And, yes, I DO take it personally: I forgot to mention the Fed's weekend actions

Mandy: Great blog!
Mark: Thanks to all the contributors on this blog. When I want to get information on the events that really matter, I come here.
Penny: I'm glad I found your blog (from a comment on Think Progress), it's comprehensive and very insightful.
Eric: Nice site....I enjoyed it and will be back.
nora kelly: I enjoy your site. Keep it up! I particularly like your insights on Latin America.
Alison: Loquacious as ever with a touch of elegance -- & right on target as usual!

"Everybody's worried about stopping terrorism. Well, there's a really easy way: stop participating in it."
- Noam Chomsky

Follow @profmarcus

Send tips and other comments to: profmarcus2010@yahoo.com /* ---- overrides for post page ---- */ .post { padding: 0; border: none; }

And, yes, I DO take it personally

Monday, March 17, 2008

I forgot to mention the Fed's weekend actions

yep... the fed cut its rate by another quarter point...

The Fed governors in Washington also approved a request by the Federal Reserve Bank of New York to lower the rate at which it lends directly to banks by a quarter percentage point to 3.25%. That narrows the gap between the discount rate and the federal funds rate, for overnight lending between banks, to a quarter point. It also extended the length of those direct loans to 90 days from 30 days.

if this isn't approaching blind panic, i'm wondering what the hell blind panic looks like...

Labels: economic collapse, economy, Fed interest rate, Federal Reserve System, financial markets, financial meltdown