Markets declined sharply this week in preparation for a U.S. credit downgrade by Standard & Poor's
ABC news felt confident to break the news of the U.S. government preparing for an expected S&P down grade sometime after market close this weekend. [more inside]
On Tuesday, the Federal Reserve cut interest rates by 0.5%
. Wall Street aggressively demanded the cut
to stop the sub-prime mortgage contagion
from triggering a credit crisis among large US and foreign investment banks and the collapse of their over-leveraged hedge funds
, which ultimately threatened to drag the US economy into recession. The market rallied this week in response to the Fed's move. But there is no free lunch. [more inside]
What ever happened to ultraprosperity?
This 1999 article written on the middle of dotcom stocktopia may make you laugh, cry or keep scratching your head, at least. Now, where's the "ultraprosperity" we were promised when we need it the most - right now- us balancing in the verge of recession, burst bubbles and nonstop layoffs?