Fed cuts discount rate

MSNBC just reported “Breaking News” that the Federal Reserve Board cut the discount by 1/2 percent. Stocks had been continuing their dive around the world.

Yesterday, Bonddad explained what’s been going on in a special comment at Huffington Post. That guy is a genius. If you’re trying to figure out what’s going on, read his whole post. But, given the Fed’s decision, here’s one of his key points:

Fourth – and not like they listen to me anyway – but unless there is a serious slowdown in the economy, the Fed should not lower interest rates right now. That would simply bail-out a lot of people who got us into this mess. And frankly, they need for the market to hand them their hat (as it were). Sometimes the only way to learn a lesson is to swallow the bitter pill called “responsibility.” Lowering rates just isn’t the answer.

On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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