Another Fed Rate Cut

Jeez, this year has started with a turmoil in the stock market, what a way to start the year? I wonder, where this drop will lead to. Looks like history repeat itself and now the stock market globally is showing how globalization pull each other down. To steadfast the drop on this Tuesday morning of 01/22/2008 Fed called an impromptu meeting and cut the lending rates by 0.75% to make it to 3.50% from the whooping 4.25%. This provided a cushion to the stock market crash as this move kinda off opened the parachute on the stock market and the wall street glided itself down instead of crashing down at a high speed. There is again a possibility that Fed will again cut the rates when they meet on Jan 30,2008 for the scheduled meeting. Fed also lowered the rates for the banks to borrow directly from the central bank to 4.00% .

The million dollar question that arises is What does this mean to you and me? My two cents on this is now it is a good time to call the credit card companies and ask them to lower the APR This move will also effect car buyers as the auto loans and home equity lines will be reduced. Had the gas price been lower we would have seen some good times for FORD and GM, but lets hope new first time car buyers will get the bargain.

The interest rate drop will prompt few home buyers who have fixed rate mortgage to refinance the house as this drop will surely save a big chuck of interest over the mortgage loan's life. Hopefully, this will easy up the sub prime mess for the lenders.

Down side is the savings accounts will look less attractive as the interest rate drops faster then the big apple coming down on midnight in NYC. This can be a good time to invest in CD's and lock in the prevailing rates. I did run a query on the bankrate.com for higher yield rates for 1 year and found the best rates been provided by Flagstar Bank (4.83%),Intervest National Bank(4.64%) and Advanta Bank Corp (4.59%). You can check the full list of the high yield CD's for 1 year here.

If any of you have information of higher yield CD's please do mention it in the comments.

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New Cricket Rules!!!!

Today I read this email from my cousin who lives in Ghana (Meda wo ase bro) with new cricket rules that ICC should implement when any team is playing cricket against Australia anywhere on this earth. I'm in awe at the impact of the 2nd cricket test match had on the cricket fans around the globe.

Here is his email for you all to enjoy and ponder. This are real funny and scary rules , hope ICC and CA (Cricket Australia) don't get any good ideas straight out of here.

"

After watching the test match, I feel some rules have to be incorporated by ICC to give the other teams a perfect clarification;

(1) Ricky Ponting – (THE TRULY GENUINE CRICKETER OF THE CRICKET ERA AND WHOSE INTEGRITY SHOULD NOT BE DOUBTED) should be considered as the FOURTH UMPIRE. As per the new rules, FOURTH UMPIRE decision is final and will over ride any decisions taken by any other umpires. ON-FIELD umpires can seek the assistance of RICKY PONTING even if he is not on the field. This rule is to be made, so that every team should understand the importance of the FOURTH UMPIRE.

(2) While AUSTRALIAN TEAM is bowling, If the ball flies anywhere close to the AUSTRALIAN FIELDER(WITHIN 5 meter distance), the batsman is to be considered OUT irrelevant of whether the catch was taken cleanly or grassed. Any decision for further clarification should be sleeked from the FOURTH UMPIRE. This is made to ensure that the cricket is played with SPORTIVE SPIRIT by all the teams.

(3) While BATTING, AUSTRALIAN players will wait for the ON-FIELD UMPIRE decisions only (even if the catch goes to the FIFTH SLIP as the ball might not have touched the bat). Each AUSTRALIAN batsman has to be out FOUR TIMES (minimum) before he can return to the pavilion. In case of THE CRICKETER WITH INTEGRITY, this can be higher.

(4) UMPIRES should consider a huge bonus if an AUSTRALIAN player scores a century. Any wrong decisions can be ignored as they will be paid huge bonus and will receive the backing of the AUSTRALIAN team and board.

(5) All AUSTRALIAN players are eligible to keep commenting about all players on the field and the OPPONENT TEAM should never comment as they will be spoiling the spirit of the AUSTRALIAN team. Any comments made in any other language are to be considered as RACIALISM only.

(6) MATCH REFEREE decisions will be taken purely on the AUSTRALIAN TEAM advices only. Player views from the other teams decisions will not be considered for hearing. MATCH REFEREES are to be given huge bonus if this rule is implemented.

(7) NO VISITING TEAM should plan to win in AUSTRALIA. This is to ensure that the sportive spirit of CRICKET is maintained.

(8) THE MOST IMPORTANT RULE: If any bowler gets RICKY PONTING - "THE UNDISPUTED CRICKETER WITH INTEGTIRY IN THE GAME OF CRICKET" more than twice in a series, he will be banned for the REST OF THE SERIES. This is to ensure that the best batsman/Captain will be played to break records and create history in the game of CRICKET.

These rules will clarify better to the all the teams VISITING AUSTRALIA.
"