohio, Aug. 6 /PRNewswire-FirstCall/ -- Cooper Tire&Rubber Company (Nachrichten) announced today that its Board of Directors, at their Aug. 3 meeting, authorized the repurchase of up to $200 million of the Company's publicly traded notes.
The repurchase of debt may be accomplished through open market transactions, a tender offer, or a combination of the two.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010404/COOPERLOGO ) Company Description
Cooper Tire&Rubber Company is a global company that specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck tires and subsidiaries that specialize in motorcycle and racing tires, as well as tread rubber and related equipment for the retread industry. With headquarters in Findlay, Ohio, Cooper Tire has 63 manufacturing, sales, distribution, technical and design facilities within its family of companies located around the world.
Federal Reserve leaves interest rates unaltered
WASHINGTON Wall Street turbulence, Main Street credit problems and a nationwide housing slump pose increasing risks to the economy, the Federal Reserve said Tuesday, even as it left interest rates unchanged.
Although Federal Reserve Chairman Ben Bernanke and his central bank colleagues acknowledged challenges that have intensified since their last meeting in late June, they expressed hope that the economy will safely make its way.
The policy makers maintained that the biggest danger to the economy is that inflation won't recede.
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Q&A: Here's what the Federal Reserve's fast move means
Here are some key answers about the Federal Reserve System's $38 billion intervention Friday on Wall Street: Q: What exactly did the Federal Reserve System do? A: Through complicated repurchase agreements, the Fed effectively pumped $38 billion into credit markets to defend the current interest-rate structure. Its benchmark federal funds rate, which influences consumer and business loans, is set by market forces and had risen to 6 percent Friday morning. That's well above the 5.25 percent target that the Fed's policy-making Open Markets Committee had set Tuesday. The Fed move brought the federal funds rate back to previous levels. .
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