Bernanke: My Brain Has Turned To Mush

While all of the US markets were closed yesterday in observance of the MLK holiday, the rest of the world’s markets decided to take a header. Combine this with the fact that both the President and the Congress think that stimulus package is need to prevent US market implosion… well, the Fed cut the funds rate by almost a full point. In its statement, the Fed said, that “appreciable downside risks to growth remain” and held out the prospect of further rate cuts. “The committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks,” the Fed statement said.

5 Responses to “Bernanke: My Brain Has Turned To Mush”

  1. January 22, 2008 at 5:20 pm

    Honestly, I wish I understood why that’s good or bad. My degree was in Music/English. (yeah, you’d never know that from my writing or hearing me play…)

  2. January 22, 2008 at 6:37 pm

    I think it just is. Governments tinkering with economies tends to always result in badness. But they have to *do* something, eh?

  3. January 22, 2008 at 11:25 pm

    SODS, the lot of ’em. That’s the Somebody Oughtta Do Something people. Reminds me of Mark Twain’s comment about how we’re safer now that Congress is not in session… also my opinion that Clinton’s presidency was best served by his inherent laziness. Most people disagree with me about that, but I do think the man is basically lazy.

  4. January 23, 2008 at 7:41 am

    Clinton’s presidency was best-served by a deadlocked capitol hill. As in a Democrat White House and a Republican Congress. Nothing too silly got done and the stuff that did get through didn’t last. Since we have no clear cut candidate on either side with the vision and charisma to actually lead this country, the best we can hope for is another gridlocked hill. As I said to a friend recently, it’s said when every presidential candidate is doing it because they have nothing better to do or wants a shiny new toy to play with. We no longer elect leaders, we elect Presidents of Appeasement.

  5. January 23, 2008 at 12:57 pm

    Presidents of Appeasement. Thanks, you just ruined my day 🙂

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