sâmbătă, 14 iulie 2012

First Thoughts On Google's New Tabbed Sitelinks

First Thoughts On Google's New Tabbed Sitelinks


First Thoughts On Google's New Tabbed Sitelinks

Posted: 13 Jul 2012 05:16 AM PDT

Posted by Modesto Siotos

On the 6th of July I accidentally came across (what could be any time soon) Google's new tabular mega sitelinks. They became available to me purely by coincidence but the unique opportunity to see something which was unavailable to most searchers was more than welcome.

I must admit that I instantly found the tabbed sitelinks very appealing, straightforward and easy to use. I instantly started testing several search queries and ended up writing up a post on the benefits of tabbed sitelinks for brands if Google (ever) decides to roll them out the same way as they appeared on my screen.

Even though I was aware that Google was testing some sort of tabular sitelinks format, the privilege of having a first-hand experience was greatly appreciated. Despite Google's confirmation that this as a test, I thought sharing some screenshots and thoughts of what could be (sooner or later) the new sitelinks, would be beneficial to everyone (including Google). Therefore, any comments, feedback and insights are more than welcome.

What Has Changed

This could be the biggest change Google has ever made into brand listings appearing in the SERPs after introducing the expanded site links (mega sitelinks). Currently, brand listings consist of up to six sitelinks excluding the standard link to the site's homepage.

However, in the new version there are from five to nine tabs, each one containing from four to 13 sitelinks. That means that the number of linked pages appearing in the SERPs would drastically increase, which would definitely impact brand traffic metrics in various ways.

This is how the SEOmoz listing appears with the new tabbed layout:

Note how similar the sitelinks that appear in the 'Top Links' tab are to those in the previous non-tabbed version:

However, the interesting stuff appears when clicking on any of the other tabs - let's take a look at the 'Blogs' tab:

In this particular case the blog's text snippet is being pulled in from the page's meta description. However, this is not always the case as we will see later in other examples.

The 'Blog' tab consists of four links:

What really stands out like a sore thumb is Rand's post, published in January 2012, which I presume is one of the most popular posts on the blog with thousands of visits and pageviews, good dwell time and excellent user engagement and social signals.

As one would expect, the post has attracted a very high number of links from hundreds of different domains. Presumably, the post is one of the most linked posts on SEOmoz but Rand and his team would know a lot more on this. Open Site Explorer reports the following astonishing link popularity and social metrics:

Majestic SEO fresh index metrics are also in agreement but it is difficult to say whether links to this post are the most authoritative and trusted ones compared to those pointing to other blog posts on SEOmoz. Nevertheless, link equity must have played a part in making the post appear as a sitelink in the 'Blog' tab.

Moving on to the 'SEO Tools' tab, the user comes across four sitelinks:

Again, the user can now access directly from Google's SERPs pages that before would require a few clicks and a bit of fiddling around with the site's navigation bar. It seems like Google's intention is to offer a better user experience by reducing the time users need to reach popular deep pages.

Many users search for a brand's name in Google, only because they are interested in a particular service or product. Making a high number of popular pages available in the search results will certainly speed up the user journey as users won't need to spend time browsing within a site, trying to find their way towards the page they are after.

Arguably, the bounce rate on pages appearing in sitelinks will increase but at the same time sitelinks should drive higher quality traffic, potentially increasing user engagement and conversion as more users will be able to quickly land on the pages they desire. However, this will shift a great portion of traffic from the homepage to other pages on a site, essentially breaking the standard user journey into many shorter ones. The number of one page visits will also have a negative impact on the average time on page/site. When a user visits just one page and then leaves the site, the time on page will be shown as zero, which highlights the need to pay more attention to dwell time.

Consequently, this would lead to new strategic decisions in terms of information architecture, content structure and internal linking as the number of deeper pages operating as entry points to the site, will increase.

News Sites

Looking at websites from the news sector, the various tabs provide quick access to various popular pages and sections on a news site. For instance, the 'Sport' tab that appears on the BBC listing, offers users with instant access to several popular sports in the UK. Trying to access any of those pages (e.g. the football hub page) from the site's homepage would require more effort and time, especially if the user is new to the site.

