In case none of you are paying attention:
The Federal Reserve entered a new era on Tuesday, lowering its benchmark interest rate virtually to zero and declaring that it would now fight the recession by pumping out vast amounts of money to businesses and consumers through an expanding array of new lending programs.
Going further than expected, the central bank cut its target for the overnight federal funds rate to a range of zero to 0.25 percent and brought the United States to the zero-rate policies that Japan used for years in its own fight against deflation.
Perhaps them already having poured a few trillion to AIG, Citi, Fannie etc wasn’t enough eh?
So, you’d think taking a historic such as basically giving away free money would do wonders for their brothers at arms over on Wall Street right? How’d that work out today?
| Dow | 8,824.34 | -99.80 | -1.12% |
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| Nasdaq | 1,579.31 | -10.58 | -0.67% |
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| S&P 500 | 904.42 | -8.76 | -0.96% |
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| 10 Yr Bond(%) | 2.1900% | -0.1730 | |
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Of much greater practical importance, the Fed bluntly announced that it would print as much money as necessary to revive the frozen credit markets
I haven’t been following this thing to closely, but as I read that above statement, and again I could be totally off base so bare with me, didn’t we just do some crazy bailout with no strings attached for like 700,000,000,000.00 like 3 weeks ago?
just an FYI, Bush is still the President.