Depression-era run on a bank. Coming soon to your local lending institution?
Look folks, I'm not pooh-poohing that Jeremiah Wright said some nutty things and that Senator Obama has and will address them, but I don't think I'm out of line saying that a guy peddling 9-11 conspiracies is several orders of magnitude less important than the Federal Reserve not knowing what the hell to do. I'm just saying. It may affect a few more people. Like the entire global economy. Or something.
The U.S. Federal Reserve is expected to slash interest rates by as much as a whole percentage point at its policy meeting on Tuesday as investors warily await investment bank results that could aggravate fears of a full-blown markets crisis.
Traders expect the Fed to cut rates by a full percentage point in an effort to stop hemorrhaging in financial markets and boost the flagging economy. The Fed is expected to announce its decision around 2:15 p.m. EDT.
The Fed has cut overnight rates by 2.25 percentage points to 3 percent since mid-September as a rise in defaults on subprime mortgages has escalated into a financial crisis that this weekend claimed one of Wall Street's most venerable firms, investment bank Bear Stearns, as a victim.
But the news is slow this month, economics is more difficult than a missing white woman to cover, and Jeremiah Wright said something really loud in a church. So...