It is very likely the overall number of pageviews on the BBC homepage will drop but for a good reason as more users will be driven directly to the specific pages they are looking for. This could have a negative impact on the overall number of pageviews on the BBC website, as fewer pages will be visited for navigational purposes only. For news sites where pageviews are often used as the main KPI, this will need to be addressed.

Another good example of how the tabular format enhances the user experience, is the following one for the Elle UK magazine. For those who are unfamiliar with the magazine, the tabs (below) could quickly provide an overview of what (Google thinks) the content of the site is about:

Note how easily users can instantly navigate to the various pages within the horoscopes section and read about their daily, monthly or yearly horoscopes. In this case, Google has correctly pulled the six sitelinks from the main subcategories that appear on the horoscopes' page of Elle UK.

Interestingly, the equivalent tab on Elle.com is called 'Astrology' and on this occasion the sitelinks consist of the daily/weekly/monthly horoscopes, as well as links to three individual horoscopes:

It would be interesting to know if Capricorn, Cancer and Pisces are the three most common horoscopes in the US but the bottom line is that webmasters should be able to update their sites' sitelinks so they include what is really useful to their audience, rather than what Google's algorithm decides is best.

In the following example, Google's choices in the 'Fashion' tab have been very poor.

Browsing the fashion page makes it clear that Trends and News are two very useful subsections to include in the sitelinks but all other sitelinks do not seem to make much sense.

Below is another good example where Google's algorithm does not offer the best available information to the user. The text snippet that appears in the 'Magazine' tab is not fed by the page's meta description, but by some text that appears in the page' source code, which is not even visible to the user when the page loads. Definitely, 'The Making of Christopher Kane' is not the best phrase to describe what the magazine is about.

The New York Times appears with nine tabs, which is not very common but it seems to be due to the short category names Google has chosen to display in the tabs:

Ecommerce Sites

The potential of the new sitelinks format for Ecommerce sites is enormous. Popular categories can acquire their own tabs, and popular subcategories can become more visible, increasing user click-through and traffic to those deeper pages. On the other hand, digital marketers would need to adapt their online content strategies accordingly as the user journey for many users will become shorter.

With the new sitelinks the number of users bypassing the homepage will increase, therefore things like offers and special deals would need to become prominent in the deeper pages too. Of course this is not something new, but will definitely carry more weight after the tabular sitelinks are rolled out.

The following screenshot is a very good example of the new traffic opportunities that open up for LG UK from different product ranges that appear in the 'Appliances' tab:

Without any doubt, the above format is more user friendly compared to the previous sitelinks format (below) as it provides several navigational paths into six different appliance types.

What is also interesting is the number of sitelinks a tab can contain. In the following example, the 'TVs' tab for LG UK includes 10 sitelinks altogether, pointing to a combination of category and product pages.

On the other hand, looking at a similar tab on Comet, there seems to be quite a few issues, probably due to Google's interpretation of the site's structure and internal linking:

Note that:

  • The description of the tab includes file locations from the page's source code, which is not useful to users
  • The product titles are far too long, resulting in just three product pages appearing as sitelinks

As it has already been mentioned, with the use of tabs in sitelinks, the number of pages that become available to users can increase significantly. The tabular listing of the Next retail site consists of eight tabs and an outstanding number of 53 sitelinks in total.

Note that the 'Men' tab alone contains 10 sitelinks, although one of them has been truncated in a rather odd way making it impossible to read.

On the other hand, in the following tab from the Marks & Spencer's listing there is room for more sitelinks in the 'Food & Wine' tab. Alsom the populated sitelinks do not seem as the most representative ones for the Food & Wine section.

Harrods get awarded six and much more relevant sitelinks into their 'Food & Wine' tab.

Wouldn't Marks & Spencer's like to be able to amend their sitelinks so they can better reflect the products available within the Food & Wine section?

The maximum number of sitelinks in one tab I came across is 13 as in the following example:

Travel Sites

Brands within the travel sector are also very likely to benefit from the new sitelinks layout as the most popular services and destinations are likely to appear as individual tabs. Users starting their journey from the site's homepage, would need more time and effort to access those pages. This is how users interested in P&O Cruises can get a quick glimpse of the main boats as well as links to specific sections for each boat.

For each one of the most popular boats, there is a dedicated tab offering several options such as information about the cabins and decks, reviews and access to webcams.

Google offer a very similar user experience for the Ventura and Queen Mary 2 cruise ships even though they belong to totally different sites.

