This cut won't have the desired effect. The Fed should have cut 0.50 on the 1st trading day of the New Year. If anything, this cut shows the world that the Fed is in full blown panic mode now. Overnight rate cuts don't filter through the economy for at least 6-9 months anyway so what is this going to do in the next few weeks to stop the bleeding? The statement also confirms a full blown housing recession is well underway and home prices have much more dramatic price declines in the future. No more denial of soft landing bullshit or "things are well contained" because it sure as hell ain't!
actually we should not blame Bernanke too much, it is Greenspan's legacy and Bernanke is just the fallguy. The real person to blame is the weakling Bush. Maria, over and out, going to watch the open now.
this is classic of American way; either you lend me back your USD; or we will destory it. This jokes are on all foreign central banks hold USD reserves; the inflation has not pop up yet in US; but it sure pop long time ago in China and others.
Most of the stocks on my watch list opened at their lows and are going up... Makes me think of an old joke: "...and in today's news, the stock market went to zero but came back to close unchanged..." Yes, I know we're only a half hour into trading.