The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely.
The surprise reduction in the federal funds rate from 4.25 down to 3.5 percent marked the biggest one-day rate move by the central bank since it cuts its discount rate by a full percentage point in December 1991, a period when the country was struggling to get out of a recession.
The recession, which the government has been denying and the financial experts have been predicting, is finally here. And we are screwed because George Bush is President and you cannot tax cut your way out of this.
the foreign markets again dumped during the night- badly....I still think Bush Dancing and feasting with the Arabs did not help global confidence.....but what do I know...
ReplyDeleteYou know so much more the our current President that it is no even funny.
ReplyDeleteI know enough to know that Sword Dancing with Arabs is culturally an act of economic suicide....
ReplyDeleteand you are right...it is not even funny....
Lucky for me...I have no Portfolio....but I live in a neighborhood of Un- employed working class people...and empty houses....
(and a year ago this month I loved when my downtown Apt. Building was foreclosed......my wisdom is hardearned.....just like Teachers living in the North... who read and pay attention.....we must....our Survival depends on it....)
namaste.
It's their one answer to everything! Tax cuts, interest cuts, print mo' money to give us peons a few hundred bucks to keep us quiet. This whole deflated dollar/inflated COL scenario is becoming depressingly like preWWII germany when people used wheelbarrows to load up their worthless deutchmarks to buy bread & beans. Well, they can keep their rebates & give me back my country !
ReplyDeleteBush even admitted in the presser that if we were given money - we would pay our HEAT bills- so there you go- Bush would give us Money so they damn OIL and Energy friends get their money from us....Potter in it's a Wonderful life had a bigger sized peanut of a heart...
ReplyDelete