However, Google is still testing the tabbed sitelinks layout which certainly has quite a few flaws and isn't ready yet. Browsing Easyjet's sitelinks from within the UK, one of the tabs appeared in German although all other tabs appeared in English.

Conclusion

It will be very interesting to see whether and when the sitelinks tabs will start appearing in the SERPs for everyone. The new layout should help users navigate sites more easily and quickly too as it provides an increased number of shortcuts to a site. It seems that with this update Google is trying to address common usability and site performance issues, aiming to improve the overall user experience allowing searchers to quickly find what they are looking for.

As some of the previous examples demonstrate, some of the tabs and sitelinks Google offers by default are not always useful. Even though such issues may be caused by a site's structure and internal linking, there needs to be a better way for webmasters to influence how sitelinks appear in Google's SERPs. Demoting sitelinks URLs via Webmaster Tools won't be enough to offer a great user experience. Introducing extra functionality in Webmaster Tools, so webmasters can work more on their own sitelinks, would be more beneficial. Alternatively, some special HTML markup could be used.

As already discussed, the new, tabbed mega sitelinks will almost certainly affect several analytics metrics and the impact will be bigger on those sites with higher volumes of branded traffic. For more information on how the new sitelink format could affect traffic, pageviews, bounce rate and other areas, please refer to the '10 Ways Tabular Site Links Could Affect Online Businesses'.

Note: I would like to thank my colleagues Adam Skalak, Luke Smith and Allyson James for their valuable comments and feedback, which have definitely influenced parts of both posts.

About the author

Modesto Siotos (@macmodi) works as a Senior Natural Search Analyst for iCrossing UK, where he focuses on SEO strategy and link building tactics. Modesto posts regularly on digital marketing blog Connect and spends most of his spare time working in the development of a SaaS HR system.


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Weekly Address: It’s Time for Congress to Pass the Middle Class Tax Cut Extension

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Weekly Address: It’s Time for Congress to Pass the Middle Class Tax Cut Extension

President Obama calls on Congress to act now to extend tax cuts for the 98 percent of Americans making less than $250,000 for another year.

Watch the President's weekly address:

President Barack Obama tapes the Weekly Address in the Map Room of the White House, July 12, 2012. (Official White House Photo by Chuck Kennedy)

In Case You Missed It

Join a White House Hangout on Local Foods
In a live Google+ Hangout, USDA Deputy Secretary Kathleen Merrigan and White House Director of Public Engagement Jon Carson will join women leaders across the country to discuss local food and agriculture, answer questions submitted by the public, and launch the latest version of Compass, the interactive Know Your Farmer, Know Your Food map.

International Visitors to the U.S. Spent Record $13.9 Billion in May, Helping Support U.S. Jobs
The tourism industry is on pace for a record-setting year -- with international visitors thus far spending more than $68 billion in the United States.

The Resurgence of Manufacturing
The manufacturing sector has added 504,000 jobs since January 2010 – the first period of sustained job growth since the 1990s. While there’s more work to be done, we continue to make progress.

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Seth's Blog : What do you do when they don't understand?

What do you do when they don't understand?

In science, an academic paper leaves the understanding to the reader. The author of the paper plows ahead and assumes that the motivated reader will do the necessary work to catch up, fill in and understand what's going on.

In some popular magazines, when the going gets tough, the writer glosses over the difficult parts. She dumbs it down or leaves out the bits the editors assume will confuse readers.

And what about the CFO, writing a memo? Or the engineer, writing out the instructions?

Many sources, from textbooks to websites, take the position that if you don't understand a concept or a nuance, it's your loss. I think that's an strategic failure on the part of the writer. (I'll give scientists and other professional writers a pass.)

Just recently (a decade or so) we opened two doors that change the way we communicate: we can link now, which means that any time you're worried you've hit something too complex, you can easily link to more data and more explanation, and second, you can keep writing. Length (given appropriate organization) is no longer an issue.

At the same time, there's an onus on the reader to look up words and references that are easily found in a search engine before giving up.

Ikea, then, should quit trying to jam nonsense instructions with no words on tiny sheets of paper and should instead post videos or detailed instructions in native languages online. Annual reports should get significantly longer (with better hyperlinked indexes), not shorter.

