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 Fed decision was taken during an emergency telephone conference with Fed officials on Monday night.
The cut was the biggest one-day rate move by the Fed since it lowered rates by a full percentage point in December 1991, when the country was trying to emerge from recession.
Submitted by Andy Axel on Tue, 01/22/2008 - 11:47.
Of course, when the Dow broke 13,000 that all redounded to Bush's credit.
Now, it's all about "forces beyond his control."
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"The radical of one century is the conservative of the next. The radical invents the views. When he has worn them out the conservative adopts them." -M. Twain
1991, G.H.W. Bush
2008, G.W. Bush
Let me know when banks start offering to pay me negative interest to borrow money from them...
Of course, when the Dow broke 13,000 that all redounded to Bush's credit.
Now, it's all about "forces beyond his control."
__________________________________
"The radical of one century is the conservative of the next. The radical invents the views. When he has worn them out the conservative adopts them." -M. Twain
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