The BBC offers a bit more realistic view
after all, why would be think our domestic news outlets would give us anything CLOSE to an accurate perspective...
(thanks to co-blogger, stu...)
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One analyst said the Fed was "obviously panicked" by the threat of recession.
"Unfortunately they have no power to reverse what in my opinion is the worst post-war recession," said Michael Metz, chief investment strategist at Oppenheimer in New York.
'This is huge'
The Fed's interest move came as a complete surprise, as it was taken outside its timetabled rate-setting Open Market Committee meetings.
The last two such surprise cuts were on 17 September 2001, shortly after the attacks of 11 September, and on 3 January 2001, in the wake of the dotcom bust.
The last time the Fed cut rates as much as three-quarters of a percentage point was in August 1982, almost 26 years ago.
(thanks to co-blogger, stu...)
Labels: Dow Jones, economic collapse, economy, Federal Reserve System, Henry Paulson, stock market crash, Wall Street
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