No one is going to read the whole thing, ever again. But we need to make it much easier to read the part of the thing that someone really cares about.



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vineri, 13 iulie 2012

Mish's Global Economic Trend Analysis

Mish's Global Economic Trend Analysis


Notes From Steve Keen on "Lending Reserves" and "Debt Jubilees"; Mish Proposed Starting Point For Real Solution to Debt Crisis

Posted: 13 Jul 2012 10:30 AM PDT

In response to Can Bernanke Force Banks to Lend by Halting Interest on Excess Reserves?, Australian economist Steve Keen pinged me with the following ... 
Cheers Mate

That "increase reserves to increase lending" argument is so hard to shake, but reserves can't be lent from simply from a double-entry bookkeeping point of view.

The way that accountants keep track of the "assets equals liabilities plus equity" rule is to record an increase in assets as a positive and an increase in liabilities as a negative (your liabilities rise, so a negative gets bigger). Reserves are an asset, as are loans, and shown as a positive. Deposits--which are created by a loan--are a liability and shown as a negative

So to lend to a customer, a bank has to show a negative on that customer's accounts. This can be matched by a positive on the loans entry--because the loan has increased in size. No problem.

But if banks were to lend from reserves, they would need to record a minus there--reserves have fallen. And on the liabilities side, they want to ... also show a negative. Whoops! No can do.

The end result of this logic is that reserves are there for settlement of accounts between banks, and for the government's interface with the private banking sector, but not for lending from.

Banks themselves may (if they are allowed--I simply don't know the rules here) swap those assets for other forms of assets that are income-yielding, but they are not able to lend from them.

Cheers, Steve

P.S. On my debt jubilee idea, I'd welcome a debate with you over it. There is an issue, whether you support a "strong money" gold-backed currency system or a reformed credit system, of dealing with the mess left by this one we currently have. My idea is a way to cancel the impact of debt that should never have been lent in the first place (and to prevent speculation taking off again on the other side by reforms to asset markets that make debt much less attractive).

It would be good to have a back-and-forth with you on the dilemma we're in and the alternative ways out of it, whatever our desired end-system might be.
Debt Jubilee Revisited

Steve Keen is looking to discuss what to do about excess debt.

I knocked his "debt jubilee" idea in Steve Keen Goes Off the Deep End With a "Debt Jubilee" (Free Money to Consumers) Proposal.

It's easy enough to tear down ideas without presenting an alternative. So let's take a look at issues that I think need to be addressed.

Structural Issues

Giving money away will not cure any structural issues such as the high cost of education, pension underfunding, medical costs, prevailing wages, student loans, etc., etc.

Indeed, I think it would compound those problems.

Likewise, I think the second part of Keen's idea about controlling debt in the future tied to GDP growth (or anything else for that matter) would fail miserably.

A free market, not government mandated fiat money is the solution. We certainly do not have a free market now. Instead, we have fiat mandate, compounded by fraudulent fractional reserve banking.

It is the fractional reserve banking system that is the very root of the credit expansion problem.

Fractional Reserve Lending Is Fraud

By lending out more money or gold than exists, asset prices reach unsustainably high levels before they crash. Sound familiar?

Greenspan compounded the problem in 1994 by allowing banks to "sweep" checking accounts (unknown to customers) into savings accounts (via accounting entry).

Savings accounts have no reserve requirements. Effectively, money that people think is in their checking accounts is not really there at all. In fact, it has been lent out multiple times over.

This fact exacerbated the run-on-the-bank problems we saw in 2008. As a side note, FDIC insurance is another form of fraud.

Housing Bubble Lending

In the housing bubble, banks lent because they thought they had credit-worthy customers and/or because they thought asset price appreciation would have them covered in case of losses. Banks did not lend because they had excess reserves to lend from.

It turns out that banks did not have credit-worthy customers. It also turns out that asset prices did not cover losses when the housing bubble burst.

Not Just A Duration Mismatch Problem

On March 24, 2011 I wrote a detailed rebuttal to FRL: Central Bank Authorized Fraud; Fractional Reserve Lending Problems Go Far Beyond "Duration Mismatch"
Reflections on "Legitimate" Right-To-Use

Some argue that as long as customers agree to these various banking schemes it is OK. That line of thinking says as long as it's in the agreement for banks to sweep money from checking accounts to savings accounts and lend it out, then it's OK for banks to do so.

However, it's not OK because such lending is nothing more than a gigantic kiting scheme. Moreover, it affects others by cheapening the value of money, pushing up asset prices for the benefit of those with first access to money, the banks and the wealthy.

Logically, two people cannot have the right to use the same money at the same time, whether they agree to such a scheme or not!
Please read that above article if you have not done so. It will open your eyes as to what is happening and why.

Rothbard Chimes In

For more on the case against Fractional Reserve Lending please see


On page 46 of the book Case Against The Fed Rothbard says "By the very nature of fractional Reserve Lending, banks cannot honor all its contracts".

Since that is known upfront, in advance, how is that not fraud?

Solutions

Before we can address solutions to the debt problem, we have to understand what caused the debt problem in the first place. In this case, FRL is at the heart of it.

Since FRL is at the heart of it, any permanent solution must address that problem.

I welcome further discussion from Steve Keen on these ideas, and I have a follow-up post in mind on student loans, showing just how distorted the system is when government gets in the way of the free market.

Regardless of what the solutions are, the notion that $1.5 trillion in excess reserves is about to come pouring into the economy 10 times over in the form of $15 trillion in new credit is complete economic silliness, a point on which Steve Keen and I are in complete agreement.

Actually, Steve and I are in agreement on many things, just not solutions.

Final Comments

I appreciate these discussions with Steve Keen. He has taught me a lot. I welcome the opportunity to present views to the public about what needs to be done. It's easy enough to tear down ideas without presenting an alternative.

I propose we start by addressing the root cause of the debt problem which I state is fractional reserve lending.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List


Can Bernanke Force Banks to Lend by Halting Interest on Excess Reserves?

Posted: 13 Jul 2012 12:38 AM PDT

Several readers have ask me to comment on a King World interview of Michael Pento.

Before I offer my comments on Pento's thoughts, let me say upfront that Eric King is a world-class interviewer. King lets his interviewees have their say, no matter what it is.

It is up to listeners to decide whether the message makes any sense or not. King merely wants the position to be well stated.

Email Request From US
Hello Mish:

Have you listened to Mike Pento's scenario where the FED will cease to pay interest on reserves held at the FED, as a result, forcing banks to loan out the money to seek some return. He believes that they will be encourage to purchase US treasuries:

Is this viable and/or probable?

Thanks for providing us with such a great blog.

All the best,

Dan
Email From Down Under
Dear Mish

I follow your work from Australia with great interest. I was impressed with your argument that the creation of new money will not lead to price increases because it is deposited with the Fed, and does not make it into the real economy.

You will no doubt be aware of recent comments by Michael Pento on King World News that the Fed is about to eliminate the incentives for the banks to deposit excess reserves with the Fed, and that this will force the banks to lend in the economy and cause significant inflation, and presumably a drop in the USD.

I would be greatly interested in your views on this, as a deflationist, because if Pento is right then the reason for deflation over inflation might be eliminated.  Furthermore, the worsening in key stats such as auto sales and official unemployment might just be the trigger that forces the Fed to squeeze the money out into the economy.

Best regards
Henry
Primer on Bank Lending

With that background out of the way, my first thought is "Here we go again. How many times does such silliness have to be rebutted before it stops?"

Banks lend if and only if both of the following are true.

  1. They are not capital impaired
  2. They have credit-worthy borrowers willing to borrow.

That is not an opinion. Rather, that is a statement of fact. I discussed this at length many times.

Excess Reserves Yet Again

Here is a discussion from BIS Working Papers No 292, Unconventional monetary policies: an appraisal.

Note: The above link is a lengthy and complex read, recommended only for those with a good understanding of monetary issues. It is not light reading.

The article addresses two fallacies

Proposition #1: an expansion of bank reserves endows banks with additional resources to extend loans

Proposition #2: There is something uniquely inflationary about bank reserves financing

From the article....
The underlying premise of the first proposition is that bank reserves are needed for banks to make loans. An extreme version of this view is the text-book notion of a stable money multiplier.

In fact, the level of reserves hardly figures in banks' lending decisions. The amount of credit outstanding is determined by banks' willingness to supply loans, based on perceived risk-return trade-offs, and by the demand for those loans.

The main exogenous constraint on the expansion of credit is minimum capital requirements.

A striking recent illustration of the tenuous link between excess reserves and bank lending is the experience during the Bank of Japan's "quantitative easing" policy in 2001-2006.

Japan's Quantitative Easing Experiment



click on chart for sharper image

Despite significant expansions in excess reserve balances, and the associated increase in base money, during the zero-interest rate policy, lending in the Japanese banking system did not increase robustly (Figure 4).

Is financing with bank reserves uniquely inflationary?

If bank reserves do not contribute to additional lending and are close substitutes for short-term government debt, it is hard to see what the origin of the additional inflationary effects could be.
Lending Theory

There is much additional discussion in the article, but it is clear that money lending theory as espoused by many did not happen in Japan, nor is there any evidence of it happening in the US, nor is there a sound theoretical basis for it.

In fiat credit-based economies, lending comes first, reserves come second.

Fed's Next Move

Pento was preaching the same thing on IB Times FX in The Fed's Next Move
As I predicted as far back as June of 2010, the Fed will soon follow the strategy of ceasing to pay interest on excess reserves. 

Since October 2008, the Fed has been paying interest (25 bps) on commercial bank deposits held with the central bank. But because of Bernanke's fears of deflation, he will eventually opt to do whatever it takes to get the money supply to increase. With rates already at zero percent and the Fed's balance sheet already at an unprecedented and intractable level, the next logical step in Bernanke's mind is to remove the impetus on the part of banks to keep their excess reserves laying fallow at the Fed. Heck, he may even charge interest on these deposits in order to guarantee that banks will find a way to get that money out the door.

Commercial banks currently hold $1.42 trillion worth of excess reserves with the central bank. If that money were to be suddenly released, it could through the fractional reserve system, have the potential to increase the money supply by north of $15 trillion! As silly as that sounds, I still hear prominent economists like Jeremy Siegel call for just such action. If they get their wish, watch for the gold market to explode higher in price, as the U.S. dollar sinks into the abyss.
Emphasis his.

Facts of the Matter

  1. Money supply has already soared by any number of measures.
  2. Credit expansion has been anemic except for student loans and FHA (both with government guarantees)
  3. The Fed did not cease paying interest on excess reserves as predicted in 2010.
  4. It would not matter from a lending perspective if the Fed did. 
  5. The idea that excess reserves will come pouring into the economy, multiplied 10 times over is widely believed nonsense. In practice, lending comes first, reserves second. (see "The Roving Cavaliers of Credit" by Steve Keen for further excellent discussion).

Inflationary Nonsense

The simple fact of the matter is Pento has no idea how bank lending works in the real world.

There is no other way to state it. If banks thought they had good credit risks, they would lend (provided of course they were not capital impaired).

Moreover, by paying interest on reserves, Bernanke  is slowly recapitalizing banks over time. Would Bernanke easily give that up? Well he hasn't so far. Nor has he even dropped a hint of it.

Even if Bernanke did cease paying interest on excess reserves, it would not impact bank lending for reasons stated.

What If?

For the sake of argument let's play "What If"?

What if the Fed were to reduce interest rates on excess reserves to -3%. Would that do it? Well, it sure would get banks to do something, but that something might not necessarily be lending!

For example, banks might bet against the US dollar, bet on gold, plow into the stock market, etc., etc., etc., but there is no reason to assume banks would extend credit to unworthy borrowers.

Moreover, Bernanke (as foolish as he is), is at least bright enough to figure that out.

Thus, the idea that Bernanke can get banks to lend by reducing interest rates on excess reserves is 100% without a doubt, fatally flawed nonsense from both theoretical and practical standpoints.

ECB Cuts Reserve Rate to Zero

As a practical matter, the ECB just cut interest on reserves to zero. The result is reduced liquidity as banks shut down money market funds rather than lose money.

Please consider How Money Market Funds Were Wounded by European Interest-Rate Cuts
The cut in the interest rate was meant to convince banks to stop parking money, to lend more, to get more money into the system and make it more stable - in Wall Street parlance, to add "liquidity."

But the backlash from banks shows that they're willing to close money market funds rather than lose profits. The effect, ironically, is to reduce liquidity in the financial system.
JP Morgan alone pulled $29 billion in assets.
It's supposed to be different here?
Why?

Additional Discussion of Excess Reserves and Constraints on Bernanke


Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List